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SECOND QUARTER EARNINGS FOR PEP BOYS INCREASE 15 PERCENT

 PHILADELPHIA, Aug. 23 /PRNewswire/ -- Pep Boys -- Manny, Moe & Jack (NYSE: PBY), the nation's leading automotive aftermarket retail chain, today announced record earnings for the 13 weeks ended July 31, 1993.
 OPERATING RESULTS
 -- Second Quarter
 Earnings for the period were a record $19,102,000, a 15 percent increase over the $16,665,000 that was achieved last year. Earnings per share were $.31, a 15 percent increase over the $.27 that was recorded last year.
 Sales for the quarter ended July 31, 1993, rose to a record $329,146,000, 6 percent greater than the $309,211,000 that was recorded last year. Comparable store sales for the quarter decreased 1 percent.
 -- Six Months
 Earnings for the first half of the year were a record $32,544,000, 18 percent greater than the $27,501,000 that was earned last year. Earnings per share were $.53, a 15 percent increase over the $.46 that was achieved last year.
 Sales for the six months ended July 31, 1993, rose to a record $628,293,000, 7 percent greater than the $584,774,000 recorded last year. Comparable store sales increased 1 percent during the first half of the fiscal year.
 STORE EXPANSION PROGRAM
 One warehouse format automotive supercenter, which is approximately 23,000 square feet and features 10 service bays, was opened during the second quarter. On June 21, Pep Boys made its entry into the state of Arkansas when it opened an automotive supercenter in Little Rock.
 Pep Boys, which currently operates 362 stores in 22 states, anticipates opening as many as 32 additional units during the balance of the fiscal year, including its initial entry into Rhode Island, Missouri, Illinois and Indiana.
 Pep Boys' CEO, Mitchell G. Leibovitz, made the following comments:
 "Despite continued economic weakness, we remain optimistic about our prospects for the second half of the year. We anticipate the above- budget gross margins that we achieved during the first half of the year to continue and are hopeful that they will be complemented by an improvement in comparable store sales."
 PEP BOYS -- MANNY, MOE & JACK
 Financial Highlights
 13 Weeks Ended July 31, 1993 Aug. 1, 1992
 Total Revenues $329,146,000 $309,211,000
 Net Earnings 19,102,000 16,665,000
 Avg. Shares Outstanding 61,837,000 61,561,000
 Earnings Per Share $.31 $.27
 26 Weeks Ended July 31, 1993 Aug. 1, 1992
 Total Revenues $628,293,000 $584,774,000
 Net Earnings $32,544,000 $27,501,000
 Avg Shares Outstanding 61,868,000 59,591,000
 Earnings Per Share $.53 $.46
 /delval/
 -0- 8/23/93
 /CONTACT: Michael J. Holden, senior vp-finance and treasurer of Pep Boys,


215-227-9202/
 (PBY)


CO: Pep Boys -- Manny, Moe & Jack ST: Pennsylvania IN: REA SU: ERN

JM-LJ -- PH014 -- 5172 08/23/93 16:34 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
Words:468
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