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THIRD QUARTER UP 30 PERCENT AT PEP BOYS

 THIRD QUARTER UP 30 PERCENT AT PEP BOYS
 PHILADELPHIA, Nov. 25 /PRNewswire/ -- Pep Boys -- Manny, Moe & Jack


(NYSE: PBY), the nation's leading automotive aftermarket retail and service chain, today announced record revenue and earnings for the 13 weeks ended Nov. 2, 1991.
 Operating results:
 Third quarter:
 Revenue for the quarter ended Nov. 2, 1991, was $261,233,000, 16 percent greater than the $224,823,000 that was recorded last year. Comparable store revenues increased 7 percent during the period.
 Earnings for the quarter were a record $10,747,000, a 30 percent increase over the $8,285,000 that was achieved last year. Earnings per share were $.19, 27 percent greater than the $.15 that was recorded last year.
 Nine Months:
 Revenue for the nine months ended Nov. 2, 1991, rose to a record $758,084,000, 13 percent greater than the $672,127,000 recorded last year. Comparable store revenue increased 4 percent. Earnings for the first nine months of the year were $29,286,000, 5 percent lower than the $30,852,000 that was earned last year. Earnings per share were $.52, 5 percent lower than the $.55 that was achieved last year.
 Store expansion program:
 Five new automotive supercenters were opened during the third quarter, one of which replaced an outmoded, non-service unit in Fontana, Calif. The company also opened its third supercenter in Nashville, Tenn., its first supercenter in Knoxville, Tenn., its third supercenter in Raleigh, N.C., and its fourth supercenter in Orlando, Fla.
 Pep Boys, which currently operates 330 units in 18 states, said it expects to open 10 supercenters and close one outmoded unit during the fourth quarter. Pep Boys supercenters, which are approximately 23,000 square feet, include a large retail area that carries more than 18,000 items for cars and light trucks as well as a 10-bay service center.
 Commentary:
 Pep Boys' Chief Executive Officer Mitchell G. Leibovitz, made the following comments:
 "Despite the ongoing impact of the recession, especially in Southern California and the Mid-Atlantic states, which represents 44 percent of our chain, we were generally pleased with our results for the quarter. Although the 7 percent increase in same store revenue was ahead of plan, excessive payroll costs in August and September had an adverse impact on earnings. These costs related to the initial roll-out of our catalog advertising program during those two months and, therefore, were non-recurring in nature.
 "Although we continue to be concerned about the economy, we remain optimistic about our prospects in the fourth quarter and beyond."
 PEP BOYS -- MANNY, MOE & JACK
 Financial Highlights
 13 weeks ended Nov. 2, Nov. 3,
 1991 1990
 Total revenues $261,233,000 $224,823,000
 Net earnings 10,747,000 8,285,000
 Earnings per share $.19 $.15
 39 weeks ended Nov. 2, Nov. 3,
 1991 1990
 Total revenues $758,084,000 $672,127,000
 Net earnings 29,286,000 30,852,000
 Earnings per share $.52 $.55
 /delval/
 -0- 11/25/91
 /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


MP-SF -- PH002 -- 6671 11/25/91 08:26 EST
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Publication:PR Newswire
Date:Nov 25, 1991
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