Pep Boys Reports Q2 2010 Results

The Pep Boys — Manny, Moe & Jack PBY today announced results for the thirteen (second quarter) and twenty-six (first half) weeks ended July 31, 2010. Second Quarter: Sales for the thirteen weeks ended July 31, 2010 increased by $15.9 million, or 3.3%, to $504.9 million from $488.9 million for the thirteen weeks ended August 1, 2009. Comparable sales increased 1.8%, including a 0.7% comparable service revenue decrease and a 2.5% comparable merchandise sales increase. Net earnings for the second quarter of fiscal 2010 increased to $10.6 million ($0.20 per share) from $7.7 million ($0.15 per share) recorded in the same period last year. The second quarter 2010 results reflect increased sales and improved total gross profit margin rates and include, on a pre-tax basis, a $2.4 million gain from the disposition of assets and a $1.0 million reversal of an inventory related accrual, partially offset by a $1.0 million asset impairment charge.