Pep Boys Tanks on Q1 Earnings Results

Shares of The Pep Boys-Manny, Moe & Jack PBY are falling in the after-hours trade following the release of the company's Q1 earnings results. Currently, shares are off by 10.22%, trading at $12.12; they closed the regular session lower by 0.07%, at $13.50. The Pep Boys-Manny, Moe & Jack said that Q1 EPS was $0.23 on revenues of $513.5 million. Sales increased 0.7% year over year. Comparable sales decreased 0.6%, consisting of a 1.6% comparable service revenue increase and a 1.2% comparable merchandise sales decrease. "We recognize that our customers' spending is constrained due to gas prices, and that the rainy spring reduced demand for appearance products, but this does not alter our long-term strategy to be the Automotive Solutions Provider of Choice for the Value Oriented Customer," commented President & CEO Mike Odell. "In fact, we deliver a great value every day, which is well-suited to the needs of our customers." The Pep Boys-Manny, Moe & Jack is an automotive service and retail chain. It is engaged in automotive repair and maintenance and in the sale of automotive tires, parts and accessories through a chain of stores. It operates stores in 35 states and Puerto Rico.