Pep Boys Buys Florida Tire for $4.4 Million

PHILADELPHIA (TheStreet) -- Pep Boys(PBY Quote) announced today that it's looking to bolster the performance of its portfolio with the purchase of Florida Tire for $4.4 million.

Florida Tire has 10 locations in Orlando, Fla. and is expected to rake in $14 million in annual sales, which would boost Pep Boys' first-quarter earnings.

Pep Boys also plans to open 25 new Service & Tire Centers during the year, up from the 15 originally planned. The company expects to roll out 40 new locations in fiscal 2010 and 80 in fiscal 2011.

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In September, Pep Boys reported a nearly 42% jump in its second-quarter profit, but same-store sales slipped 6%.

Shares of the company are down 4 cents to $9.25 in early morning trading.

-- Reported by Jeanine Poggi in New York

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