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TheStreet Open House

Pep Boys Reports Second Quarter 2012 Results

Stocks in this article: PBY

The Pep Boys — Manny, Moe & Jack (NYSE: “PBY”), the nation’s leading automotive aftermarket service and retail chain, today announced results for the thirteen (second quarter) and twenty-six (first half) weeks ended July 28, 2012.

Second Quarter

Sales

Sales for the thirteen weeks ended July 28, 2012 increased by $3.1 million, or 0.6%, to $525.7 million from $522.6 million for the thirteen weeks ended July 30, 2011. Comparable sales were flat consisting of a 3.1% comparable service revenue increase and a 0.9% comparable merchandise sales decrease. In accordance with GAAP, service revenue is limited to labor sales, while merchandise sales include merchandise sold through both our service center and retail lines of business. Re-categorizing sales into the respective lines of business from which they are generated, comparable service center revenue (labor plus installed merchandise and tires) increased 3.8%, while comparable retail sales (DIY and Commercial) decreased 3.8%.

Net Earnings

Net earnings for the second quarter of fiscal 2012 increased to $33.0 million ($0.61 per share) from $13.9 million ($0.26 per share) recorded in the same period last year. The 2012 results include, on a pre-tax basis, merger termination fees, net of related expenses, of $43.0 million and a $0.7 million charge for severance costs from a reduction in force at our Store Support Center. The 2011 results include, on a pre-tax basis, a $0.4 million asset impairment charge, $1.0 million of acquisition related expenses and a $3.4 million benefit from the release of state tax valuation allowances.

First Half

Sales

Sales for the twenty-six weeks ended July 30, 2012 increased by $14.1 million, or 1.4%, to $1,050.3 million from $1,036.1 million for the twenty-six weeks ended July 30, 2011. Comparable sales decreased 1.4%, consisting of a 1.0% comparable service revenue increase and a 2.0% comparable merchandise sales decrease. Re-categorizing sales (see above), comparable service center revenue increased 1.6%, while comparable retail sales decreased 4.2%.

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