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Pep Boys Reports Third 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 (third quarter) and thirty-nine (nine months) weeks ended October 27, 2012.

Third Quarter

Sales

Sales for the thirteen weeks ended October 27, 2012 decreased by $12.6 million, or 2.4%, to $509.6 million from $522.2 million for the thirteen weeks ended October 29, 2011. Comparable sales decreased by 2.7% consisting of a 0.2% comparable service revenue increase and a 3.5% 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) were relatively flat, while comparable retail sales (DIY and Commercial) decreased 5.4%.

Net (Loss) Earnings

Net loss for the third quarter of fiscal 2012 was $6.8 million ($0.13 per share) as compared to net earnings of $7.0 million ($0.13 per share) recorded in the same period last year. The 2012 results include, on a pre-tax basis, debt refinancing expense of $11.2 million and an asset impairment charge of $8.8 million.

Nine Months

Sales

Sales for the thirty-nine weeks ended October 27, 2012 increased by $1.6 million, or 0.1%, to $1,559.9 million from $1,558.3 million for the thirty-nine weeks ended October 29, 2011. Comparable sales decreased 1.8%, consisting of a 0.7% comparable service revenue increase and a 2.5% comparable merchandise sales decrease. Re-categorizing sales (see above), comparable service center revenue increased 1.0%, while comparable retail sales decreased 4.6%.

Net Earnings

Net earnings for the first nine months of 2012 decreased to $27.4 million ($0.51 per share) from the $33.3 million ($0.62 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 $42.8 million, debt refinancing expense of $11.2 million, an asset impairment charge of $8.8 million and severance expense of $0.7 million. The 2011 results included a tax benefit of $3.6 million and, on a pre-tax basis, an asset impairment charge of $0.4 million and acquisition related expenses of $1.5 million.

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