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Pep Boys Reports Fourth Quarter 2013 Results

Stocks in this article: PBY

The Pep Boys Manny, Moe & Jack (NYSE: “PBY”), the nation’s leading automotive aftermarket service and retail chain, announced the following results for the thirteen (fourth quarter) and fifty-two (fiscal year) weeks ended February 1, 2014.

Fourth Quarter

Sales

Sales for the thirteen weeks ended February 1, 2014 decreased by $35.1 million, or 6.6%, to $495.7 million from $530.8 million for the fourteen weeks ended February 2, 2013. Excluding the fourteenth week of Q4 2012, sales increased by $1.0 million, or 0.2%, while comparable sales decreased 2.4%, consisting of a 1.4% comparable service revenue increase and a 3.4% 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. Excluding the fourteenth week of Q4 2012 and re-categorizing sales into the respective lines of business from which they are generated, comparable service center revenue decreased 0.3%, while comparable retail sales decreased 4.6%.

Earnings

Net loss for the fourth quarter of fiscal 2013 was $3.3 million ($0.06 per share) as compared to a net loss of $14.5 million ($0.27 per share) for the fourth quarter of fiscal 2012. On a pre-tax basis, the 2013 results included a $2.8 million asset impairment charge and $0.4 million of debt refinancing expense, while the 2012 results included a $17.8 million pension settlement charge and a $1.8 million asset impairment charge, partially offset by a $1.6 million gain from the disposition of assets.

Fiscal Year

Sales

Sales for fiscal year 2013 decreased by $24.1 million, or 1.2%, to $2,066.6 million from $2,090.7 million for fiscal year 2012. Excluding the fifty-third week of 2012, sales increased by $11.9 million, or 0.6%, while comparable sales decreased 1.3%, consisting of a 1.6% comparable service revenue increase and a 2.1% comparable merchandise sales decrease. Excluding the fifty-third week of 2012 and re-categorizing sales (see above), comparable service center revenue increased 0.2%, while comparable retail sales decreased 3.1%.

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