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May 13, 2004 02:00 AM

Pep Boys reports sales up nearly 11 percent

Tire Business Staff
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    PHILADELPHIA (May 13, 2004) — Pep Boys—Manny, Moe & Jack reported sales of $566.1 million, up 10.8 percent, as it furthers its plans for a “retail renewal.”

    Comparable sales increased 11 percent, comparable merchandise sales grew 12.3 percent and comparable service revenue rose 5.6 percent, Pep Boys said. The automotive service chain also reported net earnings of $16.2 million, up from a loss of $7.33 million in the same period last year.

    “While we are very pleased with our first quarter results, I remind you that we are in the early stages of our retail renewal, and we will be facing tougher comparisons throughout the balance of the year,” said CEO Larry Stevenson.

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