PHILADELPHIA (May 13, 2005) — Pep Boys—Manny, Moe & Jack's sales in the first quarter fell 0.3 percent to $564.2 million as the automotive retail chain continues its retail turnaround.
The company also posted a net loss in the quarter of $2.39 million, down from a gain of $15.1 million last year.
Pep Boys said comparable merchandise sales in the quarter increased a slight 0.7 percent while comparable service revenue fell 4.6 percent. The company said more accurate categories of its business are comparable retail sales, including do-it-yourself and commercial sales, which grew 1 percent, and comparable service center revenue, including labor, installed merchandise and tires, which fell 2.1 percent.
In the quarter, merchandise sales reached $463.8 million while service sales accounted for $100.4 million.
“As I have repeatedly cautioned investors, the near-term results of our turnaround will continue to be uneven,” said Larry Stevenson, chairman and CEO. “While Pep Boys has a very exciting future ahead, achieving fundamental and sustainable performance improvements will take time.”