SUNNY ISLES, Fla. — Icahn Enterprises L.L.C.'s automotive business unit generated $131 million in fiscal 2023 pre-tax operating income despite 28.3% lower sales revenue.
The operating income contrasts with an adjusted EBITDA loss of $31 million in fiscal 2022. Sales revenue fell to $1.74 billion.
In addition, Icahn Enterprises said automotive segment revenue fell by $36 million, or 1.5%, due to the closure of unprofitable locations and reduced car count.
Icahn Enterprises recently appointed David Willetts — CEO of Icahn Enterprises since November 2021 — CEO of its Pep Boys business as part of strategy to drive the "significant value creation potential" of the auto repair and maintenance subsidiary.
He replaces Scott Collette a year after the former Menards Inc. executive was hired to fill that position. Collette is transitioning to the role of chief operating officer, tasked with driving Pep Boys' greenfield initiatives, acquisitions and evaluation of new service offerings, IEP said.
Pep Boys ended the year with 920 retail outlets throughout the U.S. and Puerto Rico, yielding the average revenue per store at $1.89 million. The company also recently disclose plans to lease space at its 34 Pep Boys retail locations in Puerto Rico dedicated to auto parts to AutoZone Inc., which will convert the space to AutoZone signage.
