Pep Boys - Manny, Moe & Jack
) adjusted earnings declined 60% to 2 cents per share in the
first quarter of fiscal 2013 ended May 4, 2013, compared with 5
cents per share in the prior-year quarter. Earnings were also way
short of the Zacks Consensus Estimate of 22 cents a share. Net
income declined 52.5% to $1.3 million from $2.7 million in the
first quarter of fiscal 2012.
On a reported basis, Pep Boys posted a profit of $3.9 million or
7 cents per share compared with $1.1 million or 2 cents per share
in the year-ago quarter. These included asset impairment charge
of $1.2 million and tax benefit of $3.8 million, while 2012
earnings incorporated $1.6 million of merger related costs.
Revenues for the thirteen weeks ended May 4 climbed 2.2% to
$536.2 million from $524.6 million for the thirteen weeks ended
Apr 28, 2012. Comparable store sales increased 1% in the quarter
due to a 4.2% rise in comparable service revenues and 0.1% hike
in comparable merchandise sales. Revenues from merchandise sales
went up 1.2% to $417.2 million year ago, while service revenues
improved 6% to $119.0 million.
Pep Boys had cash and cash equivalents of $56.1 million as of May
4, 2013 compared with $99.4 million as of Apr 28, 2012. Long-term
debt stood at $197.5 million compared with $293.8 million as of
Apr 28, 2012. This translated into a long-term
debt-to-capitalization ratio of 26.7% as of May 4, 2013, versus
36.7% as of Apr 28, 2012.
In the first three months of fiscal 2013, Pep Boys' cash flow
from operations was $9.4 million, significantly down from $38.0
million in the prior year owing to a fall in profits. However,
capital expenditures increased to $12.8 million from $11.9
million in the first three months of fiscal 2012.
Based in Philadelphia, PA, Pep Boys supplies tires, batteries,
new and remanufactured parts for vehicles, chemicals and
maintenance items, fashion, electronic, and performance
accessories. It also provides non-automotive merchandises such as
generators, power tools and personal transportation products.
Currently, the company retains a Zacks Rank #4 (Sell) on its
Pep Boys is a prominent player in the automotive replacement
parts and accessories industry along with
Advance Auto Parts Inc.
O'Reilly Automotive Inc.
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