Pep Boys Slips on Q2 Earnings Results
Shares of Pep Boys (NYSE: PBY) are trading lower in the after-hours following the release of the company's Q2 earnings results. Currently, shares are lower by 1.79%, trading at $9.31; they ended the regular session higher by 4.29%, at $9.48.
Pep Boys reported Q2 EPS of $0.26 on revenues of $522.6 million. Comparable sales decreased 2.0%, including a 0.3% comparable service revenue increase and a 2.5% comparable merchandise sales decrease.
"Our profitability continues to improve as we weather the challenging macroeconomic environment of high gas prices and depressed consumer confidence," commented President & CEO Mike Odell.
"Our maintenance and repair services remain stable, allowing us to mostly offset soft tire sales. Our experience has taught us that customers can only defer their tire purchases for so long, so we have continued our aggressive 'surround sound' promotional activity to ensure that Pep Boys remains top of mind for tire customers."
The Pep Boys-Manny, Moe & Jack is offering automotive service, tires, parts and accessories. Its operating unit is its Supercenter format, which serves both do-it-for-me and retail customers with the service offerings and merchandise.
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