Pep Boys Reports In-Line Quarter
Shares of Pep Boys (NYSE: PBY) are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are lower by 0.51%, trading at $11.80; they ended the regular session higher by 1.11%, at $11.86.
Pep Boys reported Q3 EPS of $0.13 on revenues of $522.2 million; the Street was looking for $0.13 per share on revenues of $523.11 million. Revenues increased 5.2% year over year.
Comparable sales decreased 1.0%, consisting of a 0.8% comparable service revenue increase and a 1.4% comparable merchandise sales decrease.
"Our service business started to rebound during the third quarter," commented President & CEO Mike Odell.
"Our 'surround sound' marketing effort coupled with lower gas prices and pent-up demand drove strong tire sales in the last month of the quarter, which have continued into the fourth quarter. While our retail business remained soft in a challenging environment for consumers, our service business results and margin enhancement initiatives resulted in our 11th quarter of improved profitability, on a year-over-year basis."
The Pep Boys-Manny, Moe & Jack is offering automotive service, tires, parts and accessories. Its operating unit is its Supercenter format (averaging 20,600 square feet), which serves both do-it-for-me and retail (which includes do-it-yourself and commercial) customers with the service offerings and merchandise.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.