Pep Boys Spikes 4% Lower After Bad Fourth Quarter Results
Shares of Pep Boys - Manny, Moe & Jack (NYSE: PBY) have spiked lower by 4.2 percent to $11.46 after the company reported fourth quarter 2013 results.
The company reported earnings per share of $(0.06), which may not compare to the $0.05 consensus estimate. Revenues came in at $495.7 million, which may not compare to the $534.5 million analyst consensus estimate.
Comparable sales decreased 2.4 percent, consisting of a 1.4 percent comparable service revenue increase and a 3.4 percent comparable merchandise sales decrease.
“While retail tire pricing has recently stabilized, prices are still below last year's level, which has and is expected to continue to negatively impact top line sales results through the second quarter of 2014. We are also growing our service footprint, adding 30 Service & Tire Centers during fiscal 2014. These new Service & Tire Centers showcase the welcoming exterior curb appeal and comfortable customer lounge of our new ‘Road Ahead' format,” said President and Chief Executive Officer, Mike Odell.
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