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Letter to the Editor

Pep Boys First Quarter Earnings Up 49%

The Pep Boys - Manny, Moe & Jack, the national full service automotive aftermarket chain, announced a 49 percent increase in earnings for the thirteen weeks ended May 4, 2002.

Sales for the quarter ended May 4, 2002, were $558,973,000, just one percent more than the $551,577,000 recorded last year. Comparable store sales, which improved over the course of the quarter, increased slightly.

Pep Boys' Chief Executive Officer, Mitchell G. Leibovitz, commented, "Improved sales, higher merchandise margins and leveraged operating expenses enabled us to achieve our sixth consecutive significant increase in quarterly earnings.

"Although tire sales and service labor revenue have been negatively impacted by two recalls and the recession, aggregate comparable store sales were ahead of plan for the first quarter. Sales improved over the course of the quarter... while service labor revenue was unchanged. With stable merchandise margins and excellent expense control, a continued improvement in sales should be quite visible in our future results."

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