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Letter to the Editor

Pep Boys Earnings Up 32 Percent

Auto parts retailer The Pep Boys - Manny, Moe & Jack has reported that its quarterly earnings rose 32 percent, helped by improved sales at stores open at least a year.

The Philadelphia-based retailer and service center operator said net income for the fiscal second quarter ended Aug. 3 rose to $16.6 million, or 30 cents a share, from $12.5 million, or 24 cents a share, a year earlier.

Pep Boys said it was the seventh consecutive quarter in which it reported earnings growth of more than 30 percent. Better margins on merchandise and a focus on controlling expenses boosted profit, in addition to the higher sales.

"Despite the recent downturn in consumer confidence, we remain optimistic about our prospects for the balance of the year," Pep Boys Chairman and Chief Executive Mitchell Leibovitz said in a prepared statement.

Revenue in the quarter increased 2.2 percent to $585.8 million from $573.1 million a year ago.

Sales at stores open at least one year were up 2 percent. The company said its retail merchandise, installed merchandise and commercial delivery categories all rose, but service labor revenue decreased 1.6 percent.

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