Pep Boys shares tumble on earnings report
Shares of Pep Boys - Manny, Moe & Jack plummeted 8.9 percent Tuesday afternoon after the auto store said second-quarter per-share earnings fell to zero, from 10 cents per share in the year-ago period.
Shares of Pep Boys - Manny, Moe & Jack plummeted 8.9 percent Tuesday afternoon after the auto store said second-quarter per-share earnings fell to zero, from 10 cents per share in the year-ago period.
Net profit was $0.3 million in the thirteen weeks ended Aug. 2 on sales of $525.8 million, compared with a net of $5.4 million on sales of $527.6 million in the same quarter of 2013.
Sales in stores open at least one year decreased 1.8 percent - consisting of an increase of 5.4 percent in comparable service revenue and a decrease of 3.8 percent in comparable merchandise sales.
CEO Mike Odell said in a prepared statement that the company is developing a plan to reduce expenses by $25 million, and seeks to close stores "that do not justify their expense burden."
Shares were down $1.02, to $10.39 at midafternoon. - Reid Kanaley