PHILADELPHIA - June 17, 2009 - The Pep Boys - Manny, Moe & Jack (NYSE: 'PBY'), the nation's leading automotive aftermarket retail and service chain, offers some must-have last-minute gift ideas for dad this Father's Day. It's not too late to make this Father's Day celebration a special one with these great gift ideas:
Help get dad up to speed with the latest in navigational technology. He'll be happy to get rid of his old maps with a new GPS unit. Our Garmin Nuvi 205 is easy to mount on any dashboard and it has touch screen navigation. Equipped with 6.5 million points of interest and pre-loaded maps for the US, Puerto Rico and even Hawaii, he'll be able to get anywhere he needs to go.
If dad likes to stay ahead of the game when it comes to road safety, give him the tools he'll need to handle an emergency. The 100-piece Bell automotive highway emergency kit will give him peace of mind when hitting the road for summer travel. The kit includes several safety items all vehicles should have, all in one kit, including booster cables, a flashlight, a first-aid kit and tire sealant.
Is dad a regular do-it-yourselfer or a hands-on handyman? Help him get set up to handle any automotive DIY jobs with style: Equip his garage with a two-piece Pep Boys vintage-logoed creeper set. The rolling creeper will help him get down low for any under-car job and he'll able to work comfortably until the job's done with the creeper work seat.
Get dad's wheels spinning this Father's Day with a new set of tires. Purchase three select installed tires and get the fourth tire FREE after mail-in rebate. See a Pep Boys store for the current offer. Purchase must include tire installation package which includes valve stems, balancing and road hazard warranty.
With thousands of Father's Day gifts in stock, why not let dad choose? The Pep Boys gift card gives him the freedom to make up his own mind and select a gift that fits him best. Choose gift cards in any amount from $10 to $1,000. Dad can redeem them for products and services at any Pep Boys location nationwide. He can even check his card balance online at https://www.pepboys.com/pep_boys_gift_cards.
Make sure you sign up for the Pep Boys Rewards program to get free services and earn points toward rewards dollars for every purchase you make, including that gift for dad. Let him know he can even sign up himself - earning points for reward dollars AND getting on-the-spot perks like discounted towing and free tire rotation and flat repair - the next time he visits.
ABOUT PEP BOYS
Pep Boys has approximately 6,000 service bays and over 560 stores in 35 states and Puerto Rico. Along with its vehicle maintenance and repair capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting https://www.pepboys.com
SALES
Sales for the thirteen weeks ended May 2, 2009 were $496.5 million, as compared to $498.0 million for the thirteen weeks ended May 3, 2008. Comparable Sales decreased 0.3%, including a 1.3% comparable merchandise sales decrease and a 3.8% comparable service revenue increase. In accordance with GAAP, merchandise sales includes merchandise sold through both our retail and service center lines of business and service revenue is limited to labor sales. Re-categorizing Sales into the respective lines of business from which they are generated, comparable Service Center Revenue (labor plus installed merchandise and tires) increased 3.3% and comparable Retail Sales (DIY and Commercial) decreased 3.3%. First quarter 2008 sales included $5.1 million in clearance sales of de-emphasized complementary merchandise.
EARNINGS
Earnings From Continuing Operations Before Income Taxes increased to $20.0 million for the first quarter of fiscal 2009 from the $9.4 million recorded in the same period last year. Net Earnings increased to $10.9 million ($0.21 per share - basic and diluted) for the first quarter of fiscal 2009 from the $4.7 million ($0.09 per share - basic and diluted) recorded in same period last year. The first quarter 2009 results include a $6.2 million gain resulting from bond repurchases. The first quarter 2008 results included a $2.9 million gain resulting from bond repurchases and a $5.5 million Net Gain from Dispositions of Assets resulting from sale leaseback transactions.
ABOUT PEP BOYS
Pep Boys has approximately 6,000 service bays and over 560 stores in 35 states and Puerto Rico. Along with its vehicle maintenance and repair capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting www.pepboys.com.
COMMENTARY
'We are pleased with our progress and our first quarter results,' said CEO Mike Odell. 'As our turnaround continues, we will build upon this momentum in the second quarter and throughout 2009. Our television and radio promotions continue to drive customer traffic and sales in our core categories and our expense reductions are making us profitable.'
'Our disciplined approach towards category management and spending reduced our Total Cost of Revenue as a percentage of sales by 40 basis points and our SG&A costs by 210 basis points in Q1 2009 vs. Q1 2008,' remarked CFO Ray Arthur. 'In the first quarter, we also capitalized on our strong liquidity position by repurchasing almost $17 million of the Company's senior subordinated notes for an average purchase price of 63 cents on the dollar.'
Pep Boys has approximately 6,000 service bays within over 560 retail stores located in 35 states and Puerto Rico. Along with its full-service vehicle maintenance and repair capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting https://www.pepboys.com
Certain statements contained herein constitute 'forward-looking statements' within the meaning of The Private Securities Litigation Reform Act of 1995. The word 'guidance,' 'expect,' 'anticipate,' 'estimates,' 'forecasts' and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include management's expectations regarding implementation of its long-term strategic plan, future financial performance, automotive aftermarket trends, levels of competition, business development activities, future capital expenditures, financing sources and availability and the effects of regulation and litigation. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. The Company's actual results may differ materially from the results discussed in the forward-looking statements due to factors beyond the control of the Company, including the strength of the national and regional economies, retail and commercial consumers' ability to spend, the health of the various sectors of the automotive aftermarket, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, the location and number of competitors' stores, product and labor costs and the additional factors described in the Company's filings with the SEC. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Contact us
Lauren Johnson at 215-430-9241 for specific pricing information.
