Pep Boys Reports Sales Increase

PHILADELPHIA--May 1, 20042, 2004--The Pep Boys - Manny, Moe & Jack , the nation's leading automotive aftermarket retail and service chain, announced the following results for the first quarter ended May 1, 2004.

Operating Results

First Quarter

Sales

Sales for the thirteen weeks ended May 1, 2004, were $566,133,000, 10.8% higher than the $510,910,000 recorded last year. Comparable sales increased 11.0%, comparable merchandise sales increased 12.3% and comparable service revenue increased 5.6%.

Earnings

Net Earnings from Continuing Operations Before Cumulative Effect of Change in Accounting Principle improved from a Net Loss of $7,327,000 ($.14 per share - basic and diluted) to Net Earnings of $16,191,000 ($.29 per share - basic and $.27 per share diluted).

Pep Boys' Chief Executive Officer, Larry Stevenson, commented that "While we are very pleased with our first quarter results, I remind you that we are in the early stages of our retail renewal and we will be facing tougher comparisons throughout the balance of the year."

                     Pep Boys Financial Highlights

Thirteen Weeks Ended:                      May 1, 2004   May 3, 2003
---------------------                     ------------- -------------

Total Revenues                            $566,133,000  $510,910,000

Net Earnings (Loss) From Continuing
 Operations Before Cumulative Effect of
 Change in Accounting Principle           $ 16,191,000  $ (7,327,000)

Average Shares - Diluted                    63,587,000    51,652,000

Basic Earnings (Loss) Per Share from
 Continuing Operations Before Cumulative
 Effect of Change in Accounting Principle $       0.29  $      (0.14)

Diluted Earnings (Loss) Per Share from
 Continuing Operations Before Cumulative
 Effect of Change in Accounting Principle $       0.27  $      (0.14)

Pep Boys has 595 stores and more than 6,000 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance 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 pepboys.com.