Fourth Quarter 'Comp' Sales Increased 13%
12 February 1999
Fourth Quarter 'Comp' Sales Increased 13%
PHILADELPHIA--Feb. 11, 1999--The Pep Boys - Manny, Moe & Jack , the nation's leading automotive aftermarket retail and service chain, announced record sales for the fourth quarter and fiscal year ended Jan. 30, 1999.Sales
Fourth Quarter
Sales for the quarter ended Jan. 30, 1999, rose to a record $563,216,000, 12.1% greater than the $502,381,000 recorded last year. Service labor revenue, exclusive of installed product, climbed to a record $99,368,000, 16.6% greater than the $85,229,000 recorded last year.
Comparable store sales increased 13.0% during the quarter while comparable service labor revenue and tire sales increased 9.8% and 17.0%, respectively. Service labor revenue and tires accounted for 17.6% and 14.8%, respectively, of total sales.
Fiscal Year
Sales for the fiscal year ended Jan. 30, 1999, rose to a record $2,398,708,000, 16.6% greater than the $2,056,520,000 recorded last year. Service labor revenue, exclusive of installed product, climbed to a record $407,368,000, 21.3% greater than the $335,850,000 recorded last year.
Comparable store sales increased 9.0% during the fiscal year while comparable service labor revenue and tire sales increased 11.5% and 15.4%, respectively. Service labor revenue and tires accounted for 17.0% and 14.2%, respectively, of total sales.
Earnings
Earnings for the fourth quarter will be announced on March 18, 1999.
Store Expansion Program
Fiscal Year Ended Jan. 30, 1999
Ten Supercenters were opened during the fourth quarter and a total of thirty-nine Supercenters were opened during the year. As of Jan. 30, 1999, Pep Boys operated 638 stores and 6,608 service bays in 37 states and Puerto Rico.
Fiscal Year Ending Jan. 29, 2000
Pep Boys anticipates opening approximately twenty-five Supercenters, all of which will be funded out of working capital, during the fiscal year ending Jan. 29, 2000.
Commentary
Pep Boys' CEO, Mitchell G. Leibovitz, made the following comment:
"We were pleased with the sales momentum achieved during the fourth quarter and enter fiscal 1999 with optimism and enthusiasm."
Pep Boys Revenue Highlights
Thirteen Thirteen
Weeks Ended Weeks Ended
January 30, 1999 January 31, 1998 % Change
---------------- ---------------- --------
Merchandise
Revenues $463,848,000 $417,152,000 + 11.2
Service Revenues $99,368,000 $85,229,000 + 16.6
Total Revenues $563,216,000 $502,381,000 + 12.1
Comparable Store Sales
Merchandise 13.7% (2.4)%
Service 9.8 11.3
Total 13.0 (0.3)
Tires (included in Merch) 17.0 9.9
Fifty-Two Fifty-Two
Weeks Ended Weeks Ended
January 30, 1999 January 31, 1998 % Change
---------------- ---------------- --------
Merchandise
Revenues $1,991,340,000 $1,720,670,000 + 15.7
Service Revenues $407,368,000 $335,850,000 + 21.3
Total Revenues $2,398,708,000 $2,056,520,000 + 16.6
Comparable Store Sales
Merchandise 8.6% (2.3)%
Service 11.5 10.3
Total 9.0 (0.4)
Tires (included in Merch) 15.4 12.7
Note: Certain statements made herein are forward-looking which involve risks and uncertainties.
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 and consumers' ability to spend, the health of various segments of the market that the Company serves, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, location and number of competitors' stores, product costs, and the ability to establish a successful commercial delivery program.
Further factors that might cause such a difference include, but are not limited to, the factors described in the Company's filings with the Securities and Exchange Commission.