Pep Boys Announces Fourth Quarter and Fiscal Year Sales
11 February 2000
Pep Boys Announces Fourth Quarter and Fiscal Year Sales
PHILADELPHIA--Feb. 11, 2000-- The Pep Boys - Manny, Moe & Jack, the nation's leading automotive aftermarket retail and service chain, announced its sales for the fourth quarter and fiscal year ended January 29, 2000.Sales
Fourth Quarter
Sales for the quarter ended January 29, 2000, were $554,981,000, 1.5% less than the $563,216,000 recorded last year. Service labor revenue, exclusive of installed product, climbed to a record $104,193,000, 4.9% greater than the $99,368,000 recorded last year.
Continued weakness in "do-it-yourself" sales, challenging prior year comparisons which included comparable store sales increases of 13.0%, 17.0% and 9.8% in total, tires and labor, respectively, as well as a reduction in year-over-year advertising all contributed to the 3.8% decline in comparable store sales.
During the quarter, comparable service labor revenue increased 2.3% while comparable merchandise sales declined 5.1%. Service labor revenue, installed product, tires and commercial delivery accounted for approximately 54% of total sales.
Fiscal Year
Sales for the fiscal year ended January 29, 2000, were $2,394,533,000, slightly less than the $2,398,708,000 recorded last year when the Company operated 109 Express stores that were sold or closed in October 1998. Service labor revenue, exclusive of installed product, grew to a record $440,523,000, 8.1% more than the $407,368,000 recorded last year.
Comparable store sales, which includes comparable merchandise sales and comparable service labor revenue increases of .9% and 4.4%, respectively, rose 1.5% during the fiscal year. Service labor revenue, installed product, tires and commercial delivery accounted for approximately 54% of total sales.
Earnings
Results for the fourth quarter and fiscal year will be reported on March 16, 2000.
Commentary
Pep Boys' CEO, Mitchell G. Leibovitz, made the following comments:
"Despite weakness in the "do-it-yourself" category, we continue to believe that our unique non-franchised, all-brands service capability and supply chain will provide us with both traditional and Internet related growth opportunities in the technologically advancing automotive aftermarket.
"At the same time that we are aggressively pursuing these new and exciting opportunities, we are taking steps to improve our performance in our core business and are optimistic about our prospects for fiscal 2000."
Pep Boys Revenue Highlights
Thirteen Thirteen
Weeks Ended Weeks Ended
January 29, 2000 January 30, 1999
----------------- ----------------
Merchandise Revenues $ 450,788,000 $ 463,848,000
Service Revenues $ 104,193,000 $ 99,368,000
Total Revenues $ 554,981,000 $ 563,216,000
Comparable Store Sales
Merchandise (5.1)% 13.7%
Service 2.3 9.8
Total (3.8) 13.0
Tires (included in
Merchandise) 4.0 17.0
Fifty-Two Fifty-Two
Weeks Ended Weeks Ended
January 29, 2000 January 30, 1999
---------------- ----------------
Merchandise Revenues $1,954,010,000 $1,991,340,000
Service Revenues $ 440,523,000 $ 407,368,000
Total Revenues $2,394,533,000 $2,398,708,000
Comparable Store Sales
Merchandise 0.9% 8.6%
Service 4.4 11.5
Total 1.5 9.0
Tires (included in
Merchandise) 8.5 15.4