PHILADELPHIA -- Pep Boys has announced results for the fourth quarter and fiscal year ended Jan. 30. Sales for the fourth quarter decreased by $12.6 million, or 2.7 percent, to $452.9 million from $465.5 million for the fourth quarter ended Jan. 31, 2009. Comparable sales decreased 3.9 percent due to a 4.9 percent comparable merchandise sales decrease partially offset by a 0.7 percent comparable service revenue increase.

Net earnings for the fourth quarter of fiscal 2009 increased to $2.3 million (4 cents per share) from a loss of $33.3 million ((63 cents) per share) recorded in the same period last year.

Sales for the fiscal year ended Jan. 30 decreased by $16.9 million, or 0.9 percent, to $1,910.9 million from $1,927.8 million for the fiscal year ended Jan. 31, 2009. Comparable sales decreased 1.2 percent due to a 2.6 percent comparable merchandise sales decrease partially offset by a 4.7 percent comparable service revenue increase. Re-categorizing Sales, comparable Service Center Revenue increased 2.5 percent, while comparable Retail Sales decreased 4.3 percent.
 
Net earnings for fiscal 2009 increased to $23 million (44 cents per share) from a loss of $30.4 million ((58 cents) per share) recorded in the same period last year.

“We are pleased to report that we met our 2009 ‘Back in Black’ commitment – to return to profitability – for both the full year and each quarter,” said CEO Mike Odell. “The foundation of our turnaround has been our commitment to our customers and our focus on core automotive products and services. While we did not enjoy a comparable store sales increase in the fourth quarter, as we did in the third quarter, we did achieve customer count increases in both service and commercial. Two years into our three-year turnaround plan, our improved disciplines in category management, expense controls and margin controls resulted in our fourth quarter profitability despite the soft holiday season.”

Odell continued, “Our commitment for 2010 is to ‘Get to Great’ as we focus on growing sales and continue to improve our execution, disciplines and profitability. First quarter 2010 sales have rebounded across all lines of business and, quarter to date, we are running a 3 percent comparable store sales increase.”

“Our expectation is to run a single-digit total sales increase this year. A portion of that sales increase will come from our growth strategy of opening new Service & Tire Centers,” Odell added. “During the fourth quarter, we opened five more Service & Tire Centers, bringing our 2009 openings to 24. We also added one new Supercenter in the fourth quarter.”

CFO Ray Arthur noted that at year-end the company had approximately $39.3 million in cash on hand and no borrowings on its revolving credit line. “We continue to be well-positioned to fund our store growth,” Arthur said.