PHILADELPHIA -- Pep Boys has announced its financial results for the 13 weeks (first quarter) ended May 1.

Sales for the 13 weeks ended May 1 increased by $13.5 million, or 2.7 percent, to $510 million from $496.5 million for the 13 weeks ended May 2, 2009. Comparable sales increased 1.4 percent, consisting of a 0.1 percent comparable service revenue increase and a 1.7 percent comparable merchandise sales increase.
 
Net earnings for the first quarter of fiscal 2010 increased to $12 million (23 cents per share) from $10.9 million (21 cents per share) recorded in the same period last year. First quarter 2009 results included, on a pre-tax basis, a $6.2 million gain resulting from bond repurchases.

“For the fifth consecutive period, our quarter-over-quarter profitability has improved,” said CEO Mike Odell. “And for the first time in many years, we achieved increases in both customer count and sales across all lines of business.”

Pep Boys has opened five more service and tire centers, another 14,000-square-foot prototype supercenter and two more speed shops within existing supercenters since the beginning of the fiscal year, according to CFO Ray Arthur.

“Our growth plan remains on track and we expect to achieve our previously disclosed store opening and return targets,” Arthur said.