Pep Boys Announces Share Repurchase Program

The board of directors for Pep Boys has authorized a share repurchase program for the purchase of up to $100,000,000 of its outstanding common stock. This new program replaces the one previously authorized by the board in March 2003 under which no shares were repurchased. Pep Boys has been reinvesting in its business lately, primarily through a store remodel program and store expansions. CEO Larry Stevenson said the company expects sales and earnings to fluctuate during the next few quarters.

PHILADELPHIA — The board of directors for Pep Boys has authorized a share repurchase program for the purchase of up to $100,000,000 of its outstanding common stock. This new program replaces the one previously authorized by the board in March 2003 under which no shares were repurchased.

Pep Boys has been reinvesting in its business lately, primarily through a store remodel program and store expansions. CEO Larry Stevenson said the company expects sales and earnings to fluctuate during the next few quarters. “Further, we do not expect our service offering initiatives to begin to build momentum from our second quarter’s results until next year,” he said. “Nonetheless, I remain confident in our ability to realize the company’s potential over the next few years.”

To learn more about Pep Boys, visit: www.pepboys.com.

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