PHILADELPHIA Pep Boys has announced the following results for the fourth quarter (14 weeks) and fiscal year (53 weeks) ended Feb. 2.
Sales for the 14 weeks ended Feb. 2 increased by $25.5 million, or 5.1 percent, to $530.8 million from $505.3 million for the 13 weeks ended Jan. 28. Net loss for the fourth quarter of fiscal 2012 was $14.5 million (27 cents per share) as compared to a net loss of $4.4 million (8 cents per share) recorded in the same period last year.
Sales for fiscal year 2012 increased by $27.1 million, or 1.3 percent, to $2,090.7 million from $2,063.6 million for fiscal 2011. Net earnings for fiscal year 2012 were $12.8 million (24 cents per share), as compared to $28.9 million (54 cents per share) recorded in fiscal 2011.
“Our strategically important service maintenance and repair categories remain a bright spot in what was a disappointing year from a sales and profit perspective,” said President and CEO Mike Odell. “To date, in the first quarter of 2013, comparable store sales trends have improved in both lines of business, with a low single-digit increase in service center revenue mostly offset by a low single-digit decline in retail sales.
“2013 kicked off with a strengthened senior leadership team that now includes our new store leader, Senior Vice President of Store Operations Chris Adams," Odell continued. "Working together, we have identified our target customer segments and are using our customer data to better understand what our customers want in terms of product selection and shopping experience. We are using this data to educate our associates on how to deliver the experience that our target customers deserve and expect and are excited by the opportunities brought by this more focused, customer-centered strategy.”
Executive Vice President and CFO David Stern added, “With our refinancing completed and pension liabilities settled in 2012, we are in a strong position to continue to invest in our people and our business in order to grow Pep Boys’ market share in the service business.”