Pep Boys Reports Fourth Quarter, Full Year Results

The Pep Boys has posted results for the fourth quarter and fiscal year, which ended January 31. Sales for the thirteen weeks were $529,639,000, 13.6 percent higher than the $466,192,000 recorded last year. Comparable merchandise sales increased 15.9 percent and comparable service revenue increased 5.1 percent.

PHILADELPHIA — The Pep Boys has posted results for the fourth quarter and fiscal year, which ended January 31.

Sales for the thirteen weeks were $529,639,000, 13.6 percent higher than the $466,192,000 recorded last year. Comparable merchandise sales increased 15.9 percent and comparable service revenue increased 5.1 percent.

On a GAAP basis (including $10,195,000 in charges to write down POC store system assets under development and to transition certain executives from a defined benefit pension plan to a defined contribution pension plan as well as Net Earnings from Discontinued Operations), Net Earnings improved from a Net Loss of $1,834,000 ($.04 per share – basic and diluted) to a Net Loss of $1,248,000 ($.02 per share – basic and diluted).

Adjusted Net Earnings from Continuing Operations (excluding the $10,195,000 in charges) of $6,296,000 ($.12 per share – basic and diluted) increased from the $1,678,000 ($.03 per share – basic and diluted) recorded last year. The Company believes that reporting adjusted Net Earnings is more representative of its operating results.

Sales for the fiscal year ended January 31, 2004 were $2,134,270,000, 1.7 percent higher than the $2,097,777,000 recorded last year. Comparable merchandise sales increased 1.7 percent and comparable service revenue increased 1.3 percent.

On a GAAP basis (including $56,799,000 of restructuring charges and other actions as well as Net Earnings from Discontinued Operations and the Cumulative Effect of Change in Accounting Principle), Net Earnings decreased from $43,800,000 ($.85 per share – basic and $.82 per share – diluted) to a Net Loss of $32,146,000 ($.62 per share – basic and diluted).

Adjusted Net Earnings from Continuing Operations (excluding the $56,799,000 of restructuring charges and other actions) of $45,400,000 ($.87 per share – basic and $.85 per share – diluted) decreased from the $47,932,000 ($.93 per share – basic and $.89 per share – diluted) recorded last year. The company believes that reporting adjusted Net Earnings is more representative of its operating results.

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