Close

Pep Boys (PBY) Misses Q3 EPS by 11c

April 14, 2014 4:31 PM EDT
Get Alerts PBY Hot Sheet
Price: $25.00 --0%

Financial Fact:
Operating profit: 4.43M

Today's EPS Names:
FSI, RELV, NEOM, More
Join SI Premium – FREE

Pep Boys (NYSE: PBY) reported Q3 EPS of ($0.06), $0.11 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $495.7 million versus the consensus estimate of $534.52 million.

Comparable sales decreased 2.4%.

“Our service business continues to grow,” said President & CEO, Mike Odell. Mike continued, “On a comparable store basis, customer count, maintenance and repair sales and tire units all grew quarter over quarter. While retail tire pricing has recently stabilized, prices are still below last year’s level, which has and is expected to continue to negatively impact top line sales results through the second quarter of 2014. We are also growing our service footprint, adding 30 Service & Tire Centers during fiscal 2014. These new Service & Tire Centers showcase the welcoming exterior curb appeal and comfortable customer lounge of our new ‘Road Ahead’ format.

In addition to allowing us to realize our vision to be the best alternative to the dealer, our Road Ahead strategy also allows us to use our retail business to drive our service business. Our first completed Road Ahead market in Tampa continues to produce returns in line with our 15% hurdle rate. Based on those results, we are moving forward to complete an additional 20 stores in three markets – San Francisco, Boston and Charlotte – during the first half of 2014 and initiating plans for an additional three markets to be completed in late 2014/early 2015.”

Mike added, “Our new Road Ahead strategy includes strong growth from our digital omni-channel initiatives. Overall, sales from service appointments made online, tires purchased online and installed in our service bays, and products purchased online for store pick up or home delivery grew 152% in the fourth quarter.”

For earnings history and earnings-related data on Pep Boys (PBY) click here.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Earnings, Hot Earnings, Management Comments, Retail Sales

Related Entities

Earnings