Stifel Keeps Pep Boys (PBY) at 'Hold' Following Q1 Results

Stifel maintains its Hold rating on Pep Boys (NYSE: PEP) following Q1 results.

Analyst Richard Jaffe noted that Pep Boys' adjusted EPS of $.09 compared with his estimate of $.03. By line of business, PBY reported a -1.0% service center comp sales decline (vs. our +0.5% estimate) and a -1.9% retail comp sales decline (vs. our -0.5% estimate) blending to a -1.4% total comp sales decline. On a GAAP basis, merchandise comp sales fell -2.8% and service comp sales rose +3.2%.

Looking ahead: PBY will re-open all stores in the San Francisco, Boston, and Charlotte markets with the Road Ahead format in May, June, and July of this year. PBY also recently announced planned service center growth with the addition of 25 new Service & Tire Centers in FY14.

For an analyst ratings summary and ratings history on Pep Boys, click here. For more ratings news on Pep Boys, click here.

Pep Boys closed at $10.52 yesterday.

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