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Pep Boys Reports Second-Quarter 2010 Results

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PHILADELPHIA — Pep Boys has announced results for the second quarter and first half, ended July 31.

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Sales for the 13 weeks ended July 31 increased by $15.9 million, or 3.3 percent, to $504.9 million from $488.9 million for the 13 weeks ended Aug. 1, 2009. Net earnings for the second quarter increased to $10.6 million (20 cents per share) from $7.7 million (15 cents per share) recorded in the same period last year.

The company said second-quarter 2010 results reflect increased sales and improved total gross profit margin rates and include, on a pre-tax basis, a $2.4 million gain from the disposition of assets and a $1 million reversal of an inventory related accrual, partially offset by a $1 million asset
impairment charge.

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