Pep Boys Repair Sales Increase
June 11, 2015—Despite a slight drop in store retail sales, Pep Boys reported car repair sales rose nearly 2 percent during the three months ending May 3, according to a company announcement.
Shares of Pep Boys also rose 6 percent in trading on Tuesday to top $11 a share for the first time since fall, according to a report by the The Philadelphia Inquirer.
Total revenues increased to $542 million for the quarter, up from $539 million a year ago. Profits rose to $11.9 million, or 22 cents a share, from $1.6 million, or 3 cents, in the same quarter one year ago. Operating profits nearly quadrupled to $23 million.
This marks Pep Boys’ third straight quarter of higher sales. Acting CEO John Sweetwood told investors in a statement that "tires, commercial, fleet and digital leads the way."
Sweetwood’s comment echo a similar sentiment from Meineke president Danny Rivera, who recently explained how a new focus on fleet is part of the company’s image overhaul.
To view the entire statement, click here.