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Comps stall at Pep Boys, down 2.8% in Q1
PHILADELPHIA — Comparable sales slipped 2.8% at Pep Boys during the first quarter ended April 28, as customers were slow to come to the retailer for parts and services. The comps decline consisted of a 1.2% comparable-service revenue decrease and a 3.2% comparable-merchandise sales decrease. Total sales for the quarter increased by $11.1 million, or 2.2%, to $524.6 million from $513.5 million for the same period last year.
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Discount retail innovator Ferkauf dead at 91
The retail industry lost one of its legends this week when Eugene Ferkauf, founder of the E.J. Korvette chain of stores passed away at his Manhattan home.
Before Sam Walton or Harry Cunningham opened their first discount stores 50 years ago, Ferkauf established the principles of discount retailing with his stores in the New York area. The first Korvette’s store opening in 1948 and at its peak the company operated 45 stores.