The Pep Boys reports 3.6% comps decline

PHILADELPHIA The Pep Boys - Manny, Moe & Jack announced that sales for the 13 weeks ended Aug. 4 were $558.9 million as compared to the $578.6 million for the 13 weeks ended July 29, 2006. Comparable sales decreased 3.6%, including a 5.1% comparable-merchandise sales decrease and a 3.8% comparable-service revenue increase.

Net earnings from continuing operations increased from $1.5 million, or 3 cents per diluted share, to $4.2 million, or 8 cents per diluted shares.

Sales for the 26 weeks ended Aug. 4 were $1.104 billion, 2.7% less than the $1.14 recorded last year. Comparable sales decreased 3%, including a 4.1% comparable-merchandise sales decrease and a 2.6% comparable-service revenue increase.

Net earnings from continuing improved from $603,000, or 1 cent per diluted share, to $7.4 million, or 14 cents per diluted share.