Archive: June, 2013
Mike Armstrong, Inquirer Columnist
It was one year ago that the CEO of Pep Boys — Manny, Moe & Jack told analysts that his intent was to grow the auto-parts retailer, not sell it.
Mike Odell’s comments came shortly after a Los Angeles-based private-equity firm had dropped plans to take Philadelphia-based Pep Boys private in a deal worth $15 per share.
As Pep Boys shareholders prepare to gather for their company’s annual meeting Wednesday, I hope one will ask whether when Odell expects to deliver that growth, because there have been scant signs of it in the last three years. The 763-store retailer generated total revenues of $2.09 billion in its fiscal year ended Feb. 2 compared with $2.06 billion in the previous year and $1.99 billion the year before that.