Pep Boys shares fall on earnings report
Shares of auto service and parts chain the Pep Boys - Manny, Moe & Jack were down more than 15 percent Tuesday afternoon, a day after the Philadelphia-base retailer said it narrowed a fourth-quarter loss to $3.3 million, or six cents per share, from $14.5 million, or 27 cents per share, a year earlier, but declining tire prices hurt sales.
Revenue for the quarter that ended Feb. 1 was $495.7 million, compared with $530.8 million for the year-ago period, though the company said the year-ago quarter included an additional, 14th, week of results. Excluding the extra week, sales at stores open at least a year were down 2.4 percent, the company said.
- Reid Kanaley