UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 2, 2012
Date of Earliest Event Reported: April 2, 2012
The Pep Boys - Manny, Moe & Jack
(Exact name of registrant as specified in charter)
Pennsylvania |
|
1-3381 |
|
23-0962915 |
(State or other jurisdiction of |
|
(Commission |
|
(I.R.S. Employer ID number) |
incorporation or organization) |
|
File No.) |
|
|
|
|
|
|
|
3111 W. Allegheny Ave. Philadelphia, PA |
|
19132 |
(Address of principal executive offices) |
|
(Zip code) |
215-430-9000
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On April 2, 2012, The Pep Boys Manny, Moe & Jack issued a press release announcing its earnings for the fiscal quarter and year ended January 28, 2012.
The information in Items 2.02 and 9.01 (including the Exhibits filed herewith) of this Current Report is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Items 2.02 and 9.01 (including the Exhibits filed herewith) of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibits are filed with this report:
Exhibit No. 99.1 Press release dated April 2, 2012.
Exhibit No. 99.2 Unaudited supplemental financial data.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
THE PEP BOYS - MANNY, MOE & JACK | |
|
| |
|
By: |
/s/ Raymond L. Arthur |
|
|
Raymond L. Arthur |
|
|
Executive Vice President and |
|
|
Chief Financial Officer |
|
| |
Date: April 2, 2012 |
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Exhibit 99.1
|
FOR IMMEDIATE RELEASE |
Pep Boys Reports Fiscal 2011 Results
PHILADELPHIA April 2, 2012 The Pep Boys Manny, Moe & Jack (NYSE: PBY), the nations leading automotive aftermarket service and retail chain, today announced results for the fifty-two (fiscal year) and thirteen weeks (fourth quarter) ended January 28, 2012.
Fiscal Year
Sales
Sales for fiscal year 2011 increased by $75.0 million, or 3.8%, to $2,063.6 million from $1,988.6 million for fiscal 2010. Comparable sales decreased 0.6%, consisting of a 0.6% comparable service revenue increase offset by a 0.9% comparable merchandise sales decrease. In accordance with GAAP, service revenue is limited to labor sales, while merchandise sales include merchandise sold through both our service center and retail lines of business. Re-categorizing sales into the respective lines of business from which they are generated, comparable service center revenue (labor plus installed merchandise and tires) increased 1.3%, while comparable retail sales (DIY and Commercial) decreased 2.3%.
Earnings
Net earnings for fiscal year 2011 were $28.9 million ($0.54 per share), a $7.7 million decrease from the $36.6 million ($0.69 per share) recorded in fiscal 2010. The fiscal 2011 results included a $3.5 million tax benefit, while the 2010 results included a $2.1 million tax benefit. The fiscal 2011 results also include, on a pre-tax basis, a net charge of $2.8 million comprised of a $1.6 million asset impairment charge, $1.5 million of acquisition and transition expenses related to our purchase of Big 10 Tires, and $0.8 million of merger and other transaction related costs, partially offset by a $1.1 million reduction in our reserve for excess inventory. The fiscal 2010 results include a net benefit of $8.4 million comprised of a $5.9 million reduction in the reserve for excess inventory, a $2.5 million gain from the disposition of assets and a $1.0 million reversal of an inventory related accrual, partially offset by a $1.0 million asset impairment charge.
Fourth Quarter
Sales
Sales for the thirteen weeks ended January 28, 2012 increased by $27.9 million, or 5.9%, to $505.3 million from $477.4 million for the thirteen weeks ended January 29, 2011. Comparable sales increased 0.8%, consisting of a decrease of 0.1% in comparable service revenue and an increase of 1.0% in comparable merchandise sales. Re-categorizing sales (see above), comparable service center revenue increased 4.6%, while comparable retail sales decreased 2.7%.
Earnings
Net loss for the fourth quarter of fiscal 2011 was $4.4 million ($0.08 loss per share) compared to net earnings of $8.4 million ($0.16 per share) recorded in the same period last year. Net loss for the fourth quarter of fiscal 2011 includes, on a pre-tax basis, a net charge of $0.9 million comprised of a $1.2 million asset impairment charge and $0.8 million of merger and other transaction related costs, mostly offset by a $1.1 million reduction in our reserve for excess inventory. The fourth quarter fiscal 2010 results include, on a pre-tax basis, a $4.6 million reduction in the reserve for excess inventory. The fourth quarter fiscal 2010 results also included a $1.0 million tax benefit.
Since 1921, Pep Boys has been the nations leading automotive aftermarket chain. With more than 7,000 service bays in more than 730 locations in 35 states and Puerto Rico, Pep Boys offers name-brand tires; automotive maintenance and repair; parts and expert advice for the Do-It-Yourselfer; commercial auto parts delivery; and fleet maintenance and repair. Customers can find the nearest location by calling 1-800-PEP-BOYS (1-800-737-2697) or by visiting http://www.pepboys.com.
Certain statements contained herein constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The word guidance, expect, anticipate, estimates, forecasts and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include managements expectations regarding implementation of its long-term strategic plan, future financial performance, automotive aftermarket trends, levels of competition, business development activities, future capital expenditures, financing sources and availability and the effects of regulation and litigation. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. The Companys actual results may differ materially from the results discussed in the forward-looking statements due to factors beyond the control of the Company, including the strength of the national and regional economies, retail and commercial consumers ability to spend, the health of the various sectors of the automotive aftermarket, the weather in geographical regions with a high concentration of the Companys stores, competitive pricing, the location and number of competitors stores, product and labor costs and the additional factors described in the Companys filings with the SEC. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
###
Investor Contact: |
Media Contact: |
Mike Melia |
Regina M. Tracy |
(215) 430-9459 |
(215) 430-9081 |
Email: investorrelations@pepboys.com |
Email: mediarelations@pepboys.com |
Pep Boys Financial Highlights
Thirteen Weeks Ended |
|
January 28, 2012 |
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January 29, 2011 |
| ||
|
|
|
|
|
| ||
Total revenues |
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$ |
505,318,000 |
|
$ |
477,389,000 |
|
|
|
|
|
|
| ||
Net earnings |
|
$ |
(4,420,000 |
) |
$ |
8,365,000 |
|
|
|
|
|
|
| ||
Basic earnings per share: |
|
|
|
|
| ||
Average shares |
|
53,032,000 |
|
52,778,000 |
| ||
|
|
|
|
|
| ||
Basic earnings per share: |
|
$ |
(0.08 |
) |
$ |
0.16 |
|
|
|
|
|
|
| ||
Diluted earnings per share: |
|
|
|
|
| ||
Average shares |
|
53,743,000 |
|
53,416,000 |
| ||
|
|
|
|
|
| ||
Diluted earnings per share: |
|
$ |
(0.08 |
) |
$ |
0.16 |
|
Fifty-two weeks ended |
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January 28, 2012 |
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January 29, 2011 |
| ||
|
|
|
|
|
| ||
Total revenues |
|
$ |
2,063,627,000 |
|
$ |
1,988,641,000 |
|
|
|
|
|
|
| ||
Net earnings |
|
$ |
28,903,000 |
|
$ |
36,631,000 |
|
|
|
|
|
|
| ||
Basic earnings per share: |
|
|
|
|
| ||
Average shares |
|
52,958,000 |
|
52,677,000 |
| ||
|
|
|
|
|
| ||
Basic earnings per share: |
|
$ |
0.54 |
|
$ |
0.70 |
|
|
|
|
|
|
| ||
Diluted earnings per share: |
|
|
|
|
| ||
Average shares |
|
53,631,000 |
|
53,162,000 |
| ||
|
|
|
|
|
| ||
Diluted earnings per share: |
|
$ |
0.54 |
|
$ |
0.69 |
|
Exhibit 99.2
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES |
(UNAUDITED) |
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share amounts)
|
|
Thirteen Weeks Ended |
|
Fifty-two weeks ended |
| ||||||||||||||||
|
|
January 28, 2012 |
|
January 29, 2011 |
|
January 28, 2012 |
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January 29, 2011 |
| ||||||||||||
|
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
| ||||
|
|
Amount |
|
Sales |
|
Amount |
|
Sales |
|
Amount |
|
Sales |
|
Amount |
|
Sales |
| ||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Merchandise sales |
|
$ |
404,332 |
|
80.0 |
|
$ |
384,432 |
|
80.5 |
|
$ |
1,642,757 |
|
79.6 |
|
$ |
1,598,168 |
|
80.4 |
|
Service revenue |
|
100,986 |
|
20.0 |
|
92,957 |
|
19.5 |
|
420,870 |
|
20.4 |
|
390,473 |
|
19.6 |
| ||||
Total revenues |
|
505,318 |
|
100.0 |
|
477,389 |
|
100.0 |
|
2,063,627 |
|
100.0 |
|
1,988,641 |
|
100.0 |
| ||||
Costs of merchandise sales |
|
288,875 |
|
71.5 |
|
264,532 |
|
68.8 |
|
1,154,322 |
|
70.3 |
|
1,110,380 |
|
69.5 |
| ||||
Costs of service revenue |
|
104,170 |
|
103.2 |
|
88,457 |
|
95.2 |
|
399,776 |
|
95.0 |
|
355,909 |
|
91.1 |
| ||||
Total costs of revenues |
|
393,045 |
|
77.8 |
|
352,989 |
|
73.9 |
|
1,554,098 |
|
75.3 |
|
1,466,289 |
|
73.7 |
| ||||
Gross profit from merchandise sales |
|
115,457 |
|
28.6 |
|
119,900 |
|
31.2 |
|
488,435 |
|
29.7 |
|
487,788 |
|
30.5 |
| ||||
Gross (loss) profit from service revenue |
|
(3,184 |
) |
(3.2 |
) |
4,500 |
|
4.8 |
|
21,094 |
|
5.0 |
|
34,564 |
|
8.9 |
| ||||
Total gross profit |
|
112,273 |
|
22.2 |
|
124,400 |
|
26.1 |
|
509,529 |
|
24.7 |
|
522,352 |
|
26.3 |
| ||||
Selling, general and administrative expenses |
|
112,268 |
|
22.2 |
|
106,659 |
|
22.3 |
|
443,986 |
|
21.5 |
|
442,239 |
|
22.2 |
| ||||
Net (loss) gain from dispositions of assets |
|
(34 |
) |
|
|
(136 |
) |
|
|
27 |
|
|
|
2,467 |
|
0.1 |
| ||||
Operating (loss) profit |
|
(29 |
) |
|
|
17,605 |
|
3.7 |
|
65,570 |
|
3.2 |
|
82,580 |
|
4.2 |
| ||||
Non-operating income |
|
541 |
|
0.1 |
|
754 |
|
0.2 |
|
2,324 |
|
0.1 |
|
2,609 |
|
0.1 |
| ||||
Interest expense |
|
6,475 |
|
1.3 |
|
6,864 |
|
1.4 |
|
26,306 |
|
1.3 |
|
26,745 |
|
1.3 |
| ||||
(Loss) earnings from continuing operations before income taxes |
|
(5,963 |
) |
(1.2 |
) |
11,495 |
|
2.4 |
|
41,588 |
|
2.0 |
|
58,444 |
|
2.9 |
| ||||
Income tax (benefit) expense |
|
(1,772 |
) |
29.7 |
(1) |
2,957 |
|
25.7 |
(1) |
12,460 |
|
30.0 |
(1) |
21,273 |
|
36.4 |
(1) | ||||
(Loss) earnings from continuing operations |
|
(4,191 |
) |
(0.8 |
) |
8,538 |
|
1.8 |
|
29,128 |
|
1.4 |
|
37,171 |
|
1.9 |
| ||||
Loss from discontinued operations, net of tax |
|
(229 |
) |
|
|
(173 |
) |
|
|
(225 |
) |
|
|
(540 |
) |
|
| ||||
Net (loss) earnings |
|
(4,420 |
) |
(0.9 |
) |
8,365 |
|
1.8 |
|
28,903 |
|
1.4 |
|
36,631 |
|
1.8 |
| ||||
Retained earnings, beginning of period |
|
429,935 |
|
|
|
397,100 |
|
|
|
402,600 |
|
|
|
374,836 |
|
|
| ||||
Cash dividends |
|
(1,589 |
) |
|
|
(1,582 |
) |
|
|
(6,344 |
) |
|
|
(6,323 |
) |
|
| ||||
Shares issued and other |
|
(489 |
) |
|
|
(1,283 |
) |
|
|
(1,722 |
) |
|
|
(2,544 |
) |
|
| ||||
Retained earnings, end of period |
|
$ |
423,437 |
|
|
|
$ |
402,600 |
|
|
|
$ |
423,437 |
|
|
|
$ |
402,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
(Loss) earnings from continuing operations |
|
$ |
(0.08 |
) |
|
|
$ |
0.16 |
|
|
|
$ |
0.55 |
|
|
|
$ |
0.71 |
|
|
|
Discontinued operations, net of tax |
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
| ||||
Basic earnings per share |
|
$ |
(0.08 |
) |
|
|
$ |
0.16 |
|
|
|
$ |
0.54 |
|
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
(Loss) earnings from continuing operations |
|
$ |
(0.08 |
) |
|
|
$ |
0.16 |
|
|
|
$ |
0.54 |
|
|
|
$ |
0.70 |
|
|
|
Discontinued operations, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
| ||||
Diluted earnings per share |
|
$ |
(0.08 |
) |
|
|
$ |
0.16 |
|
|
|
$ |
0.54 |
|
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash dividends per share |
|
$ |
0.03 |
|
|
|
$ |
0.03 |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.12 |
|
|
|
(1) As a percentage of earnings from continuing operations before income taxes
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands)
|
|
January 28, 2012 |
|
January 29, 2011 |
| ||
|
|
|
|
|
| ||
Assets |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
58,244 |
|
$ |
90,240 |
|
Accounts receivable, less allowance for uncollectible accounts of $1,303 and $1,551 |
|
25,792 |
|
19,540 |
| ||
Merchandise inventories |
|
614,136 |
|
564,402 |
| ||
Prepaid expenses |
|
26,394 |
|
28,542 |
| ||
Other current assets |
|
59,979 |
|
60,812 |
| ||
Total current assets |
|
784,545 |
|
763,536 |
| ||
Property and equipment - net |
|
696,339 |
|
700,981 |
| ||
Goodwill |
|
46,917 |
|
2,549 |
| ||
Deferred income taxes |
|
72,870 |
|
66,019 |
| ||
Other long-term assets |
|
33,108 |
|
23,587 |
| ||
Total assets |
|
$ |
1,633,779 |
|
$ |
1,556,672 |
|
|
|
|
|
|
| ||
Liabilities and stockholders equity |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Accounts payable |
|
$ |
243,712 |
|
$ |
210,440 |
|
Trade payable program liability |
|
85,214 |
|
56,287 |
| ||
Accrued expenses |
|
221,705 |
|
236,028 |
| ||
Deferred income taxes |
|
66,208 |
|
56,335 |
| ||
Current maturities of long-term debt |
|
1,079 |
|
1,079 |
| ||
Total current liabilities |
|
617,918 |
|
560,169 |
| ||
|
|
|
|
|
| ||
Long-term debt less current maturities |
|
294,043 |
|
295,122 |
| ||
Other long-term liabilities |
|
77,216 |
|
70,046 |
| ||
Deferred gain from asset sales |
|
140,273 |
|
152,875 |
| ||
|
|
|
|
|
| ||
Stockholders equity: |
|
|
|
|
| ||
Common stock, par value $1 per share: |
|
|
|
|
| ||
Authorized 500,000,000 shares; issued 68,557,041 shares |
|
68,557 |
|
68,557 |
| ||
Additional paid-in capital |
|
296,462 |
|
295,361 |
| ||
Retained earnings |
|
423,437 |
|
402,600 |
| ||
Accumulated other comprehensive loss |
|
(17,649 |
) |
(17,028 |
) | ||
Treasury stock, at cost - 15,803,322 shares and 15,971,910 shares |
|
(266,478 |
) |
(271,030 |
) | ||
Total stockholders equity |
|
504,329 |
|
478,460 |
| ||
Total liabilities and stockholders equity |
|
$ |
1,633,779 |
|
$ |
1,556,672 |
|
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES |
(UNAUDITED) |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
Fifty-two weeks ended |
|
January 28, 2012 |
|
January 29, 2011 |
| ||
|
|
|
|
|
| ||
Cash flows from operating activities: |
|
|
|
|
| ||
Net earnings |
|
$ |
28,903 |
|
$ |
36,631 |
|
Adjustments to reconcile net earnings to net cash provided by continuing operations: |
|
|
|
|
| ||
Net loss from discontinued operations |
|
225 |
|
540 |
| ||
Depreciation and amortization |
|
79,542 |
|
74,151 |
| ||
Amortization of deferred gain from asset sales |
|
(12,602 |
) |
(12,602 |
) | ||
Stock compensation expense |
|
3,237 |
|
3,497 |
| ||
Loss on debt retirement |
|
|
|
200 |
| ||
Deferred income taxes |
|
10,301 |
|
18,572 |
| ||
Net gain from disposition of assets |
|
(27 |
) |
(2,467 |
) | ||
Loss from asset impairment |
|
1,619 |
|
970 |
| ||
Other |
|
(573 |
) |
(479 |
) | ||
Changes in assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
| ||
Decrease in accounts receivable, prepaid expenses and other |
|
2,391 |
|
7,060 |
| ||
Increase in merchandise inventories |
|
(42,756 |
) |
(5,284 |
) | ||
Increase in accounts payable |
|
24,871 |
|
7,466 |
| ||
Decrease in accrued expenses |
|
(18,745 |
) |
(8,394 |
) | ||
Decrease in other long-term liabilities |
|
(2,463 |
) |
(1,200 |
) | ||
Net cash provided by continuing operations |
|
73,923 |
|
118,661 |
| ||
Net cash used in discontinued operations |
|
(273 |
) |
(1,466 |
) | ||
Net cash provided by operating activities |
|
73,650 |
|
117,195 |
| ||
|
|
|
|
|
| ||
Cash flows from investing activities: |
|
|
|
|
| ||
Capital expenditures |
|
(74,746 |
) |
(70,252 |
) | ||
Proceeds from dispositions of assets |
|
515 |
|
7,515 |
| ||
Acquisitions, net of cash acquired |
|
(42,901 |
) |
(288 |
) | ||
Collateral investment |
|
(7,638 |
) |
(9,638 |
) | ||
Other |
|
(837 |
) |
|
| ||
Net cash used in continuing operations |
|
(125,607 |
) |
(72,663 |
) | ||
Net cash provided by discontinued operations |
|
|
|
569 |
| ||
Net cash used in investing activities |
|
(125,607 |
) |
(72,094 |
) | ||
|
|
|
|
|
| ||
Cash flows from financing activities: |
|
|
|
|
| ||
Borrowings under line of credit agreements |
|
5,721 |
|
21,795 |
| ||
Payments under line of credit agreements |
|
(5,721 |
) |
(21,795 |
) | ||
Borrowings on trade payable program liability |
|
144,180 |
|
121,824 |
| ||
Payments on trade payable program liability |
|
(115,253 |
) |
(99,636 |
) | ||
Payment for finance issuance cost |
|
(2,441 |
) |
|
| ||
Debt payments |
|
(1,079 |
) |
(11,279 |
) | ||
Dividends paid |
|
(6,344 |
) |
(6,323 |
) | ||
Other |
|
898 |
|
1,227 |
| ||
Net cash provided by financing activities |
|
19,961 |
|
5,813 |
| ||
Net (decrease) increase in cash and cash equivalents |
|
(31,996 |
) |
50,914 |
| ||
Cash and cash equivalents at beginning of period |
|
90,240 |
|
39,326 |
| ||
Cash and cash equivalents at end of period |
|
$ |
58,244 |
|
$ |
90,240 |
|
|
|
|
|
|
| ||
Supplemental cash flow information: |
|
|
|
|
| ||
Cash paid for income taxes |
|
$ |
1,150 |
|
$ |
890 |
|
Cash received from income tax refunds |
|
$ |
479 |
|
$ |
195 |
|
Cash paid for interest |
|
$ |
23,097 |
|
$ |
23,098 |
|
Accrued purchases of property and equipment |
|
$ |
1,526 |
|
$ |
2,926 |
|
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE |
(in thousands, except per share data) |
|
|
Thirteen Weeks Ended |
|
Fifty-two weeks ended |
| ||||||||
|
|
January 28, |
|
January 29, |
|
January 28, |
|
January 29, |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
(a) (Loss) earnings from continuing operations |
|
$ |
(4,191 |
) |
$ |
8,538 |
|
$ |
29,128 |
|
$ |
37,171 |
|
Loss from discontinued operations, net of tax |
|
(229 |
) |
(173 |
) |
(225 |
) |
(540 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net (loss) earnings |
|
$ |
(4,420 |
) |
$ |
8,365 |
|
$ |
28,903 |
|
$ |
36,631 |
|
|
|
|
|
|
|
|
|
|
| ||||
(b) Basic average number of common shares outstanding during period |
|
53,032 |
|
52,778 |
|
52,958 |
|
52,677 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price |
|
711 |
|
638 |
|
673 |
|
485 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
(c) Diluted average number of common shares assumed outstanding during period |
|
53,743 |
|
53,416 |
|
53,631 |
|
53,162 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
| ||||
(Loss) earnings from continuing operations (a) / (b) |
|
$ |
(0.08 |
) |
$ |
0.16 |
|
$ |
0.55 |
|
$ |
0.71 |
|
Discontinued operations, net of tax |
|
|
|
|
|
(0.01 |
) |
(0.01 |
) | ||||
Basic earnings per share |
|
$ |
(0.08 |
) |
$ |
0.16 |
|
$ |
0.54 |
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
| ||||
(Loss) earnings from continuing operations (a) / (c) |
|
$ |
(0.08 |
) |
$ |
0.16 |
|
$ |
0.54 |
|
$ |
0.70 |
|
Discontinued operations, net of tax |
|
|
|
|
|
|
|
(0.01 |
) | ||||
Diluted earnings per share |
|
$ |
(0.08 |
) |
$ |
0.16 |
|
$ |
0.54 |
|
$ |
0.69 |
|
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
ADDITIONAL INFORMATION |
(dollar amounts in thousands) |
|
|
Thirteen Weeks Ended |
|
Fifty-two weeks ended |
| ||||||||
|
|
January 28, 2012 |
|
January 29, 2011 |
|
January 28, 2012 |
|
January 29, 2011 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Capital expenditures |
|
$ |
23,827 |
|
$ |
27,276 |
|
$ |
74,746 |
|
$ |
70,252 |
|
|
|
|
|
|
|
|
|
|
| ||||
Depreciation and amortization |
|
$ |
19,763 |
|
$ |
18,891 |
|
$ |
79,542 |
|
$ |
74,151 |
|
|
|
|
|
|
|
|
|
|
| ||||
Non-operating income: |
|
|
|
|
|
|
|
|
| ||||
Net rental revenue |
|
$ |
479 |
|
$ |
569 |
|
$ |
2,071 |
|
$ |
2,218 |
|
Investment income |
|
51 |
|
133 |
|
219 |
|
296 |
| ||||
Other income |
|
11 |
|
52 |
|
34 |
|
95 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total |
|
$ |
541 |
|
$ |
754 |
|
$ |
2,324 |
|
$ |
2,609 |
|
|
|
|
|
|
|
|
|
|
| ||||
Comparable sales percentages: |
|
|
|
|
|
|
|
|
| ||||
Service |
|
-0.1 |
% |
3.4 |
% |
0.6 |
% |
1.1 |
% | ||||
Merchandise |
|
1.0 |
% |
4.6 |
% |
-0.9 |
% |
3.1 |
% | ||||
Total |
|
0.8 |
% |
4.3 |
% |
-0.6 |
% |
2.7 |
% | ||||
|
|
|
|
|
|
|
|
|
| ||||
Total square feet of retail space (including service centers) |
|
|
|
|
|
12,643,000 |
|
11,932,000 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Store count |
|
|
|
|
|
|
|
|
| ||||
Supercenter |
|
|
|
|
|
562 |
|
560 |
| ||||
Service & Tire Center |
|
|
|
|
|
169 |
|
53 |
| ||||
Retail Only |
|
|
|
|
|
7 |
|
8 |
| ||||
Total |
|
|
|
|
|
738 |
|
621 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Sales and gross profit by line of business (A): |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Service center revenue |
|
$ |
260,823 |
|
$ |
225,990 |
|
$ |
1,038,714 |
|
941,869 |
| |
Retail sales |
|
244,495 |
|
251,399 |
|
1,024,913 |
|
1,046,772 |
| ||||
Total revenues |
|
$ |
505,318 |
|
$ |
477,389 |
|
$ |
2,063,627 |
|
$ |
1,988,641 |
|
|
|
|
|
|
|
|
|
|
| ||||
Gross profit from service center revenue |
|
$ |
45,282 |
|
$ |
50,762 |
|
$ |
220,315 |
|
216,176 |
| |
Gross profit from retail sales |
|
66,991 |
|
73,638 |
|
289,214 |
|
306,176 |
| ||||
Total gross profit |
|
$ |
112,273 |
|
$ |
124,400 |
|
$ |
509,529 |
|
$ |
522,352 |
|
|
|
|
|
|
|
|
|
|
| ||||
Comparable sales percentages by line of business (A): |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Service center revenue |
|
4.6 |
% |
5.8 |
% |
1.3 |
% |
2.4 |
% | ||||
Retail sales |
|
-2.7 |
% |
3.1 |
% |
-2.3 |
% |
3.0 |
% | ||||
Total revenues |
|
0.8 |
% |
4.3 |
% |
-0.6 |
% |
2.7 |
% | ||||
|
|
|
|
|
|
|
|
|
| ||||
Gross profit percentage by line of business (A): |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Gross profit percentage from service center revenue |
|
17.4 |
% |
22.5 |
% |
21.2 |
% |
23.0 |
% | ||||
Gross profit percentage from retail sales |
|
27.4 |
% |
29.3 |
% |
28.2 |
% |
29.2 |
% | ||||
Total gross profit percentage |
|
22.2 |
% |
26.1 |
% |
24.7 |
% |
26.3 |
% |
(A) Retail sales include DIY and commercial sales. Service center revenue includes revenue from labor and installed parts and tires.