Pep Boys Misses on Earnings & Revenues - Analyst Blog
11 Dezembro 2013 - 12:00PM
Zacks
Pep Boys - Manny, Moe & Jack’s (PBY)
adjusted earnings per share decreased 58.3% to 5 cents per share in
the third quarter of fiscal 2013 (ended Nov 2, 2013), compared with
12 cents per share in the prior-year quarter. Earnings missed the
Zacks Consensus Estimate of 13 cents a share.
On a reported basis, Pep Boys posted a profit of $1 million or 2
cents per share compared to a loss of $6.8 million or 13 cents per
share in the year-ago quarter. Results include an asset impairment
charge of $2 million and a severance charge of $0.6 million in
2013, while the 2012 earnings incorporate $11.2 million for debt
refinancing expense, $8.8 million in asset impairment charge and
$0.9 million for compensation expense.
Revenues for the 13 weeks ended Nov 2, 2013 decreased 0.5% to
$507.0 million from $509.6 million in the 13 weeks ended Oct 27,
2012. Revenues lagged the Zacks Consensus Estimate of $521
million.
Revenues from merchandise sales went down 1.7% to $394.3 million,
while revenues from service went up 3.9% to $112.7 million.
Comparable store sales declined 2.8% in the quarter due to a 3.6%
decline in comparable merchandise sales, partially offset by 0.5%
rise in comparable service revenues.
Financial Position
Pep Boys had cash and cash equivalents of $55.8 million as of Nov
2, 2013, compared with $78.7 million as of Oct 27, 2013. Long-term
debt stood at $198.5 million as of Nov 2, 2013 compared with $200
million as of Oct 27, 2013.
In the first nine months of fiscal 2013, Pep Boys’ cash flow from
operations was $62.9 million, significantly down from $116.2
million in the prior year owing to a fall in profits. Capital
expenditure increased to $38.3 million from $36.8 million in the
first nine months of fiscal 2012.
Zacks Rank
Based in Philadelphia, Pa., Pep Boys supplies tires, batteries, new
and remanufactured parts for vehicles, chemicals and maintenance
items, fashion, electronic, and performance accessories. It also
provides non-automotive merchandises such as generators, power
tools and personal transportation products. Currently, the company
retains a Zacks Rank #2 (Buy).
Pep Boys is a prominent player in the automotive replacement parts
and accessories industry along with Advance Auto Parts
Inc. (AAP), O’Reilly Automotive Inc.
(ORLY) and CarMax Inc. (KMX).
ADVANCE AUTO PT (AAP): Free Stock Analysis Report
CARMAX GP (CC) (KMX): Free Stock Analysis Report
O REILLY AUTO (ORLY): Free Stock Analysis Report
PEP BOYS M M &J (PBY): Free Stock Analysis Report
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