- Pep Boys (PBY) shares plunge 12.4% in AH trading after the company missed expectations in FQ3.
- Revenue fell 0.5% Y/Y to $507M on the back of a 2.8% comparable sales decline (made up of a 0.5% service revenue increase and 3.6% merchandise decrease).
- CEO Mike Odell observed, "As the weather has turned colder, tire sales have started to improve, with mid-level price points and branded tires leading the way. Competitive pressures, however, continue to challenge sales of lower price point tires." The performance of 18 recently-acquired Service & Tire Centers in California "has been ahead of original projections," he added.
- Conference call at 8:30am ET tomorrow, PR
Pep Boys -12.4% AH on weaker-than-expected FQ3
Dec 9 2013, 17:50 ET