US-based automotive retail chain Pep Boys has reported a 0.6% increase in sales to $525.7m for the second quarter (Q2) of 2012, compared to $522.6m in the corresponding period a year earlier.
In the thirteen weeks ended 28 July 2012, comparable sales were flat, consisting of 3.1% comparable service revenue increase and a 0.9% comparable merchandise sales decrease.
Net earnings for the second quarter of fiscal 2012 increased to $33m from $13.9m in the corresponding period of the 2011 fiscal year.
Pep Boys first half (H1) sales increased by 1.4% to $1,050.3m, compared to $1,036.1m in the corresponding period a year earlier.
In the twenty-six weeks ended 30 July 2012, comparable sales decreased 1.4%, consisting of a 1.0% comparable service revenue increase and a 2.0% comparable merchandise sales decrease while the net earnings increased to $34.1m from the $26.3m in the same period last year.
Pep Boys chief executive officer Mike Odell said the company’s service business grew 3.8% on a comparable store sales basis and registered a 7.8% customer count increase.
"A strong July, particularly in our service business, allowed us to record flat comparable sales during the quarter," Odell added.
The company has also named David Stern as new executive vice president and chief financial officer, who is expected to start with Pep Boys on 10 September 2012.
In this position, Stern will oversee the finance function, as well as technology and corporate development.
Most recently, Stern worked as executive vice president, chief administrative afficer and chief financial officer for A.C. Moore Arts and Crafts.
Pep Boys has over 7, 000 service bays in over 700 locations spread across 35 states of the US and Puerto Rico offering name-brand tires, automotive maintenance and repairs.