Pep Boys Posts Loss Due To One-Time Charges

(RTTNews) - Auto parts retailer Pep Boys - Manny, Moe & Jack (PBY) Monday reported third-quarter net loss of $1.96 million or $0.03 per share compared with a profit of $1 million or $0.02 per share last year.

Results for the recent quarter included a $1.4 million asset impairment charge and $1.4 million in severance charges. The prior-year quarter included $2 million asset impairment charge and $0.6 million in severance charges.

Revenues for the quarter were $517.6 million compared with $507 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.12 per share on revenues of $512.6 million for the quarter. Analysts' estimates typically exclude special items.

Comparable sales for the quarter increased 1.2%.s

"Our recent top-line growth has continued into the fourth quarter," said interim CEO John Sweetwood. "Particular highlights are tires, commercial and eCommerce sales; however, this balance of business shift has continued to pressure gross margin rate."