Pep Boys Q4 Loss Widens

(RTTNews) - Automotive retailer Pep Boys - Manny, Moe & Jack (PBY) reported a net loss for the fourth quarter of $26.7 million or $0.50 per share, compared to a net loss of $3.3 million or $0.06 per share for the year-ago quarter.

On a pre-tax basis, the latest quarter results included, a net charge of $12.4 million comprised of a $23.9 million goodwill impairment charge, a $2.3 million asset impairment charge and $0.5 million in severance, partially offset by a $14.3 million gain from the disposition of certain properties. The year-ago quarter results included a $2.8 million asset impairment charge and $0.4 million of debt refinancing expense.

Sales for the fourth quarter increased 1.3% to $502.4 million from $495.7 million a year earlier. Same-store sales for the quarter increased 1.3%.

Analysts polled by Thomson Reuters expected the company to earn $0.03 per share revenue of $506.80 million for the fourth quarter. Analysts' estimates typically exclude special items.