Pep Boys Posts Q2 Net Loss

(RTTNews) - Pep Boys - Manny, Moe & Jack (PBY) reported a net loss for the second quarter of $0.3 million or $0.00 per share, compared to net earnings of $5.4 million or $0.10 per share for the year-ago quarter.

The 2014 results included, on a pre-tax basis, a $2.7 million asset impairment charge and a $0.8 million severance charge. The 2013 results included, on a pre-tax basis, a $1.7 million asset impairment charge and a $0.7 million severance charge. In addition, 2014 results included a $0.9 million tax charge related to state valuation allowances while the 2013 results included a $2.5 million income tax burden due to state tax law changes.

Sales for the second quarter fell 0.3% to $525.8 million from $527.6 million a year ago. Same-store sales decreased 1.8%.

Analysts polled by Thomson Reuters expected the company to earn $0.16 per share on revenue of $534.56 million for the second quarter. Analysts' estimates typically exclude special items.