Pep Boys Q1 Profit Surges

(RTTNews) - Auto parts retailer Pep Boys - Manny, Moe & Jack (PBY) reported net earnings for the first quarter of $11.9 million or $0.22 per share, compared to $1.6 million or $0.03 per share for the year-ago quarter.

The 2015 results include, on a pre-tax basis, a $10.0 million sale of a leasehold interest offset by a $0.8 million asset impairment charge. The 2014 results included, on a pre-tax basis, a $1.2 million asset impairment charge and $4.0 million in litigation accruals.

Sales for the first quarter increased 0.6% to $542.3 million from $538.8 million a year ago. Same-store sales for the quarter increased 0.8%.

Analysts polled by Thomson Reuters expected the company to earn $0.03 per share on revenue of $549.65 million for the first quarter. Analysts' estimates typically exclude special items.