Pep Boys improves finances, but still reports loss May 12, 2006
US automotive parts retailer Pep Boys has posted a net loss of $703,000 for its first quarter, having suffered a deficit of $2.8 million for the corresponding period a year earlier.
The company’s quarterly net sales declined 1% from $563.5 million to $555.9 million. Same store sales, which measure sales at stores open more than a year, fell by 0.9%.
A first-quarter loss from continuing operations was reported as $922,000, from a loss of $2.5 million in the prior-year.
Reductions in general and administrative expenses, from last year’s $135 million to $131 million for this year’s first quarter outweighed a slight sales decline.
According to Thomson Financial, analysts were expecting a loss of three cents per share, on revenues of $572.46 million.
- Posted in : Uncategorized
- Author : arnold
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