The Pep Boys – Manny, Moe & Jack (NYSE:PBY) has announced the financial results for its third quarter earnings for fiscal year 2009. The company’s net earnings increased to $2.1 million from the $7.3 million loss reported during the same period of the prior year. On a pre-tax basis, the company noted a net charge of $0.3 million, comprised of a $3.3 million asset impairment charge offset by a $1.3 million gain from sale leaseback transactions. The full results and a webcast of the conference call that followed release is available on the company’s website, http://www.pepboys.com/.
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The Pep Boys-Manny, Moe & Jack is an automotive service and retail chain. The Company is engaged in automotive repair and maintenance, and the sale of automotive tires, parts and accessories. The Company's primary operating unit is its SUPERCENTER format. As of January 31, 2009 (fiscal 2008), the Company operated 562 stores consisting of 552 SUPERCENTERS and one SERVICE & TIRE CENTER, having an aggregate of 5,845 service bays, as well as nine non-service/non-tire format PEP BOYS EXPRESS stores. The Company operates approximately 11,514,000 gross square feet of retail space, including service bays. The SUPERCENTERS average approximately 20,700 square feet and the PEP BOYS EXPRESS stores average approximately 9,500 square feet. In most of its stores, the Company has a commercial sales program that provides commercial credit and delivery of tires, parts and other products to local, regional and national repair garages and dealers.
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