Pep Boys -- Manny, Moe & Jack (NYSE: PBY) reported Wednesday that it recorded a profit in its fiscal fourth quarter with the help of a tax benefit, according to Associated Press.
Pep Boys earned $2.3 million, or 4 cents per share, for the quarter ended Jan. 31, which included a $1.2 million tax benefit, which the company said was related to a change in tax-planning strategies.
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In the year-ago period, the company lost $33.3 million, or 63 cents per share, as it took a charge of $14.2 million for items including legal costs and asset write-downs.
Revenue fell 2.7 percent to $452.9 million.
Analysts expected the company to lose 3 cents per share on revenue of $476.4 million, according to a survey by Thomson Reuters. Analyst estimates typically exclude one-time items.
Sales at locations open at least a year dropped 3.9 percent.
For the fiscal year, the company earned $23 million, or 44 cents per share, compared with a loss of $30.4 million, or 58 cents per share, in the previous year. Revenue fell about 1 percent to $1.91 billion.
Shares rose 36 cents, or 3.4 percent, to close at $10.87.
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