Philadelphia -- The Pep Boys – Manny, Moe & Jack reported net earnings of $5.4 million for the second quarter, down from $33 million in the year-ago quarter.
Sales for the quarter increased 0.4% to $527.6 million, from $525.7 million for the prior-year quarter. Same-store sales dipped 1.3%.
The company is looking for heavier consumer demand for tires to help turn around disappointing net earnings and same-store sales trends during the second quarter of fiscal 2013.
“Our strategically important maintenance and repair services remain steady and grew in customer count, sales and margin rate,” said president and CEO Mike Odell. “Tire sales were down in dollars and units, but grew in gross margin dollars. While not yet realized, we continue to be cautiously optimistic that we will see improving demand for tires this year.”