New CFO named at Pep Boys as company looks to boost performance
PHILADELPHIA — Former A.C. Moore CFO, David Stern, will join Pep Boys as EVP, CFO, effective Sept. 10, where he will oversee the finance function, as well as technology and corporate development.
Stern most recently served as EVP, chief administrative officer and CFO for A.C. Moore Arts and Crafts. From 2007 until joining A.C. Moore in 2009, he held roles at Coldwater Creek, the multi-channel specialty retailer, including VP financial planning and analysis and corporate controller. From 2000 to 2007, Stern was the CFO of Petro Services, a convenience-store retailer. Stern began his career as an internal auditor and gained experience as a financial analyst, accounting manager and corporate controller at several other companies, including Delhaize America, before joining Petro Services.
Mike Odell, president and CEO, said, “I am excited to add David to the executive leadership team at Pep Boys. We were attracted to his hands-on and collaborative approach. David has broad experience supporting the operations of several successful retailers in the areas of financial planning and analysis, technology enhancement and corporate growth.”
The announcement of Stern as the new CFO follows Pep Boys reporting of a 0.6% increase in sales for its second quarter to 525.7 million from $522.6 million for the same period last year. Comparable sales were flat consisting of a 3.1% comparable service revenue increase and a 0.9% comparable merchandise sales decrease.
The company's net earnings for the quarter increased to $33 million (61 cents per share) from $13.9 million (26 cents per share) recorded in the same period last year.
“We continue to be rewarded by our strategy to lead with our service business, which grew 3.8% on a comparable-store sales basis and experienced an impressive 7.8% customer count increase,” said Odell. “A strong July, particularly in our service business, allowed us to record flat comparable sales during the quarter. While industry fundamentals remain solid over the long term, with consistent demand for maintenance and repair services, short-term headwinds, including the recent spike in gas prices, continue to challenge consumer spending relative to discretionary and deferrable purchases. To combat these headwinds, we continue to make it easy for customers to choose us to do it for them and to expand our online efforts to make Pep Boys the most convenient place to shop for all of their automotive needs.”