Pep Boys expects Q1 income drop
PHILADELPHIA — Pep Boys has released preliminary financial results for its first quarter ended April 28 and expects sales to be between $524 million and $526 million compared with $513.5 million for the same period last year. Net income for the quarter is expected to be between $0 million and $2 million, compared with $12.4 million for the same period last year.
According to the company, its first quarter results were below expectations due to a variety of factors occurring in the ordinary course of business. The company will provide more detail when it releases its full first quarter results.