Tags: US | Pep | Boys | Mover

Pep Boys Shares Fall After Revenue Disappoints

Tuesday, 08 Jun 2010 12:47 PM

 

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Shares of Pep Boys — Manny, Moe & Jack — fell sharply Tuesday, a day after the auto parts retailer released first-quarter revenue below analyst estimates.

The stock slid $1.12, or 10.4 percent, to $9.62 in midday trading. Shares have traded in a 52-week range of $7.76 to $13.42.

Pep Boys reported a 10 percent rise in its fiscal first-quarter earnings after Monday's market close. But its revenue of $510 million missed analysts' consensus estimate of $518 million, according to a Thomson Reuters poll.

Analyst Bret Jordan of Avondale Partners attributed Tuesday's stock decline to the revenue disappointment.

Competitors like AutoZone Inc. have reported "pretty solid" results recently, placing Pep Boys's results in contrast, he said. Sales were especially slow in tires, Jordan said.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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