Pep Boys 1Q profit rises

PHILADELPHIA - The Pep Boys - Manny, Moe & Jack said Monday that its fiscal first-quarter profit more than doubled, boosted by a hefty gain from bond repurchases.

Profit from continuing operations for the quarter ended May 2 rose to $11.1 million, or 21 cents per share, from $5.3 million, or 9 cents per share, last year. The latest period includes a $6.2 million gain from the bond repurchases.

Revenue edged down less than 1 percent to $496.5 million from $498 million a year ago.

Analysts polled by Thomson Reuters, on average, predicted a profit of 7 cents per share on revenue of $495.6 million. Analyst estimates typically exclude onetime items.

Sales in stores open at least one year, a key retail metric known as same-store sales, edged down 0.3 percent.

Pep Boys has about 6,000 service bays in more than 560 retail stores in 35 states and Puerto Rico.

Shares were trading at $9.29, up 87 cents (10.33 percent) on the New York Stock Exchange.