Exhibit 99.2
Pep Boys Financial Highlights
Thirteen Weeks Ended |
| October 31, 2009 |
| November 1, 2008 |
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|
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Total Revenues |
| $ | 472,643,000 |
| $ | 464,166,000 |
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|
|
|
|
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Net Earnings |
| $ | 2,124,000 |
| $ | (7,282,000 | ) |
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|
|
| ||
Basic Earnings Per Share: |
|
|
|
|
| ||
Average Shares |
| 52,419,000 |
| 52,099,000 |
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|
|
|
|
|
| ||
Net Earnings Per Share |
| $ | 0.04 |
| $ | (0.14 | ) |
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|
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|
|
| ||
Diluted Earnings Per Share: |
|
|
|
|
| ||
Average Shares |
| 52,786,000 |
| 52,099,000 |
| ||
|
|
|
|
|
| ||
Net Earnings Per Share |
| $ | 0.04 |
| $ | (0.14 | ) |
Thirty-Nine Weeks Ended |
| October 31, 2009 |
| November 1, 2008 |
| ||
|
|
|
|
|
| ||
Total Revenues |
| $ | 1,458,042,000 |
| $ | 1,462,252,000 |
|
|
|
|
|
|
| ||
Net Earnings |
| $ | 20,768,000 |
| $ | 2,838,000 |
|
|
|
|
|
|
| ||
Basic Earnings Per Share: |
|
|
|
|
| ||
Average Shares |
| 52,379,000 |
| 52,106,000 |
| ||
|
|
|
|
|
| ||
Net Earnings Per Share |
| $ | 0.40 |
| $ | 0.05 |
|
|
|
|
|
|
| ||
Diluted Earnings Per Share: |
|
|
|
|
| ||
Average Shares |
| 52,621,000 |
| 52,189,000 |
| ||
|
|
|
|
|
| ||
Net Earnings Per Share |
| $ | 0.40 |
| $ | 0.05 |
|
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES | (UNAUDITED) |
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
| (dollar amounts in thousands, except per share amounts) |
|
| Thirteen Weeks Ended |
| Thirty-Nine Weeks Ended |
| ||||||||||||||||
|
| October 31, 2009 |
| November 1, 2008 |
| October 31, 2009 |
| November 1, 2008 |
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|
| % |
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| % |
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| % |
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| % |
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| Amount |
| Sales |
| Amount |
| Sales |
| Amount |
| Sales |
| Amount |
| Sales |
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Merchandise Sales |
| $ | 378,860 |
| 80.2 |
| $ | 378,461 |
| 81.5 |
| $ | 1,169,108 |
| 80.2 |
| 1,189,872 |
| 81.4 |
| |
Service Revenue |
| 93,783 |
| 19.8 |
| 85,705 |
| 18.5 |
| 288,934 |
| 19.8 |
| 272,380 |
| 18.6 |
| ||||
Total Revenues |
| 472,643 |
| 100.0 |
| 464,166 |
| 100.0 |
| 1,458,042 |
| 100.0 |
| 1,462,252 |
| 100.0 |
| ||||
Costs of Merchandise Sales |
| 269,604 |
| 71.2 |
| 268,235 |
| 70.9 |
| 826,429 |
| 70.7 |
| 838,574 |
| 70.5 |
| ||||
Costs of Service Revenue |
| 84,770 |
| 90.4 |
| 81,087 |
| 94.6 |
| 255,553 |
| 88.4 |
| 250,434 |
| 91.9 |
| ||||
Total Costs of Revenues |
| 354,374 |
| 75.0 |
| 349,322 |
| 75.3 |
| 1,081,982 |
| 74.2 |
| 1,089,008 |
| 74.5 |
| ||||
Gross Profit from Merchandise Sales |
| 109,256 |
| 28.8 |
| 110,226 |
| 29.1 |
| 342,679 |
| 29.3 |
| 351,298 |
| 29.5 |
| ||||
Gross Profit from Service Revenue |
| 9,013 |
| 9.6 |
| 4,618 |
| 5.4 |
| 33,381 |
| 11.6 |
| 21,946 |
| 8.1 |
| ||||
Total Gross Profit |
| 118,269 |
| 25.0 |
| 114,844 |
| 24.7 |
| 376,060 |
| 25.8 |
| 373,244 |
| 25.5 |
| ||||
Selling, General and Administrative Expenses |
| 109,545 |
| 23.2 |
| 119,827 |
| 25.8 |
| 327,080 |
| 22.4 |
| 361,445 |
| 24.7 |
| ||||
Net (Loss) Gain from Dispositions of Assets |
| 1,332 |
| 0.3 |
| (53 | ) | — |
| 1,319 |
| 0.1 |
| 9,555 |
| 0.7 |
| ||||
Operating Profit (Loss) |
| 10,056 |
| 2.1 |
| (5,036 | ) | (1.1 | ) | 50,299 |
| 3.4 |
| 21,354 |
| 1.5 |
| ||||
Non-operating Income |
| 724 |
| 0.2 |
| 305 |
| 0.1 |
| 1,666 |
| 0.1 |
| 1,797 |
| 0.1 |
| ||||
Interest Expense |
| 6,922 |
| 1.5 |
| 7,098 |
| 1.5 |
| 15,324 |
| 1.1 |
| 18,977 |
| 1.3 |
| ||||
Earnings (Loss) From Continuing Operations Before Income Taxes |
| 3,858 |
| 0.8 |
| (11,829 | ) | (2.5 | ) | 36,641 |
| 2.5 |
| 4,174 |
| 0.3 |
| ||||
Income Tax Expense (Benefit) |
| 1,501 |
| 38.9 | (1) | (4,775 | ) | 40.4 | (1) | 15,363 |
| 41.9 | (1) | 185 |
| 4.4 | (1) | ||||
Net Earnings (Loss) From Continuing Operations |
| 2,357 |
| 0.5 |
| (7,054 | ) | (1.5 | ) | 21,278 |
| 1.5 |
| 3,989 |
| 0.3 |
| ||||
Discontinued Operations, Net of Tax |
| (233 | ) | — |
| (228 | ) | — |
| (510 | ) | — |
| (1,151 | ) | (0.1 | ) | ||||
Net Earnings (Loss) |
| 2,124 |
| 0.4 |
| (7,282 | ) | (1.6 | ) | 20,768 |
| 1.4 |
| 2,838 |
| 0.2 |
| ||||
Retained Earnings, beginning of period |
| 373,963 |
|
|
| 408,351 |
|
|
| 358,670 |
|
|
| 406,819 |
|
|
| ||||
Cumulative effect of change in method of accounting for split dollar life insurance, net of tax |
| — |
|
|
| — |
|
|
| — |
|
|
| (1,165 | ) |
|
| ||||
Cash Dividends |
| (1,557 | ) |
|
| (3,523 | ) |
|
| (4,709 | ) |
|
| (10,551 | ) |
|
| ||||
Dividend Reinvested and Other |
| (69 | ) |
|
| (849 | ) |
|
| (268 | ) |
|
| (1,244 | ) |
|
| ||||
Retained Earnings, end of period |
| $ | 374,461 |
|
|
| $ | 396,697 |
|
|
| $ | 374,461 |
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|
| $ | 396,697 |
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|
|
|
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Basic Earnings (Loss) per Share: |
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|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Earnings (Loss) From Continuing Operations |
| $ | 0.05 |
|
|
| $ | (0.13 | ) |
|
| $ | 0.41 |
|
|
| $ | 0.08 |
|
|
|
Discontinued Operations, Net of Tax |
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.03 | ) |
|
| ||||
Basic Earnings (Loss) per Share |
| $ | 0.04 |
|
|
| $ | (0.14 | ) |
|
| $ | 0.40 |
|
|
| $ | 0.05 |
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|
|
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|
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Diluted Earnings (Loss) per Share: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Earnings (Loss) From Continuing Operations |
| $ | 0.04 |
|
|
| $ | (0.13 | ) |
|
| $ | 0.40 |
|
|
| $ | 0.08 |
|
|
|
Discontinued Operations, Net of Tax |
| — |
|
|
| (0.01 | ) |
|
| — |
|
|
| (0.03 | ) |
|
| ||||
Diluted Earnings (Loss) per Share |
| $ | 0.04 |
|
|
| $ | (0.14 | ) |
|
| $ | 0.40 |
|
|
| $ | 0.05 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash Dividends per Share |
| $ | 0.0300 |
|
|
| $ | 0.0675 |
|
|
| $ | 0.0900 |
|
|
| $ | 0.2025 |
|
|
|
(1) | As a percentage of earnings from continuing operations before income taxes and cumulative effect of change in accounting principle. |
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES | (UNAUDITED) |
CONSOLIDATED BALANCE SHEETS | (dollar amounts in thousands, except share and per share amounts) |
|
| October 31, 2009 |
| January 31, 2009 |
| November 1, 2008 |
| |||
|
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Assets |
|
|
|
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|
|
| |||
Current Assets: |
|
|
|
|
|
|
| |||
Cash and cash equivalents |
| $ | 40,843 |
| $ | 21,332 |
| $ | 38,371 |
|
Accounts receivable, less allowance for uncollectible accounts of $1,853; $1,912 and $2,109 |
| 20,461 |
| 28,831 |
| 25,838 |
| |||
Merchandise inventories |
| 571,789 |
| 564,931 |
| 584,700 |
| |||
Prepaid expenses |
| 14,946 |
| 25,390 |
| 30,133 |
| |||
Other |
| 50,205 |
| 62,421 |
| 43,774 |
| |||
Assets held for disposal |
| 6,616 |
| 12,653 |
| 18,222 |
| |||
Total Current Assets |
| 704,860 |
| 715,558 |
| 741,038 |
| |||
Property and Equipment - net |
| 708,972 |
| 740,331 |
| 747,921 |
| |||
Deferred income taxes |
| 72,970 |
| 77,708 |
| 50,315 |
| |||
Other |
| 20,118 |
| 18,792 |
| 28,669 |
| |||
Total Assets |
| $ | 1,506,920 |
| $ | 1,552,389 |
| $ | 1,567,943 |
|
|
|
|
|
|
|
|
| |||
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
| |||
Current Liabilities: |
|
|
|
|
|
|
| |||
Accounts payable |
| $ | 219,205 |
| $ | 212,340 |
| $ | 221,863 |
|
Trade payable program liability |
| 26,459 |
| 31,930 |
| 38,316 |
| |||
Accrued expenses |
| 231,468 |
| 254,754 |
| 256,620 |
| |||
Deferred income taxes |
| 39,170 |
| 35,848 |
| 15,013 |
| |||
Current maturities of long-term debt and obligations under capital leases |
| 1,079 |
| 1,453 |
| 2,060 |
| |||
Total Current Liabilities |
| 517,381 |
| 536,325 |
| 533,872 |
| |||
|
|
|
|
|
|
|
| |||
Long-term debt and obligations under capital leases, less current maturities |
| 306,471 |
| 352,382 |
| 330,535 |
| |||
Other long-term liabilities |
| 72,164 |
| 70,322 |
| 64,487 |
| |||
Deferred gain from asset sales |
| 168,243 |
| 170,204 |
| 173,184 |
| |||
Commitments and Contingencies |
|
|
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|
| |||
Stockholders’ Equity: |
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|
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|
|
| |||
Common Stock, par value $1 per share: |
|
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|
| |||
Authorized 500,000,000 shares; Issued 68,557,041 shares |
| 68,557 |
| 68,557 |
| 68,557 |
| |||
Additional paid-in capital |
| 293,330 |
| 292,728 |
| 292,585 |
| |||
Retained earnings |
| 374,461 |
| 358,670 |
| 396,697 |
| |||
Accumulated other comprehensive loss |
| (16,739 | ) | (18,075 | ) | (11,470 | ) | |||
Less cost of shares in treasury - 14,014,018 shares, 14,124,021 shares and 14,234,313 shares |
| 217,684 |
| 219,460 |
| 221,240 |
| |||
Less cost of shares in benefits trust - 2,195,270 shares |
| 59,264 |
| 59,264 |
| 59,264 |
| |||
Total Stockholders’ Equity |
| 442,661 |
| 423,156 |
| 465,865 |
| |||
Total Liabilities and Stockholders’ Equity |
| $ | 1,506,920 |
| $ | 1,552,389 |
| $ | 1,567,943 |
|
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES |
| (UNAUDITED) |
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (dollar amounts in thousands) |
Thirty-Nine Weeks Ended |
| October 31, 2009 |
| November 1, 2008 |
| ||
|
|
|
|
|
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Cash Flows from Operating Activities: |
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|
|
|
| ||
Net Earnings |
| $ | 20,768 |
| $ | 2,838 |
|
Adjustments to reconcile net earnings to net cash provided by (used in) continuing operations: |
|
|
|
|
| ||
Discontinued operations |
| 510 |
| 1,151 |
| ||
Depreciation and amortization |
| 53,248 |
| 55,109 |
| ||
Amortization of deferred gain from asset sales |
| (9,186 | ) | (7,305 | ) | ||
Stock compensation expense |
| 1,930 |
| 2,314 |
| ||
Gain on debt retirement |
| (6,248 | ) | (3,460 | ) | ||
Deferred income taxes |
| 7,270 |
| (3,603 | ) | ||
Gain from dispositions of assets |
| (1,319 | ) | (9,555 | ) | ||
Loss from asset impairment |
| 3,117 |
| 370 |
| ||
Other |
| 267 |
| 441 |
| ||
Changes in Operating Assets and Liabilities: |
|
|
|
|
| ||
Decrease in accounts receivable, prepaid expenses and other |
| 33,241 |
| 39,759 |
| ||
Increase in merchandise inventories |
| (5,806 | ) | (23,548 | ) | ||
Increase (decrease) in accounts payable |
| 6,455 |
| (23,560 | ) | ||
Decrease in accrued expenses |
| (23,922 | ) | (37,077 | ) | ||
Increase (decrease) in other long-term liabilities |
| 2,230 |
| (3,818 | ) | ||
Net cash provided by (used in) continuing operations |
| 82,555 |
| (9,944 | ) | ||
Net cash used in discontinued operations |
| (594 | ) | (880 | ) | ||
Net Cash Provided by (Used in) Operating Activities |
| 81,961 |
| (10,824 | ) | ||
|
|
|
|
|
| ||
Cash Flows from Investing Activities: |
|
|
|
|
| ||
Cash paid for master lease properties |
| — |
| (117,121 | ) | ||
Cash paid for property and equipment |
| (27,775 | ) | (22,653 | ) | ||
Proceeds from dispositions of assets |
| 12,093 |
| 209,085 |
| ||
Acquisition of Florida Tire, Inc. |
| (2,610 | ) | — |
| ||
Other |
| (500 | ) | — |
| ||
Net cash (used in) provided by continuing operations |
| (18,792 | ) | 69,311 |
| ||
Net cash provided by discontinued operations |
| 1,762 |
| 2,558 |
| ||
Net Cash (Used in) Provided by Investing Activities |
| (17,030 | ) | 71,869 |
| ||
|
|
|
|
|
| ||
Cash Flows from Financing Activities: |
|
|
|
|
| ||
Borrowings under line of credit agreements |
| 244,011 |
| 99,888 |
| ||
Payments under line of credit agreements |
| (267,873 | ) | (141,413 | ) | ||
Borrowings on trade payable program liability |
| 122,914 |
| 154,886 |
| ||
Payments on trade payable program liability |
| (128,385 | ) | (130,824 | ) | ||
Payment for finance issuance cost |
| — |
| (182 | ) | ||
Proceeds from lease financing |
| — |
| 8,661 |
| ||
Long-term debt and capital lease obligations payments |
| (11,720 | ) | (24,696 | ) | ||
Dividends paid |
| (4,709 | ) | (10,551 | ) | ||
Other |
| 342 |
| 631 |
| ||
Net Cash Used in Financing Activities |
| (45,420 | ) | (43,600 | ) | ||
Net Increase in Cash and Cash Equivalents |
| 19,511 |
| 17,445 |
| ||
Cash and Cash Equivalents at Beginning of Period |
| 21,332 |
| 20,926 |
| ||
Cash and Cash Equivalents at End of Period |
| $ | 40,843 |
| $ | 38,371 |
|
|
|
|
|
|
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Supplemental Disclosure of Cash Flow Information: |
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Cash paid for income taxes |
| $ | 4,046 |
| $ | 1,070 |
|
Cash paid for interest |
| $ | 15,492 |
| $ | 17,043 |
|
Accrued purchases of property and equipment |
| $ | 1,575 |
| $ | 1,435 |
|
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES |
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COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE |
| (in thousands, except per share data) |
|
|
| Thirteen Weeks Ended |
| Thirty-Nine Weeks Ended |
| ||||||||
|
|
| October 31, |
| November 1, |
| October 31, |
| November 1, |
| ||||
|
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|
|
|
|
| ||||
(a) | Net Earnings (Loss) From Continuing Operations |
| $ | 2,357 |
| $ | (7,054 | ) | $ | 21,278 |
| $ | 3,989 |
|
| Discontinued Operations, Net of Tax |
| (233 | ) | (228 | ) | (510 | ) | (1,151 | ) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
| Net Earnings (Loss) |
| $ | 2,124 |
| $ | (7,282 | ) | $ | 20,768 |
| $ | 2,838 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
(b) | Basic average number of common shares outstanding during period |
| 52,419 |
| 52,099 |
| 52,379 |
| 52,106 |
| ||||
|
|
|
|
|
|
|
|
|
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| ||||
| Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price |
| 367 |
| — |
| 242 |
| 83 |
| ||||
|
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|
|
|
|
|
|
|
| ||||
(c) | Diluted average number of common shares assumed outstanding during period |
| 52,786 |
| 52,099 |
| 52,621 |
| 52,189 |
| ||||
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|
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|
|
|
|
|
|
| ||||
| Basic Earnings (Loss) per Share: |
|
|
|
|
|
|
|
|
| ||||
| Net Earnings (Loss) From Continuing Operations (a) /(b) |
| $ | 0.05 |
| $ | (0.13 | ) | $ | 0.41 |
| $ | 0.08 |
|
| Discontinued Operations, Net of Tax |
| (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.03 | ) | ||||
| Basic Earnings (Loss) per Share |
| $ | 0.04 |
| $ | (0.14 | ) | $ | 0.40 |
| $ | 0.05 |
|
| Diluted Earnings (Loss) per Share: |
|
|
|
|
|
|
|
|
| ||||
| Net Earnings (Loss) From Continuing Operations (a) /(c) |
| $ | 0.04 |
| $ | (0.13 | ) | $ | 0.40 |
| $ | 0.08 |
|
| Discontinued Operations, Net of Tax |
| — |
| (0.01 | ) | — |
| $ | (0.03 | ) | |||
| Diluted Earnings (Loss) per Share |
| $ | 0.04 |
| $ | (0.14 | ) | $ | 0.40 |
| $ | 0.05 |
|
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES |
|
|
|
|
|
ADDITIONAL INFORMATION |
| (dollar amounts in thousands) |
|
| Thirteen Weeks Ended |
| Thirty-Nine Weeks Ended |
| ||||||||
|
| October 31, 2009 |
| November 1, 2008 |
| October 31, 2009 |
| November 1, 2008 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Capital expenditures (A) |
| $ | 10,294 |
| $ | 8,934 |
| $ | 27,775 |
| $ | 139,774 |
|
|
|
|
|
|
|
|
|
|
| ||||
Depreciation and amortization |
| $ | 17,910 |
| $ | 18,181 |
| $ | 53,248 |
| $ | 55,109 |
|
|
|
|
|
|
|
|
|
|
| ||||
Non-operating income: |
|
|
|
|
|
|
|
|
| ||||
Net rental revenue |
| $ | 463 |
| $ | 115 |
| $ | 1,252 |
| $ | 1,069 |
|
Investment income |
| 47 |
| 178 |
| 173 |
| 745 |
| ||||
Other (expense) income |
| 214 |
| 12 |
| 241 |
| (17 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Total |
| $ | 724 |
| $ | 305 |
| $ | 1,666 |
| $ | 1,797 |
|
|
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Comparable sales percentages: |
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Merchandise |
| -0.1 | % | -10.3 | % | -1.8 | % | -8.1 | % | ||||
Service |
| 8.9 | % | -11.0 | % | 5.9 | % | -6.3 | % | ||||
Total |
| 1.6 | % | -10.4 | % | -0.4 | % | -7.8 | % | ||||
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Total square feet of retail space (including service centers) |
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| 11,639,000 |
| 11,514,000 |
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Total Store Count |
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| 581 |
| 562 |
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Sales and Gross Profit by Line of Business (B): |
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Retail Sales |
| $ | 246,275 |
| $ | 253,492 |
| $ | 770,121 |
| 802,707 |
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Service Center Revenue |
| 226,368 |
| 210,674 |
| 687,921 |
| 659,545 |
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Total Revenues |
| $ | 472,643 |
| $ | 464,166 |
| $ | 1,458,042 |
| $ | 1,462,252 |
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Gross Profit from Retail Sales |
| $ | 65,846 |
| $ | 68,360 |
| $ | 210,147 |
| 220,139 |
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Gross Profit from Service Center Revenue |
| 52,423 |
| 46,484 |
| 165,913 |
| 153,105 |
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Total Gross Profit |
| $ | 118,269 |
| $ | 114,844 |
| $ | 376,060 |
| $ | 373,244 |
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Comparable Sales Percentages (B): |
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Retail Sales |
| -2.9 | % | -12.1 | % | -4.1 | % | -11.3 | % | ||||
Service Center Revenue |
| 7.0 | % | -8.2 | % | 4.1 | % | -3.2 | % | ||||
Total Revenues |
| 1.6 | % | -10.4 | % | -0.4 | % | -7.8 | % | ||||
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Gross Profit Percentage by Line of Business (B): |
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Gross Profit Percentage from Retail Sales |
| 26.7 | % | 27.0 | % | 27.3 | % | 27.4 | % | ||||
Gross Profit Percentage from Service Center Revenue |
| 23.2 | % | 22.1 | % | 24.1 | % | 23.2 | % | ||||
Total Gross Profit Percentage |
| 25.0 | % | 24.7 | % | 25.8 | % | 25.5 | % |
(A) 2008 Capital expenditures includes $117.1 million for the purchase of master lease properties.
(B) Retail Sales include DIY and Commercial sales. Service Center Revenue includes revenue from labor and installed parts and tires.