Pep Boys shares down after quarterly loss

Pep Boys said that it had offered to extend the deadline for closing the deal, but that the Los Angeles-based Gores Group rejected the overture. TOM GRALISH / Staff Photographer
Pep Boys said that it had offered to extend the deadline for closing the deal, but that the Los Angeles-based Gores Group rejected the overture. TOM GRALISH / Staff Photographer
Posted: December 05, 2012

Shares of Pep Boys - Manny, Moe & Jack declined 13 percent a day after the Philadelphia auto parts retailer announced that it had lost money for the third quarter.

Pep Boys swung to a net loss of $6.8 million, or 13 cents per share, compared with net earnings of $7.0 million, or 13 cents per share, for the third quarter of 2011.

Sales for the 13 weeks ended Oct. 27 fell by 2.4 percent to $509.6 million from $522.2 million for the same quarter last year.

Sales at stores open at least a year were down by 2.7 percent. In early afternoon trading, Pep Boys shares were down $1.46 to $9.22.

   - Mike Armstrong

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