PHILADELPHIA — Pep Boys CFO Ray Arthur has resigned from the company in order to pursue another business opportunity, the company announced Monday. Arthur will continue in his duties until June 29. The Company has engaged Russell Reynolds to conduct a national search for Arthur’s replacement.
President & CEO Mike Odell said, “Ray has built an excellent finance organization and has been instrumental in solidifying Pep Boys’ future. Our balance sheet is stronger than it has been in the last decade, affording us the flexibility to pay down debt and continue our store growth. We wish Ray the best in his new opportunity.”
Comparable sales slipped 2.8% at Pep Boys during the first quarter ended April 28, as customers were slow to come to the retailer for parts and services. The comps decline consisted of a 1.2% comparable-service revenue decrease and a 3.2% comparable-merchandise sales decrease. Total sales for the quarter increased by $11.1 million, or 2.2%, to $524.6 million from $513.5 million for the same period last year.
Net earnings for the quarter were down $1.1 million, or 2 cents per share, from $12.4 million, or 23 cents per share, recorded in the same period last year. The 2012 quarter included, on a pre-tax basis, $1.6 million in merger related costs.