PHILADELPHIA-Pep Boys' management is confident enough about the economy to ramp up its store growth. The automotive retailer is forecast to open 55 new locations this year, up from 35 units in 2010.
"Our greatly improved operating results are providing the funding for our growth strategy," says CFO Ray Arthur, in a press release. Pep Boys' same-store sales rose 4.3% year over year during the fourth quarter, and net earnings came in at $8.4 million, tripling the same year-ago period.
Of the 55 new stores, five will be supercenters and the remainder are Service & Tire Centers. The supercenters are 20,000 square feet and include 10 service bays, while the tire centers average 5,000 square feet with six bays.
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