(Adds year-ago earnings, other details.)
CHICAGO, Sept 23 (Reuters) - Auto parts retailer Pep Boys-Manny, Moe & Jack on Tuesday said third- and fourth-quarter earnings will fall short of analysts' estimates.
The company said it expects third-quarter earnings of 23 cents to 25 cents a share before a gain of 2 cents a share from the sale of certain closed stores. It estimated fourth-quarter profit at 2 cents to 4 cents a share.
Analysts' average estimates are 30 cents a share for the third quarter and 13 cents for the fourth quarter, according to Reuters Research, a unit of Reuters Group Plc.
Estimates range from 28 cents to 34 cents for the third quarter and from 10 cents to 17 cents for the fourth quarter.
"While encouraged by our recent sales improvement, we believe that the current consensus estimates for our third and fourth quarter performance appear to be overestimating the immediate impact of our corporate restructuring announced in July and underestimating the investment necessary to successfully implement our go-forward strategy," said President and Chief Financial Officer George Babich in a statement,
Philadelphia-based Pep Boys had earned 28 cents a share in last year's third quarter and 3 cents a share in last year's fourth quarter.
The company said it expects comparable store sales to increase 2 percent to 3 percent in the third quarter and to increase 4 percent to 6 percent in the fourth quarter.