The Pep Boys 3rd-quarter net loss narrows

Auto-parts retailer Pep Boys Auto Services said its fiscal third-quarter loss narrowed, as cost cutting efforts offset lower consumer spending.

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Loss for the three months ended Nov. 1 narrowed to $7.3 million from $28 million. Revenue fell 12 percent to $464.2 million from $528.8 million last year.

Same-store sales, or sales in stores open at least one year, fell 10.4 percent.

"Our sales and operating results have been impacted by the decrease in miles driven and the general reduction in consumer spending," said Chief Executive Mike Odell.

In response, the company said it plans on "tightly controlling spending" and focusing on its value proposition to offset lower consumer spending.