UPDATE 1-Pep Boys Q2 profit beats Street; revenue misses view

* Q2 EPS $0.15 vs est $0.14 * Sales fall 2 pct to $488.9 mln vs est $502.4 mln

* Shares down 5 pct after the bell

Sept 8 (Reuters) - Pep Boys-Manny, Moe & Jack (PBY.N), the automotive parts and service chain, posted a quarterly profit that edged past market estimates, helped by tighter cost controls, but sales fell short of expectations.

Shares of the Philadelphia-based company were down 5 percent at $9.60 in trading after the bell. They closed at $10.09 Tuesday on the New York Stock Exchange.

For the second quarter ended Aug. 1, net income was $7.7 million, or 15 cents a share, compared with $5.4 million, or 10 cents a share, a year ago.

Sales fell 2 percent to $488.9 million.

Analysts on average were expecting earnings of 14 cents a share, before special items, on revenue of $502.4 million, according to Reuters Estimates.

"The current environment for sales of more discretionary items remains challenging for now," Chief Executive Mike Odell said in a statement. (Reporting by Divya Sharma in Bangalore; Editing by Deepak Kannan)