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October 17, 2002 02:00 AM

Kimmel stores push Monro to record sales, earnings

Tire Business Staff
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    ROCHESTER, N.Y. (Oct. 17, 2002) — Monro Muffler Brake Inc. reported record sales and earnings for the second-quarter and six-month periods ended Sept. 28, on the strength of new business from the 34 Kimmel Automotive stores it acquired in April.

    Monro, which operates 551 stores in 18 states, reported a 31.7-percent jump in net income for the quarter, to $4.9 million, on 12.4-percent better sales of $68 million.

    Proving true to its word to leverage Kimmel's expertise in tires throughout its network, Monro said tire sales at its existing Monro and Speedy Auto Service locations shot up 36 percent over the second quarter 2001 level, according to Robert G. Gross, president and CEO.

    "As anticipated," Mr. Gross said, "our acquisition of Kimmel Automotive…is already accretive to earnings. We are benefiting from margin improvements as we diversify Kimmel´s product line and service offerings, and through the elimination of redundant overhead costs."

    In addition to increased tire sales, Monro reported a 5-percent increase in comparable store traffic, a 10-percent increase in the number of comparable store oil changes and 31-percent more comparable store scheduled maintenance sales.

    "Our record second quarter results demonstrate the consistently growing consumer awareness that we offer a full range of high quality services at competitive prices," Mr. Gross said. "Building trust among our ever-growing customer base has allowed us to fully leverage the basic oil change to effectively sell a diverse range of products and services."

    Sales for the six-month period increased 11.5 percent to $135.9 million, with net income up 17.3 percent to $8.8 million.

    Looking forward, Monro continues to evaluate potential acquisitions.

    "In addition to organic growth," Mr. Gross said, "we also look forward to growth from our previously discussed strategy of acquiring companies with solid reputations that will strengthen our geographic presence and/or diversify our product mix. In fact, I am optimistic we will have something to announce on the acquisition front by the end of our fiscal year."

    Rochester-based Monro said its stores provide a full range of services for exhaust, brake, steering and suspension systems, as well as a number of vehicle maintenance services.

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