ROCHESTER, N.Y. (May 23, 2003)—Monro Muffler Brake Inc. reported record sales and higher net income for the fiscal year ended March 29 due in part to strong comparable store sales as well as the integration of two acquisitions in 2002 and 2003.
Sales for the chain, which provides automotive undercar repair and tire services, grew 14.8 percent for the year to $258 million. Net income rose 21.4 percent to $13.6 million.
Fourth quarter sales improved 21.5 percent to a record $61.4 million, driven by a 7.3 percent increase in comparable store sales, Monro said. The company also benefited from sales of $7.5 million from new stores, which include 34 Kimmel Automotive stores acquired in April 2002 and 10 Frasier Tire stores bought in February 2003. The company currently operates 561 stores and 18 dealer locations in 17 East Coast, Mid-Atlantic and Midwest states.
“Our improved direct marketing program, dedication to customer service and expanded product and service offerings have led to increased consumer awareness of and trust in Monro, as evidenced by our 7.3 percent comparable store sales increase and continued same store traffic increases,” said Robert Gross, president and CEO.
He added the challenging economic and industry environment has provided Monro “with attractively priced opportunities to acquire companies with solid reputations that would strengthen our geographic presence and/or diversify our product mix.”