ROCHESTER, N.Y. (Oct. 16, 2003) — Consistent store traffic gains, strong repeat customer business and growth of additional products helped push Monro Muffler Brake Inc. to a sales gain of 9 percent for a record $74.1 million in the second quarter.
Rochester-based Monro said same-store sales increased 6.6 percent compared with the year-ago period's gain of just 1.5 percent. Net income for the quarter rose 20.2 percent to a record $5.9 million, compared with last year's $4.9 million. The company had opened one store during the quarter, brining its total number of outlets to 562.
“We achieved another record quarter by consistently executing our strategy to drive store traffic with oil changes and to win repeat customers through our industry-leading customer service, our wide range of services and our targeted direct-to-customer marketing,” said Robert Gross, president and CEO. “We believe our strong 10-percent increase in the high-margin brake category provides evidence that we have been successful in gaining the trust of our customers to complete significant repair and maintenance work on their automobiles.”
Besides the increase in brake work, Monro's exhaust business grew 8 percent and miscellaneous services grew 11 percent, including a 6.5-percent hike in scheduled maintenance service. The company's commercial business reported a 16-percent gain.
Gross profit for the quarter increased to $31.5 million, or 42.4 percent of sales, Monro said.
The company operates stores under several brand names including Monro Muffler Brake and Service, Speedy Auto Service by Monro, Kimmel Tires—Auto Service, and Tread Quarters Discount Tires.