ROCHESTER, N.Y. (July 18, 2005) — Monro Muffler Brake Inc. reported an 8.3-percent increase in net sales for the first quarter, primarily on a 7-percent jump in maintenance services and a 6-percent gain in tire sales.
Rochester-based Monro reported record sales of $94.6 million, up from $87.3 million for the same period last year. Net income also rose to $7.75 million from $6.84 million.
Comparable store sales grew 1.7 percent, while new stores contributed $7 million to sales. The automotive service chain opened two new stores and closed three others, ending the quarter with 625 stores.
“We completed a very solid quarter during which we again produced record top and bottom line results, despite a decrease in comparable store sales in May,” said Robert Gross, president and CEO. “Importantly, we were able to significantly improve our operating margin even with an increase of the lower margin maintenance service and tire categories in our overall sales mix.”
Monro expects to report annual sales of $375 million to $385 million this year with earnings in the range of $1.52 to $1.60 per share.