ROCHESTER, N.Y. (July 26, 2007) — Monro Muffler Brake Inc. reported record first quarter earnings as sales rose 9.3 percent to $107.6 million, in part from double-digit increases in tire and alignment sales.
Comparable store sales rose 6.2 percent in the quarter. New stores added $5.4 million in sales, including $4.2 million from the ProCare Automotive stores acquired in April 2006.
Monro also announced July 26 that it is buying Craven Tire & Auto and Valley Forge Tire & Auto Centers for $16.7 million. The company said it plans to focus on integrating the dealerships' 19 stores over the course of the year.
Net income for the quarter rose 8.2 percent to a record $8.18 million. Operating income rose 22.9 percent to a record $14 million.
“We are pleased with our top line performance for the quarter, which maintained the strong trends we experienced in the second half of last year, particularly in higher-margin categories such as brakes and alignments,” said President and CEO Robert Gross.
Monro expects fiscal second quarter comparable store sales in the range of 3 to 5 percent. For the full fiscal year, the automotive service chain expects sales to range from $445 million to $455 million and comparable store sales to grow 3 to 5 percent.