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January 27, 2015 01:00 AM

Monro Q3 earnings, sales up

Tire Business Staff
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    ROCHESTER, N.Y. (Jan. 27, 2015) — Monro Muffler Brake Inc. reported higher operating income and record net earnings for the quarter ended Dec. 27 on 9.2-percent higher sales.

    Monro President and CEO John Van Heel attributed the earnings improvements to the firm's “strong business model and disciplined acquisition strategy” and noted the sales increase was due to additional revenue from businesses acquired during the current fiscal year.

    Operating income for Monro's third quarter increased 3.8 percent to $28 million, while net earings rose 4.3 percent to $16 million, the company said. Sales rose to a record $236.6. million, with sales from new stores accounting for all of the roughly $20 million in additional sales.

    During the quarter Monro added 21 locations and closed seven, ending the period with 1,017 stores. Included in the total are two acquisitions totaling nine stores in Fort Lauderdale/Palm Beach, Fla., that represent approximately $19 million in annualized sales, Monro said, without disclosing the identities of the stores acquired.

    One of the acquisitions is Gold Coast Tire & Auto Centers in the Palm Beach area, according to a posting on Gold Coast's website. The firm's Facebook page listed nine locations as of December.

    For the nine-month period, operating income rose 16.7 percent to 86.3 million while net income jumped 15.7 percent to $49.2 million. Sales increased 7.5 percent to a record $675.4 million, based in part on the addition of 72 locations acquired, represeting annualized sales of $84 million.

    (Monro Muffler Brake Inc. photo)

    Mr. Van Heel noted that Monro was encouraged by gains in service business as reflected in positive comparable year-to-date sales in key service categories, including oil changes, brakes, front end/shocks and alignments.

    “While we are disappointed these trends have been offset by deflationary pressure and continued customer deferrals in the tire category,” Mr. Van Heel said, “we are encouraged by our competitive position.”

    Rochester-based Monro noted that comparable store sales increased approximately 10 percent for alignments and 2 percent for brakes but fell roughly 1 percent for exhaust, 2 percent for front end/shocks and 3 percent for tires and maintenance services.

    Based on the nine-month results, Monro anticipates fiscal 2015 comparable store sales to be in flat to slightly down, but overall sales to be in the range of $900 million to $905 million. This will reflect the impact of the closing of 29 Monro satellite locations at BJ's Wholesale Club stores.

    Dilute earnings per share should be up 11 to 14 percent to $1.86 to $1.95. Earnings will reflect costs related to incremental warehousing and logistics costs related to the increase in the company's tire inventory in advance of the U.S. duties on imported tires, higher healthcare costs, higher due diligence costs in the fourth quarter and slight dilution from the fiscal 2015 acquisitions.

    Mr. Van Heel added that Monro's long-term outlook for the industry and company remains positive, “although we expect trends will continue to be choppy in the near term.”

    Nevertheless, he said Monro is well positioned to manage our business in this environment and will continue to pursue “attractive acquisition opportunities” created by the challenging operating environment.

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