The Automotive Parts Services Group (The Group) has honored three suppliers for sales and service excellence.
Monro Muffler Brake Inc. reported net income of $16.9 million on net sales of $217.5 million for its first quarter ended June 28, 2014. That compares to income of $13.6 million on sales of $206.2 million for the same period last year.
The company also announced it will buy 35 The Tire Choice and Total Car Care stores in Florida.
The company set net sales and income records for the first quarter.
With the 25% increase in net income and 5.5% increase in sales, the company’s income-to-sales ratio was 7.8%. Operating income for the quarter was up 27.3% to $29.4 million versus $23.1 million in the first quarter of fiscal 2014.
The company says the $11.3 million increase in sales was due to an increase in sales from new stores of $11.2 million, including sales from recently acquired stores of $9.9 million.
The comparable store sales increase of approximately 1% breaks down as follows:
* maintenance services were slightly positive
* tire sales down 3%
* alignments up 8%;
* front end/shocks up 6%;
* brakes up 9%; and
* exhaust up 1%.
Monro announced it signed an agreement with Hennelly Tire & Auto Inc. to acquire 35 The Tire Choice and Total Car Care stores in Florida. The stores are located in major west coast and east coast Florida markets. The transaction is expected to close in mid-August 2014.
In June 2014, Monro completed the acquisitions announced on May 22, 2014, which added Michigan as a new state.
Acquisitions completed and announced to date in fiscal 2015 add 54 locations, with total annualized sales of approximately $64 million, representing approximately 8% sales growth in fiscal 2015 with an approximate sales mix of 55% service and 45% tires.
“Despite the continued choppiness in the macroeconomic environment, we are pleased that consumers continue to turn to Monro for purchases that can no longer be delayed, as well as to perform basic maintenance on their vehicles,” says CEO and President John Van Heel.
“This is evidenced by an increase in same store traffic of 2% year-over-year during the quarter, led by comparable store oil change and tire units, which increased approximately 2% and 1% year-over-year, respectively.
"Additionally, we are pleased that our service categories are benefiting from last year's harsh winter. All service categories experienced positive comparable store sales for the quarter, including brakes and alignments, which collectively increased approximately 9%.
”We were disappointed by our lower tire sales, as growth in tire units was offset by continued trade down by consumers, which muted our consolidated comparable store sales. However, we took advantage of the opportunity to continue growing through attractive acquisitions.
"Overall, we remain confident in our ability to further increase our market share and continue to deliver strong earnings growth, in both strong and weak markets, by leveraging our business model and pursuing our disciplined acquisition strategy."
For more information on The Tire Choice agreement, see Monro enters Florida with the purchase of 35 Tire Choice outlets.
Zhongce Rubber Group Co Ltd. (ZC Rubber) has opened a research and development center in China in cooperation with a state-owned research and development institute.
Since 1994 Bauer Built Inc. has recognized the children and grandchildren of its employees through the G. F. “Sam” and Ethel V. Bauer/Bauer Built Inc. Scholarship program. Four high school seniors have earned the prize in 2017.
Amanda Mathis will continue to lead Bridgestone America Inc.'s financial team in a new role: chief financial officer (CFO).
Pneus Unimax Ltd., the company that's working to spread the Point S banner in Canada, has hired Jeff Bullock as its business development manager for the English-speaking portions of the country.
As I am sure all MTD readers can appreciate, Europe is currently in the grip of a number of significant business trading changes including a fluctuating economy and the very real prospect of the UK market eventually leaving the European Union.
According to the results of our survey, demand for passenger and light truck replacement tires declined in March. Indeed, from a volume standpoint, the dealers reported they sold 0.8% fewer tires in March relative to the previous year’s period. The decline marks the third straight month of poor results versus the prior year’s period. However, on more a positive note, trends improved sequentially.
Which tire company is associated with Major League Baseball? Is it Falken Tire Corp.? Hankook Tire America Corp.? Yokohama Tire Corp.? Toyo Tire U.S.A. Corp.? Kenda USA? Nexen Tire America Inc.?
American Tire Distributors Inc. (ATD) has opened its fourth regional mixing center in the U.S. Large enough to hold nearly 1 million tires, the mixing center in the Dallas/Fort Worth area will replenish the inventories of 32 ATD distribution centers in the Southwest.
The Tread Rubber and Tire Repair Materials Manufacturers Group (TRMG) has released additional Recommended Practices (RPs) for retreading and repairing through the Tire Retread & Repair Information Bureau (TRIB) website. The RPs are free to view on TRIB’s website, www.retread.org.
Tire sales at Monro Muffler Brake Inc.'s comparable stores fell 11% in the fourth quarter of fiscal year 2017, capping off a year of lower tire sales in those same stores.
As a kid growing up in Wilmington, Del., I played Little League Baseball. My neighbor, Nat Shockley, the barber, sponsored my team, the Delpark Colts.
CUVs are on the verge of running passenger cars off the road in America. Tire makers insist it’s not a matter of if it will happen. It’s when. And it signals good news for tire dealers, says Drew Howlett, product manager for light truck and SUV tires at Falken Tire Corp.
Tire Discounters Inc. continues to make a splash in Tennessee. The Ohio-based tire retailer is opening its 11th store in the Greater Nashville, Tenn. area.
Registration is open for the Tire Industry Association's pre-show events on Oct. 30 at the Global Tire Expo/Specialty Equipment Market Association (SEMA) Show.