The strategy at Monro Inc. is to keep the foot on the gas when it comes to acquisitions. And that's evident already in 2018, with the purchase of three retail stores from Valley Tire Co. Inc. in Pennsylvania, plus an agreement to complete another deal with seven stores before the end of March.
Net sales dropped 0.9% and net income fell 34% at Monro Inc. for the three-month period ending Dec. 23, 2017. Lower same-store sales were to blame for the decreases.
Brett Ponton, the new CEO and president of Monro Inc., acknowledges store traffic “has been a challenge” in recent years, but he believes there is “real potential to strengthen our in-store execution, and by doing so, drive traffic back into our stores.”
Tire sales at Monro Inc. were down 2% during the second quarter of the company’s 2018 fiscal year, but acquisitions and new stores helped the nation’s third-largest tire dealer increase overall sales to $278 million.
Monro Muffler Brake Inc. is changing its name.
We now know the target of one of Monro Muffler Brake Inc.’s latest acquisition deals — Speedy Auto Service and Tire Centers Inc. in Michigan.
Monro Muffler Brake Inc. exceeded $1 billion in sales during its 2017 fiscal year, ended March 25, 2017. Overall sales increased, but Monro's comparable store sales dropped 4.3% for the year.
Monro Muffler Brake Inc. has entered into an agreement to purchase all assets of Clark Tire & Auto Inc., based in Hickory, N.C. The deal includes 24 retail stores, two commercial stores, a retread plant, and four wholesale locations.
The board of directors of Monro Muffler Brake Inc. has declared a quarterly cash dividend of 17 cents per share.
Monro Muffler Brake Inc.'s CEO and president John Van Heel insists there's just one reason for the company's third-quarter sales decline — a mild and slow start to winter. As to suggestions that there's anything else amiss, Van Heel told investors: "Everything else is just noise."
Tire Barn Warehouse, headquartered in Anderson, Ind., plans to sell the majority of company assets to Monro Muffler Brake Inc.
Monro Muffler Brake Inc. reports it has recently completed the acquisition of the assets of Cheshire Tire Center Inc. in Keene, N.H., which generates net sales of approximately $3 million annually.
Despite operating in the worst economic environment since the Great Depression, the nation’s largest independent tire store chains are holding their own.