Monro Inc. has acquired 99-year-old Free Service Tire Co., adding an expected $47 million in annual sales to its balance sheet.
Monro Inc. has hired a Procter & Gamble Co. branding veteran to serve as senior vice president of marketing and merchandising. Deborah Brundage's appointment is effective immediately.
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.