Monro posts record third quarter sales, income
Monro Muffler Brake Inc.'s third quarter sales rose 15% to a record $103.8 million, while its third quarter net income reached $4.9 million, also a Monro record. Monro's third quarter ended Dec. 23, 2006.
Monro's gross profit grew 15.7% during the quarter to $40.4 million. The Rochester, N.Y.-based chain's comparable store sales also grew, "led by major maintenance categories, such as shocks, brakes and alignment, as well as the service and tire categories," according to Monro officials.
"As expected, consumers began to return to more normalized spending patterns after several soft quarters," says Monro CEO and President Robert Gross. "We were pleased that our comparable store sales recovered.
"Specifically, the major repair purchases, which consumers had deferred earlier in the year due to rising gas prices and general macroeconomic concerns, rebounded in the quarter."
For the first nine months of its fiscal 2007, Monro achieved a 10.4% sales increase, topping out at a record $310 million. Net income during that period was $18 million.