Monro posts gains, will re-name ProCare stores
Monro Muffler Brake Inc. achieved sales of $368.7 million for its full fiscal year, a 9.3% increase over prior year results. Monro's fiscal year ended on March 25. Monro also plans to convert 44 of its newly acquired ProCare outlets to the Monro Muffler Brake & Service name and 31 ProCare locations to the chain's Mr. Tire brand.
Looking at the company's fiscal year, "on a comparable store basis, the maintenance service and tire categories posted the strongest results with gains of approximately 8% and 7%, respectively," say Monro officials.
Monro's net income grew 15.2% to $22.7 million versus $19.7 million the previous year.
The chain's sales for the fourth quarter of 2005 rose 8.8% from the same period during the previous year. Its operating income for the quarter totaled $5.6 million, up from $5.1 million. Net income rose 17.2% to a record $3.2 million.
However, Monro says its gross margins fell to 36.8% during the fourth quarter.
Monro CEO and President Robert Gross credits the expansion of Monro's tire and service categories as drivers behind the gains that the company achieved.
Gross also has announced that Joe Tomarchio Jr. has been promoted to president of Monro's Tire Group.
Monro recently finalized its acquisition of 75 ProCare Automotive outlets in Ohio, Kentucky and Pennsylvania. ProCare had been in Chapter 11.