Monro will pay dividend in July
Monro Muffler Brake Inc. has approved an increase in its dividend to $.07 per share.
The rate is payable on July 28 to shareholders of record as of July 18.
"The 40% increase in our dividend underscores our company's strong financial position and cash generation, consistent earnings growth, and commitment to enhancing shareholder value," says Monro CEO Robert Gross.
"We're pleased to be able to return a portion of our earnings to our shareholders without compromising our ability to pursue acquisitions and organic growth opportunities."
Monro Muffler Brake operates stores under Monro Muffler Brake & Service, ProCare, Mr. Tire and Tread Quarters Discount Tires.
The Rochester, N.Y., company recently acquired more than 70 ProCare stores in Ohio, Kentucky and Pennsylvania.
Monro has 700 outlets in total.