Monro posts second quarter gains
Monro Muffler Brake Inc. posted sales of $162.1 million during the second quarter of its 2011 fiscal year, a record for the company and an 18.6% increase year-over-year.
Monro officials say sales growth was driven by recent acquisitions, as well as "strong in-store sales execution."
The chain's operating income for the quarter totaled $22.7 million, a 29.5% increase. Net income for the second quarter increased 33.2% to a record $13.3 million.
"Our business has continued to perform well into the third quarter of fiscal 2011," says Monro Chairman and CEO Rob Gross.
With more than 260 retail locations, Monro is the fourth largest independent tire store chain in the U.S., according to the 2010 MTD 100.