Monro starts off new fiscal year with gains
Monro Muffler Brake Inc. posted record sales of $158.2 million for the first quarter of its fiscal year, a 23.6% increase over the same period last year.
Monro's comparable store sales increased by 5.1% during that time frame.
"Sales growth was driven by recent acquisitions, as well as strong in-store sales execution across all product and service categories," say Monro officials.
The Rochester, N.Y.-based chain's net income for the first quarter totaled a record $13.2 million, up more than 40% vs. the same period last year.
"We are very pleased to have begun fiscal 2011 on such a strong note," says Monro Chairman and CEO Rob Gross. "All of our major service categories posted positive comparable store sales vs. the prior year period."
With 264 stores, Monro is the fourth largest independent tire store chain in the U.S., according to this year's MTD 100, available exclusively in the July 2010 edition of Modern Tire Dealer.