Net sales, comparable store sales and net income were all up at Monro Inc. during the company's first quarter of fiscal year 2019.
Monro Inc. will install tires bought on Amazon.com. The company will initially offer the installation service to consumers in the Baltimore area, but eventually it will expand to include all of Monro's 1,174 stores in 27 states.
New stores provided Monro Inc. with $96.2 million in sales during fiscal year 2018, and they helped the company record a 10% increase in sales for the period that ended March 31, 2018.
Monro Inc. has acquired 99-year-old Free Service Tire Co., adding an expected $47 million in annual sales to its balance sheet.
Monro Inc. has hired a Procter & Gamble Co. branding veteran to serve as senior vice president of marketing and merchandising. Deborah Brundage's appointment is effective immediately.
Net sales dropped 0.9% and net income fell 34% at Monro Inc. for the three-month period ending Dec. 23, 2017. Lower same-store sales were to blame for the decreases.
Brett Ponton, the new CEO and president of Monro Inc., acknowledges store traffic “has been a challenge” in recent years, but he believes there is “real potential to strengthen our in-store execution, and by doing so, drive traffic back into our stores.”
Tire sales at Monro Inc. were down 2% during the second quarter of the company’s 2018 fiscal year, but acquisitions and new stores helped the nation’s third-largest tire dealer increase overall sales to $278 million.