ITASCA, Ill. — Midas said that retail sales growth at Midas shops in the United States has continued to gain the momentum that began building in the fourth quarter of 2009.
Preliminary results for October and November show that fourth quarter-to-date comparable shop retail sales per day in U.S. Midas shops have increased by four percent, following an increase of three percent for the first nine months of the year, according to Alan Feldman, Midas’ chairman and CEO. November comparable shop sales per day increased by 4.5 percent in U.S. shops.
“Our strategy of attracting new and returning customers with value-priced oil changes continues to build sales at U.S. shops,” Feldman said.
Feldman added that comparable shop sales per day in November were up in all four regions of the U.S. and increased by nine percent in Canada the first monthly sales gain in Canada for the year. Comparable shop sales per day were up one percent in Canada for the first two months of the fourth quarter.
Feldman said that company-operated Midas shops in the U.S. reported comparable shop sales increases of 4.2 percent so far in the fourth quarter, following an increase of 3.4 percent for the first nine months.
“We are encouraged by the progress we are making in increases in customer counts and comparable shop sales at franchised, company-operated and Midas-SpeeDee co-branded shops,” Feldman said.
Midas expects to announce its full-year 2010 results on March 3, 2011.