Monro Muffler Brake Announces Fourth Quarter and Record Full Year Results - aftermarketNews

Monro Muffler Brake Announces Fourth Quarter and Record Full Year Results

Monro Muffler Brake has announced its financial results for the fourth quarter and year, which ended on March 27. The company said the results were in line with the previously announced expectations. Full year sales increased 8.3 percent to $279.5 million from $258 million in fiscal 2003, driven by a 4.7 percent increase in comparable store sales. New stores added $10.9 million, including $3.5 million from the newly-acquired Mr. Tire stores. The company attributed comparable store sales results to an approximate 16 percent increase in scheduled maintenance, a 6 percent increase in brake sales and a 19 percent increase in commercial sales.

ROCHESTER, NY — Monro Muffler Brake has announced its financial results for the fourth quarter and year, which ended on March 27. The company said the results were in line with the previously announced expectations.

Full year sales increased 8.3 percent to $279.5 million from $258 million in fiscal 2003, driven by a 4.7 percent increase in comparable store sales. New stores added $10.9 million, including $3.5 million from the newly-acquired Mr. Tire stores. The company attributed comparable store sales results to an approximate 16 percent increase in scheduled maintenance, a 6 percent increase in brake sales and a 19 percent increase in commercial sales.

Gross profit improved to $114.8 million, or 41.1 percent of sales, from $105.6 million, or 40.9 percent of sales, last year. Annual net income increased 23.9 percent to a record $17 million, or $1.18 per diluted share, from $13.7 million, or $0.97 per diluted share.

Fourth quarter sales increased 9.4 percent to $67.2 million from $61.4 million in the fourth quarter of 2003, reflecting the positive impact of a 2 percent increase in comparable store sales. New stores added $5.1 million. Gross profit increased to $25.9 million, or 38.5 percent of sales, from $24.2 million, or 39.3 percent of sales, in the same period last year. Net income for the quarter was $2.2 million, or $0.15 per diluted share, as compared to $2.5 million, or $0.17 per diluted share, in the year-ago period. Net income declined, as previously discussed, due to several reasons including a shift in the seasonality of the business to the third quarter related to owning more tire stores, a shift in the timing of the recognition of insurance expense, and the impact of implementation of EITF 02-16 related to the recognition of cooperative advertising credits.

Robert Gross, president and CEO of Monro, said fiscal 2004 was an important year for the company. “While expanding our top and bottom lines and enhancing certain product and service offerings, we also improved penetration of key geographic areas,” said Gross. “Our overall sales improvement, evidenced by the 4.7 percent increase in comparable store sales, in addition to an increase in oil changes and higher store traffic, contributed to the 24 percent improvement in our net income.”

The company also reaffirmed its previously announced expectations for fiscal 2005. For the first quarter, the company estimates earnings per diluted share to be between 48 and 52 cents versus 41 cents a year ago. On an annual basis, the company anticipates sales of approximately $345 million to $355 million, with comparable store sales growth of 3 to 5 percent. This would translate into record earnings per diluted share in the range of $1.40 to $1.50, based upon weighted average shares outstanding of approximately 14.8 million. Monro plans to open 25 new stores in 2005, of which 20 are projected to be BJ’s Wholesale Club locations.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Hansen Motorsport, SKF Align for 2024 World RX Season

The Scandinavian Touring Car Championship will premiere the world’s first 100% electric national touring car championship June 8-9, in Gothenburg, Sweden.

Hansen-Motorsport-SKF-Align-for-2024-World-RX-Season-1

SKF announced it has partnered with EPWR, a part of the PWR Group, to support 2024 season of The Scandinavian Touring Car Championship (STCC). The STCC will premiere the world’s first 100% electric national touring car championship in Gothenburg, Sweden on June 8-9, marking a significant step toward sustainable motorsports, according to SKF.

EU & Global Supply Chain Regulations

Zaharatos discusses which specific EU regulations automotive companies should be prioritizing, among other global supply chain topics.

EU-Global-Supply-Chain-Regulations
The Future of Aftermarket Distribution

Despite the ongoing consolidation, Cruickshank believes there is still a viable future for independent distributors.

AMN on Holiday: Memorial Day Observance

AMN will resume on Tuesday, May 28.

AMN-on-Memorial-Day-holiday
Bridgestone Recognized as Top Global Supplier by GM

Bridgestone received the top global supplier award at the 32nd-annual Supplier of the Year event.

Bridgestone Recognized as Top Global Supplier by GM

Other Posts

Hansen Motorsport, SKF Align for 2024 World RX Season

SKF will supply wheel bearings for the Hansen World RX Team’s race cars in the World RX championship.

Hansen-Motorsport-SKF-Align-for-2024-World-RX-Season
YANG Regional Meet-Up Held at Aftermarket 101

The networking event was held in conjunction with the University of the Aftermarket’s Aftermarket 101 program on May 21.

Yang-Regional-meetup
Mullen Announces Sale of 50 Bollinger EV Trucks

EnviroCharge will install its mobile clean-propane-powered charging system on the Bollinger B4 chassis cab, an all-new, all-electric Class 4 commercial truck.

Schaeffler Releases TorCon 6L80 Torque Converter

The LuK TorCon 6L80 is “the only all-new, never remanufactured torque converter available in the independent aftermarket,” Schaeffler said.

Schaeffler Announces Release of TorCon 6L80