ROCHESTER, N.Y. – Monro Muffler Brake has announced financial results for its third quarter ended Dec. 27, 2014.
Sales for the third quarter of fiscal 2015 increased 9.2 percent to a record $236.6 million as compared to $216.7 million for the third quarter of fiscal 2014. The company said the sales increase for the third quarter was due to an increase in sales from new stores, partially offset by a decrease in comparable store sales of 1.8 percent.
Operating income for the quarter increased 3.8 percent to $28 million from $26.9 million in the third quarter of fiscal 2014.
Net income for the third quarter increased 4.3 percent to a record $16 million from $15.3 million in the prior year period. Diluted earnings per share for the quarter increased 4.3 percent to 49 cents, within the company’s estimated range of 47 cents to 52 cents. This compares to diluted earnings per share of 47 cents in the third quarter of fiscal 2014, or approximately 44 cents excluding the benefit from favorable lease accounting and tax adjustments in last year’s quarter. Net income for the third quarter reflects an effective tax rate of 37.4 percent as compared with 36.3 percent for the prior year period.
The company added 21 and closed seven locations during the third quarter, ending the quarter with 1,017 stores.
