Midas posted net sales of $192.4 million for its fiscal 2010, up from FY2009’s $182.8 million.
Net profit for the year came in at $2.6 million, dead even with FY2009 results.
"The gains in retail sales at Midas shops in the United States that began in the fourth quarter of 2009 continued throughout 2010," said Alan Feldman, Midas’ chairman and CEO. “These trends are continuing into 2011, which got off to a slow start in January with bad weather affecting several regions of the U.S. Sales have rebounded in February and preliminary results for the first two months of the quarter show U.S. comparable shop sales are up nearly 2%.”
Feldman said that Midas introduced a marketing strategy in early 2009 to build shop traffic through value-priced oil changes and to use results of courtesy checks to advise customers of additional service needs on their vehicles.
“Traffic at U.S. Midas shops per day increased by 7.3% in the fourth quarter of 2010 and by 10% for the full year in 2010, on top of a 14% increase in 2009,” Feldman said. “By doing an effective job of inspecting the growing number of vehicles attracted by value-priced oil changes, our shops are able to build trusting relationships with customers while pointing out needs for brakes, tires, exhaust and other repairs and maintenance.”
