Tire and auto service chain Monro Muffler Brake reported record sales in fiscal 2011, with a same store increase of 4.2% for the year.

Monro posted net sales of $636.7 million, up 12.8% compared to FY2010. Net income for fiscal 2011 increased 38.1% to a record $45.8 million.

The company reported a gross margin of 40.4% for FY2011 compared to 40.9% in the prior year.

“Our position in the marketplace allows us flexibility to pull different levers to improve our performance, and we believe that this will continue to be an advantage going forward,” said Robert Gross, chairman and CEO. “Fiscal 2011 marked our 10th consecutive year of same store sales increases, with our 4.2% comparable store sales increase following a solid 7.2% increase in fiscal
2010.

“While we continue to have a positive outlook, we anticipate that we will experience more moderate organic earnings growth in fiscal 2012, although growth from acquisitions will be accelerated,” Gross said. “Specifically, we believe that rising gas prices and the macroeconomic environment will weigh on consumer sentiment and purchasing behavior. Historically, we have leveraged our strong business model and position as a low cost and trusted service provider to continue to grow the business and enhance shareholder returns regardless of the economic or operating environment. We are confident that we can continue this trend.

“Importantly, we believe the current environment will allow us to take advantage of additional acquisition opportunities, which should result in further economies of scale and enhanced convenience for customers, while more strongly positioning the company for continued profitable growth.”