Midas Inc. has reported a net loss of $400,000 for the fourth quarter of 2011, an improvement over a year-over-year net loss of $15.7 million.

The loss came against sales for the quarter of $43.5 million, compared to $46.6 million in the fourth quarter of the prior year.

For the full year, Midas claimed 2011 sales of $183.6 million, down from $192.4 million for 2010. The decline in revenues was due to having 23 fewer company-operated Midas shops compared to 2010, which came from the company re-franchising the locations to operators.

Fiscal 2011 earnings were $4 million, compared to a net loss of $13.4 million for the year prior.
 
“The positive trends we have been seeing in retail sales continued throughout 2011, marking nine consecutive quarters of positive comparable shop sales in U.S. Midas shops,” said Alan Feldman, Midas chairman and CEO. “We continue to promote value-priced oil changes, from which Midas shops build trusting relationships with customers for our entire range of repairs and maintenance.”

Looking forward, Feldman said: “We continue to execute on our growth strategy of building retail sales at existing shops through value-priced oil changes and by co-branding, of transitioning under-performing shops and available closed shops through re-franchising and through improving profitability at company-operated shops. We are optimistic that the positive trends in retail sales will continue in 2012, while remaining aware of the potential negative effect of higher fuel prices on driving patterns and consumer spending.”