Monro Muffler Brake closed out its fiscal 2012 (ended March 31) with a 7.8% increase in sales to a company record of $686.6 million.
That resulted in a 16.6% increase in operating income to $91.4 million, while its net income increased 19.1% to a record $54.6 million.
Robert Gross, chairman and CEO, stated, "Our fourth quarter performance reflects the ongoing challenges facing consumers in the current economic environment. With higher gas and food prices, high unemployment and an unseasonably warm winter, the cautious consumer continues to defer and prioritize purchases.”
Monro reported that its comparable brake sales increased 4% in the fourth quarter, while exhaust sales fell off by 8% for the same period.
"Encouragingly, our recent acquisitions continue to outperform," Gross said. "Overall, our performance during the fourth quarter continues to demonstrate the strength and flexibility of our low-cost business model and the ability of our employees to consistently provide superior service to attract new customers and keep our loyal customers returning."
Without offering details, Monro used the occasion of announcing its FY2012 results to reveal that it has signed a “letter of intent” to purchase another retail operation of a similar size to its 2011 buys of Kramer Tire (20 locations in Virginia and Colony Tire (18 locations in North Carolina).
