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~ Third Quarter Net Income of $11.3 Million; EPS of $.35 In Line With Guidance ~ ~ Completes Acquisitions for 79 Stores and $138 Million of Annualized Sales ~ ~ Revises Estimated Fiscal 2013 EPS Range to $1.27 to $1.32 ~ ~ Expands Credit Facility to $250 Million and Extends Term to December 2017 ~
ROCHESTER, N.Y., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Monro Muffler Brake, Inc. (Nasdaq:MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its third quarter ended December 29, 2012.
Third Quarter Results
Sales for the third quarter of fiscal 2013 increased 7.8% to $190.4 million as compared to $176.7 million for the third quarter of fiscal 2012. Adjusted for days, comparable store sales decreased 4.9%, which compares to a 1.3% decrease for the same period last year. On a reported basis, comparable store sales decreased 5.9%. Comparable store sales, adjusted for days, were flat to last year for maintenance services and decreased approximately 2% for tires, 6% for alignments, 9% for front end/shocks, 12% for brakes and 20% for exhaust. The total sales increase for the third quarter of $13.7 million was due to an increase in sales from new stores, including recently acquired stores, of $23 million.
Gross margin decreased to 36.6% in the third quarter from 38.4% in the prior year quarter due to a sales mix shift to lower margin tire and service categories and a loss of leverage due to weaker year-over-year comparable store sales. Total operating expenses were $50.8 million, or 26.7% of sales, as compared with $45.1 million, or 25.5% of sales, for the same period of the prior year. The increase in operating expenses as a percent of sales is due to a loss of leverage as a result of weaker year-over-year comparable store sales and a $1.7 million gain on the sale of seven stores in the third quarter of fiscal 2012. Due to cost reduction initiatives, operating expenses in the third quarter of fiscal 2013 decreased by $.9 million year-over-year excluding stores acquired in fiscal year 2013 and the $1.7 million gain in fiscal 2012.