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~ Fourth Quarter Sales Up 14.1% to $195.9 Million ~ ~ Fourth Quarter Net Income of $8.1 Million; EPS of $0.25 at the High End of Guidance ~ ~ Fiscal 2013 Net Income of $42.6 Million; EPS of $1.32 ~ ~ Fiscal 2014 Estimated EPS Range of $1.65 to $1.80 ~ ~ Increasing Quarterly Cash Dividend 10.0% from $.10 to $.11 per Share ~
ROCHESTER, N.Y., May 21, 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 fourth quarter and fiscal year ended March 30, 2013.
Fourth Quarter Results
Sales for the fourth quarter of fiscal 2013 increased 14.1% to $195.9 million as compared to $171.7 million for the fourth quarter of fiscal 2012, which included an extra week of sales. The total sales increase for the fourth quarter of $24.2 million was due to an increase in sales from new stores, including recently acquired stores, of $43.5 million. Adjusted for days, comparable store sales decreased 5.6%, slightly better than the Company's previously estimated range of -9% to -6% and compared to a comparable store sales increase of .7% for the same period last year. On a reported basis, comparable store sales decreased 11.4%. Comparable store sales, adjusted for days, were flat for maintenance services, and decreased approximately 6% for tires, alignments and exhaust, 7% for front end/shocks and 11% for brakes.
Gross margin decreased to 36.0% in the fourth quarter from 38.7% in the prior year quarter due to a sales mix shift to the lower margin tire category, related primarily to acquired stores and a loss of leverage due to weaker year-over-year comparable store sales, including one less week in the fourth quarter of fiscal 2013 as compared to the same period of the prior year. These declines were offset, in part, by lower labor costs as a percentage of sales. Total operating expenses were $55.1 million, or 28.1% of sales, as compared with $49.0 million, or 28.6% of sales, for the same period of the prior year. The decrease in operating expenses as a percent of sales is due to leverage from higher acquisition sales and focused cost control.