~ First Quarter Sales Up 21.9% to $206.2 Million ~ ~ First Quarter Net Income Up 16.6% to $13.6 Million; EPS of $0.42 ~ ~ Signs Definitive Agreement for Acquisition of 10 Stores and $18 Million of Annualized Sales ~ ~ Revises Estimated Fiscal 2014 EPS Range to $1.58 to $1.70 ~
ROCHESTER, N.Y., July 25, 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 first quarter ended June 29, 2013.
First Quarter ResultsSales for the first quarter of fiscal 2014 increased 21.9% to $206.2 million as compared to $169.2 million for the first quarter of fiscal 2013. The total sales increase for the first quarter of $37.0 million was due to an increase in sales from new stores, including recently acquired stores of $36.0 million, and a comparable store sales increase of 1.2%. Comparable store sales increased approximately 3% for alignments and 1% for maintenance services and tires, and were flat for exhaust, front end/shocks and brakes. Gross margin decreased to 38.3% in the first quarter from 40.3% in the prior year quarter, largely due to a sales mix shift to the lower margin tire category related primarily to recently acquired stores. These declines were offset, in part, by lower labor, distribution and occupancy costs as a percentage of sales. Total operating expenses were $55.8 million, or 27.1% of sales, as compared with $48.4 million, or 28.6% of sales, for the same period of the prior year. Operating income for the quarter increased 17.4% to $23.1 million from $19.7 million in the first quarter of fiscal 2013. Interest expense was $1.8 million as compared to $1.3 million in the first quarter of fiscal 2013.