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~Record Fourth Quarter Net Income up 47% to $11.9 Million~ ~ Record Fiscal 2014 sales up 14% to $831.4 Million ~ ~ Fiscal 2014 Net Income up 28% to $54.5 Million; EPS of $1.67 versus $1.32 in Fiscal 2013 ~ ~ Fiscal 2015 Estimated EPS Range of $1.95 to $2.15 ~ ~ Increasing Quarterly Cash Dividend by 18.0% ~
ROCHESTER, N.Y., May 22, 2014 (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 29, 2014.
Fourth Quarter Results
Sales for the fourth quarter of fiscal 2014 increased 3.7% to a record of $203.2 million as compared to $195.9 million for the fourth quarter of fiscal 2013. The sales increase for the fourth quarter was due primarily to an increase in sales from newly acquired stores, offset by a comparable store sales decrease of 1.3%. Comparable store sales were relatively flat for the maintenance and exhaust categories, and decreased approximately 2% for tires, brakes and alignments, and 3% for front end/shocks.
Gross margin improved 190 basis points to 37.9% in the fourth quarter from 36.0% in the prior year due to reduced material costs and payroll control. Total operating expenses were $55.6 million, or 27.4% of sales, as compared with $55.1 million, or 28.1% 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 overall sales and focused cost control, partially offset by higher utilities due to the more severe winter weather.
Operating income for the quarter increased 38.4% to $21.4 million from $15.5 million in the fourth quarter of fiscal 2013. Interest expense was $2.4 million as compared to $3.1 million in the fourth quarter of fiscal 2013.