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Monro Muffler Brake Inc. (MNRO) filed Quarterly Report for the period ended 2011-12-24.
Monro Muffler Brake Inc. has a market cap of $1.31 billion; its shares were traded at around $42.47 with a P/E ratio of 26 and P/S ratio of 2.1. The dividend yield of Monro Muffler Brake Inc. stocks is 0.8%. Monro Muffler Brake Inc. had an annual average earning growth of 12.5% over the past 10 years. GuruFocus rated Monro Muffler Brake Inc. the business predictability rank of 4.5-star.
This is the annual revenues and earnings per share of MNRO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MNRO.
Highlight of Business Operations:
Sales were $514.8 million for the nine months ended December 24, 2011 as compared with $485.9 million in the nine months ended December 25, 2010. The sales increase of $28.9 million or 6.0%, was due primarily to an increase of $26.9 million related to new stores. Additionally, comparable store sales increased by .4%. Partially offsetting this sales increase was a decrease in sales from closed stores amounting to $3.0 million. There were 271 selling days in fiscal 2012 through December 24, 2011 as compared to 270 selling days through December 25, 2010. Adjusting for days, comparable store sales were flat for the first nine months of fiscal 2012 as compared to the first nine months of fiscal 2011.Gross profit for the quarter ended December 24, 2011 was $67.8 million or 38.4% of sales as compared with $64.7 million or 39.1% of sales for the quarter ended December 25, 2010. The decrease in gross profit for the quarter ended December 24, 2011, as a percentage of sales, is due to several factors. Total material costs, including outside purchases, increased as a percentage of sales as compared to the prior year. The Company experienced significant increases in oil and tire costs as compared to the same quarter of the prior year, and for competitive reasons, was not able to increase selling prices to the degree that would have preserved gross margin percentages at prior year levels. The shift in mix to higher margin categories, such as brakes and exhaust, which had comparable store increases in the quarter, helped to slightly offset the effect of tire and oil cost increases.
Gross profit for the nine months ended December 24, 2011 was $209.9 million, or 40.8% of sales, compared with $197.1 million or 40.6% of sales for the nine months ended December 25, 2010. The year-to-date improvement in gross profit is largely due to leveraging of fixed distribution and occupancy costs against improved sales this year, as well as decreased labor costs.
Operating income for the quarter ended December 24, 2011 of approximately $22.6 million increased by 21.2% as compared to operating income of approximately $18.7 million for the quarter ended December 25, 2010, and increased as a percentage of sales from 11.3% to 12.8%.
Operating income for the nine months ended December 24, 2011 of approximately $74.0 million increased by 15.6% as compared to operating income of approximately $64.0 million for the nine months ended December 25, 2010, and increased as a percentage of sales from 13.2% for the nine months ended December 25, 2010 to 14.4% for the nine months ended December 24, 2011.
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