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Fiscal 2015 Annual Report

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Fiscal 2015 Annual Report Monro Muffler Brake, Inc. 200 Holleder Parkway Rochester, New York 14615 www.monro.com 1019215_2015MonroAnnualReportCOLOR.indd 2 6/29/15 2:52 PM ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS Monro Muffler Brake, Inc., headquartered in Rochester, New York, is a chain of company-owned and operated stores in the United States. Our stores provide a broad array of services with either an undercar repair emphasis or a tire sale and service emphasis. > Undercare services encompass: • Brake systems • Steering systems • Exhaust systems • Drive train systems • Suspension systems • Wheel alignments In addition, the stores provide many routine maintenance services, including or involving: • Oil changes • Tires sales and service • Air conditioning systems (in select stores) • Heating and cooling system flush and fills • Transmission flush and fills • Minor tune-ups • Batteries, alternators and starters • Belt and hose installations • State inspections • Scheduled maintenance As of March 28, 2015, the Company had 999 company-operated stores in Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia and Wisconsin. Monro Muffler Brake, Inc., a category leader in the Northeast and Great Lakes, desires to be the dominant auto service and tire provider in the markets it serves by: • Providing consumers and businesses with superior value via a quality job at a fair price with superior convenience and customer service • Being a rewarding place for performance-oriented employees to work • Providing superior returns to shareholders > Because you need to TRUST who’s working on your car. 1019215_2015MonroAnnualReportCOLOR.indd 3 6/29/15 2:52 PM ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS MAINTAINING DOMINANCE IN THE NORTHEASTERN U.S. Service Tire Stores Stores Connecticut 36 Delaware 2 6 Florida 52 Georgia 12 Illinois 5 Indiana 8 30 Kentucky 33 Maine 14 Maryland 9 66 Massachusetts 36 9 Michigan 17 Missouri 22 New Hampshire 9 17 New Jersey 13 33 New York 116 10 North Carolina 33 Ohio 113 40 Pennsylvania 106 24 Rhode Island 8 3 South Carolina 1 17 Tennessee 3 Vermont 1 4 Virginia 13 57 West Virginia 8 Wisconsin 13 Total 509 490 By Service/Tire Designation: Total Service Stores: 509 Total Tire Stores: 490 Total as of 3/28/15: 999 1019215_2015MonroAnnualReportCOLOR.indd 4 6/29/15 2:52 PM ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS Fiscal Year End – March 2015 2014 % change Sales .............................................................. $894,492 ...................... $831,432 ..................................7.6% Gross Profit ................................................... $353,350 ...................... $319,974 ................................10.4% Net Income ..................................................... $61,799 ........................ $54,459 ................................13.5% Earnings Per Share – Diluted ............................. $1.88 ............................ $1.67 ................................12.6% Total Assets ................................................... $907,794 ...................... $759,956 ................................19.5% Shareholders’ Equity .................................... $473,611 ...................... $415,984 ................................13.9% Number of Company-Operated Stores ................ 999 ............................... 953 ..................................4.8% Return on Shareholders’ Equity ..........................14% ..............................14% Comparable Store Sales Growth ..................... (1.4%) ............................ (.5%) ANNUAL SALES (millions of dollars) EARNINGS PER SHARE – DILUTED (dollars per share) Note: Earnings per share information has been adjusted to give retroactive effect to the three-for-two stock split paid in December 2010. NUMBER OF STORES (stores open and operating at end of fiscal year) 1019215_2015MonroAnnualReportCOLOR.indd 5 6/29/15 2:52 PM ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS Performance Graph Set forth below is a line-graph representation comparing the cumulative shareholder return on the Company’s Common Stock, on an indexed basis, against the cumulative total returns of the S&P Industrials and the S&P Retail Stores-Specialty Index for the sixty month period from March 31, 2010 to March 31, 2015 (March 31, 2010 = 100): Comparison of 5 Year Cumulative Total Return* Among Monro Muffler Brake, Inc., the S&P Industrials Index and the S&P Specialty Stores Index 3/10 3/11 3/12 3/13 3/14 3/15 Monro Muffler Brake, Inc. 100.00 139.93 177.66 172.08 248.68 287.05 S&P Industrials 100.00 121.88 124.01 142.23 181.04 196.85 Note: Earnings per share information has been adjusted to give retroactive effect to the three-for-two stock split paid in December 2010. S&P Specialty Stores 100.00 93.22 89.30 78.09 84.33 103.36 *$100 invested on 3/31/10 in stock or index, including reinvestment of dividends. Fiscal year ending March 31. Copyright© 2015 S&P, a division of McGraw Hill Financial. All rights reserved. 1019215_2015MonroAnnualReportCOLOR.indd 6 6/29/15 2:52 PM ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS ABOUT THE COMPANY | MARKET AREAS | FINANCIAL HIGHLIGHTS | LETTER TO OUR SHAREHOLDERS To Monro Muffler Brake, Inc. Shareholders: Monro continued to move forward in fiscal 2015, delivering another record year of sales, net income, and earnings per share. This was achieved despite a challenging macro-economic environment, in which consumers remained under pressure, deferring purchases and trading down from higher cost automotive maintenance and repairs. Monro, unlike many smaller, independent dealers, was also able to overcome industry headwinds prevalent through most of the fiscal year. We experienced significant deflation in tire prices, primarily the result of a sales mix shift to less expensive import tires, which had a negative impact on our comparable store sales. However, as a result of our ability to source imported tires at very attractive costs, we were able to increase year over year gross profit and gross margin per tire, while offering our customers a broader assortment of value-oriented tire options. This contributed to the expansion in the Company’s gross margin and a double digit increase in operating profit. These industry headwinds put financial pressure on smaller, independent operators, who lack Monro’s scale and operational efficiencies. As we have always said, when the industry’s operating environment is more challenging, our unique business model allows for continued profitable growth, given our ability to identify and complete acquisitions at attractive valuations. The high number of acquisitions completed in fiscal 2015 demonstrates the hedge in our business, as we added 81 locations and approximately $85 million in annualized sales. The integration of these new stores to our operating platform will contribute to expanding operating margins and earnings growth over the next several years. On a broader note, many key industry trends continue to benefit our business. Consumers are driving and maintaining their vehicles longer than ever before. The average age of vehicles on the road increased to 11.8 years in fiscal 2015, the highest on record, an increase from 10.9 years just three years ago. Monro is well positioned to serve this aging vehicle fleet when major repairs can no longer be deferred. Additionally, the average miles driven in the United States continues to increase, driven by lower gas prices. This is further helped by the increasing number of vehicles on the road, which is now approaching a record 250 million, while the number of service bays continues to decline. Thus, while the industry may face short-term headwinds, overall it remains very healthy and Monro is well positioned to capitalize on the opportunities to continue to consolidate this very fragmented sector, increasing leverage and driving higher levels of efficiency and profitability. We’re moving forward. Moving Forward: Fiscal 2015 - Another Year of Profitable Growth In fiscal 2015, we achieved record sales of $894.5 million, a 7.6% increase year over year. While oil change traffic was positive, our comparable store sales declined 1.4%. Approximately 1% of the comparable store sales decrease can be attributed to consumers trading down to lower priced, but more profitable, import tires. It is worth noting that comparable store sales increased an impressive 7% and 3% in our high margin alignment and brake categories, respectively. This contributed to a gross margin of 39.5% for the year, 100 basis points higher than the 38.5% achieved in fiscal 2014. Our direct import program for tires and parts, higher volume purchasing, lower oil and rubber costs and tight control of labor, all contributed to this outstanding performance. Operating expenses for fiscal 2015 were $243.6 million, or 27.2% of sales,
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