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Article: Midas' sales fall 4.9%.(News)
- Article from:
- Tire Business
- Article date:
- August 31, 2009
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Midas Inc.'s sales fell slightly in the second quarter despite an 11-percent increase in store traffic driven by an oil change promotion during the period.
The increase in store traffic was offset by a 12-percent drop in the size of the average ticket, Midas said.
Net income fell 81.8 percent to $400,000 as sales revenue slid 4.9 percent to $46.4 million.
Midas operates nearly 2,500 franchises, licensed and company-owned Midas outlets in 15 countries, including 1,650 in the U.S. and Canada. It also owns the SpeeDee oil change business with 172 auto service centers in the U. S. and Mexico.
Second-quarter increases of 25 percent in oil ...