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Frankly, I was disappointed with Monro's quarterly results. I am not worried about sluggish sales and a difficult environment. Whether we want to call it gas prices, mid/low income consumer budgets getting squeezed, to parts lasting longer (i.e. exhaust down 17% in the quarter.) The bottom line is that there is something structurally that has changed in the environment. But CEO Robert Gross even pointed out that in difficult times it creates a better acquisition environment. And this is the opportunity I see for Monro. I think the chain is ahead of the rest of the industry in showing real economies of scale can exist. The only question now, is how quickly can they implement their systems and processes into newly acquired stores?
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