Midas, Inc. said that retail sales growth at Midas shops in the United States has continued to gain the momentum that began building in the fourth quarter of 2009.
Preliminary results for October and November 2010 show that fourth quarter-to-date comparable shop retail sales per day in U.S. Midas shops have increased by four per cent, following an increase of three per cent for the first nine months of the year, according to Alan D. Feldman, Midas’ chairman and chief executive officer. November comparable shop sales per day increased by 4.5 per cent in U.S. shops.
“Our strategy of attracting new and returning customers with value-priced oil changes continues to build sales at U.S. shops,” Feldman said.
Feldman said comparable shop sales per day in November were up in all four regions of the U.S. and increased by nine per cent in Canada-the first monthly sales gain in Canada of the year. Comparable shop sales per day were up one per cent in Canada for the first two months of the fourth quarter.
Feldman said that company-operated Midas shops in the U.S. reported comparable shop sales increases of 4.2 percent so far in the fourth quarter, following an increase of 3.4 percent for the first nine months.
“We are encouraged by the progress we are making in increases in customer counts and comparable shop sales at franchised, company-operated and Midas-SpeeDee co-branded shops,” Feldman said.
Midas expects to announce its full-year 2010 results on Thursday, March 3, 2011.