Monro (MNRO) 10-Q 6 Aug 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 27, 2015	Jul. 17, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	MONRO MUFFLER BRAKE INC
Entity Central Index Key	876,427
Document Type	10-Q
Document Period End Date	Jun. 27, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-26
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		31,951,087

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2015	Mar. 28, 2015
Current assets:
Cash and equivalents	$ 7,711	$ 7,730
Trade receivables	4,085	2,561
Inventories	132,970	129,727
Deferred income tax assets	14,171	13,942
Other current assets	22,791	21,324
Total current assets	181,728	175,284
Property, plant and equipment	600,015	592,206
Less - Accumulated depreciation and amortization	(271,370)	(265,454)
Net property, plant and equipment	328,645	326,752
Goodwill	359,703	349,088
Intangible assets	40,843	34,555
Other non-current assets	11,721	11,947
Long-term deferred income tax assets	9,568	10,168
Total assets	932,208	907,794
Current liabilities:
Current portion of long-term debt, capital leases and financing obligations	8,861	8,908
Trade payables	67,053	62,920
Federal and state income taxes payable	9,975	385
Accrued payroll, payroll taxes and other payroll benefits	15,802	22,265
Accrued insurance	34,039	32,373
Warranty reserves	10,822	10,752
Other current liabilities	15,389	18,190
Total current liabilities	161,941	155,793
Long-term capital leases and financing obligations	131,286	133,145
Long-term debt	118,376	122,543
Accrued rent expense	5,284	5,342
Other long-term liabilities	19,162	14,458
Long-term income taxes payable	3,181	2,902
Total liabilities	$ 439,230	$ 434,183
Commitments and contingencies
Shareholders' equity:
Class C Convertible Preferred Stock, $1.50 par value, $.064 conversion value; 150,000 shares authorized; 32,500 shares issued and outstanding	$ 49	$ 49
Common Stock, $.01 par value, 65,000,000 shares authorized; 38,131,126 and 38,007,537 shares issued at June 27, 2015 and March 28, 2015, respectively	381	380
Treasury Stock, 6,180,489 shares at cost	(95,638)	(95,638)
Additional paid-in capital	166,441	160,880
Accumulated other comprehensive loss	(4,689)	(4,584)
Retained earnings	426,434	412,524
Total shareholders' equity	492,978	473,611
Total liabilities and shareholders' equity	$ 932,208	$ 907,794

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 27, 2015	Mar. 28, 2015
Consolidated Balance Sheets [Abstract]
Class C convertible preferred stock par value	$ 1.50	$ 1.50
Class C convertible preferred stock, conversion value	$ 0.064	$ 0.064
Class C convertible preferred stock shares authorized	150,000	150,000
Class C convertible preferred stock shares issued	32,500	32,500
Class C convertible preferred stock shares outstanding	32,500	32,500
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	65,000,000	65,000,000
Common shares issued	38,131,126	38,007,537
Treasury stock shares	6,180,489	6,180,489

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Sales	$ 236,520	$ 217,507
Cost of sales, including distribution and occupancy costs	136,802	127,485
Gross profit	99,718	90,022
Operating, selling, general and administrative expenses	66,111	60,612
Operating income	33,607	29,410
Interest expense, net of interest income	3,392	2,137
Other income, net	(106)	(80)
Income before provision for income taxes	30,321	27,353
Provision for income taxes	11,522	10,421
Net income	18,799	16,932
Other comprehensive loss, net of tax:
Changes in pension, net of tax benefit	(105)	(62)
Comprehensive income	$ 18,694	$ 16,870
Earnings per share:
Basic	$ 0.59	$ 0.53
Diluted	$ 0.57	$ 0.52

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - 3 months ended Jun. 27, 2015 - USD ($) shares in Thousands, $ in Thousands		Class C Convertible Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Balance beginning at Mar. 28, 2015		$ 49	$ 380	$ (95,638)	$ 160,880	$ (4,584)	$ 412,524	$ 473,611
Beginning Balance, Shares at Mar. 28, 2015		33	38,008	6,180
Net income							18,799	18,799
Other comprehensive loss:
Pension liability adjustment [($168) pre-tax]						(105)		(105)
Cash Dividends:
Preferred dividends	[1]						(114)	(114)
Common dividends	[1]						(4,775)	(4,775)
Tax benefit from exercise of stock options					884			884
Exercise of stock options			$ 1		4,161			4,162
Exercise of stock options, shares			123
Stock-based compensation					516			516
Balance ending at Jun. 27, 2015		$ 49	$ 381	$ (95,638)	$ 166,441	$ (4,689)	$ 426,434	$ 492,978
Ending Balance, Shares at Jun. 27, 2015		33	38,131	6,180
[1]	First quarter fiscal year 2016 dividend payment of $.15 per common share or common share equivalent paid on June 11, 2015.

Consolidated Statements of Cha6

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - 3 months ended Jun. 27, 2015 - USD ($) $ in Thousands	Total
Consolidated Statement of Changes in Shareholders' Equity [Abstract]
Common stock cash dividends per share	$ 0.15
Pension liability adjustment - pre-tax	$ 168

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Cash flows from operating activities:
Net income	$ 18,799	$ 16,932
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	9,631	8,217
Loss on disposal of assets	33	191
Stock-based compensation expense	516	755
Excess tax benefits from share-based payment arrangements	(8)	(42)
Net change in deferred income taxes	407	200
Change in operating assets and liabilities (excluding acquisitions)
Trade receivables	(1,273)	(38)
Inventories	(3,242)	(970)
Other current assets	(1,465)	707
Other non-current assets	416	524
Trade payables	2,906	1,098
Accrued expenses	(5,490)	4,113
Federal and state income taxes payable	10,474	2,508
Other long-term liabilities	(362)	(232)
Long-term income taxes payable	279	143
Total adjustments	12,822	17,174
Net cash provided by operating activities	31,621	34,106
Cash flows from investing activities:
Capital expenditures	(9,442)	(8,974)
Acquisitions, net of cash acquired	(15,233)	(18,360)
Proceeds from the disposal of assets	220	38
Net cash used for investing activities	(24,455)	(27,296)
Cash flows from financing activities:
Proceeds from borrowings	86,072	75,412
Principal payments on long-term debt, capital leases and financing obligations	(92,538)	(78,127)
Exercise of stock options	4,162	1,205
Excess tax benefits from share-based payment arrangements	8	42
Dividends paid	(4,889)	(4,198)
Net cash used for financing activities	(7,185)	(5,666)
(Decrease) increase in cash	(19)	1,144
Cash at beginning of period	7,730	1,205
Cash at end of period	$ 7,711	$ 2,349

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	3 Months Ended
	Jun. 27, 2015
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	N ote 1 – Condensed Consolidated Financial Statements The consolidated balance sheets as of June 27, 2015 and March 28, 2015, the consolidated statements of comprehensive income and cash flows for the quarters ended June 27, 2015 and June 28, 2014 and the consolidated statement of changes in shareholders’ equity for the quarter ended June 27, 2015, include financial information for Monro Muffler Brake, Inc. and its wholly-owned subsidiaries, Monro Service Corporation and Car-X, LLC (collectively, “Monro”, “we”, “us”, “our”). These unaudited, condensed consolidated financial statements have been prepared by Monro. We believe all known adjustments (consisting of normal recurring accruals or adjustments) have been made to fairly state the financial position, results of operations and cash flows for the unaudited periods presented. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 28, 2015. We report our results on a 52 / 53 week fiscal year with the fiscal year ending on the last Saturday in March of each year. The following are the dates represented by each fiscal period reported in these condensed financial statements: “Quarter Ended Fiscal June 2015” March 29, 2015 – June 27, 2015 ( 13 weeks) “Quarter Ended Fiscal June 2014” March 30, 2014 – June 28, 2014 ( 13 weeks) Fiscal year 2016, ending March 26, 2016, is a 52 week year. Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance for the reporting of discontinued operations. This guidance eliminates certain exceptions from reporting discontinued operations that exist under current guidance, and also requires several new disclosures about disposals that qualify as discontinued operations. This guidance is effective for fiscal years and interim periods within those years beginning on or after December 15, 2014, with early adoption permitted. The adoption of this guidance in the first quarter of fiscal 2016 did not have a material effect on our Consolidated Financial Statements. In May 2014, the FASB issued new accounting guidance for the reporting of revenue from contracts with customers. This guidance provides guidelines a company will apply to determine the measurement of revenue and timing of when it is recognized. In July 2015, the FASB decided to delay the effective date of the standard to be adopted for financial statements issued for fiscal years beginning after December 15, 2017 . Early adoption is permitted, but not before the original effective date for public entities . We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements. In January 2015, the FASB issued new accounting guidance related to the disclosure requirements for extraordinary items. The standard eliminates the concept of extraordinary items on the income statement. This pronouncement is effective for fiscal years and interim periods within those years beginning after December 15, 2015. The adoption of this guidance is not expected to have a material effect on our Consolidated Financial Statements. In February 2015, the FASB issued new accounting guidance that is intended to improve targeted areas of consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This standard simplifies consolidation accounting by reducing the number of consolidation models and will require all entities to re-evaluate consolidation conclusions regarding variable interest entities. This pronouncement is effective for fiscal years and for interim periods within those years beginning after December 15, 2015. The adoption of this guidance is not anticipated to have a material effect on our Consolidated Financial Statements. In April 2015, the FASB issued new accounting guidance related to the presentation of debt issuance costs. This standard will require debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. These costs will continue to be amortized to interest expense using the effective interest method. This pronouncement is effective for fiscal years and for interim periods within those years beginning after December 15, 2015. Retrospective adoption is required. We do not expect this pronouncement to have a material effect on our Consolidated Financial Statements. In April 2015, the FASB issued new accounting guidance related to the measurement date of an employer's defined benefit obligation and plan assets. The new guidance permits a reporting entity with a fiscal year-end that does not coincide with a month-end to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The new guidance should be applied on a prospective basis. The adoption of this standard will not have a material impact on our Consolidated Financial Statements. In July 2015, the FASB issued new accounting guidance for the reporting of inventory. This guidance requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on Monro’s Consolidated Financial Statements. Guarantees We have guaranteed certain lease payments, primarily related to franchisees, amounting to $18 million. This amount represents the maximum potential amount of future payments under the guarantees as of June 27, 2015. The underlying leases expire on various dates through February 2030. In the event of default by the franchise owner, we generally retain the right to assume the lease of the related store, enabling us to re-franchise the location or to operate that location as a company-owned store. As of June 27, 2015, we do not anticipate any material defaults under the foregoing leases; therefore, no liability has been provided.

Acquisitions

Acquisitions	3 Months Ended
	Jun. 27, 2015
Acquisitions [Abstract]
Acquisitions	Note 2 – Acquisitions Monro’s acquisitions are strategic moves in our plan to fill in and expand our presence in existing and contiguous markets, and leverage fixed operating costs such as distribution and advertising. Subsequent Event We signed a definitive asset purchase agreement to complete the acquisition of 27 retail tire and automotive repair stores located in Central New York and Pennsylvania from Kost Tire on July 17, 2015. This transaction is expected to close during the second quarter of fiscal 2016. These stores will operate under the Mr. Tire name. The acquisition is expected to be financed through our existing credit facility. On July 12, 2015, we acquired four retail tire and automotive repair stores located in Massachusetts from Windsor Tire Co., Inc. These stores operate under the Monro Brake & Tire name. The acquisition was financed through our existing credit facility. Fiscal 2016 On April 25, 2015, we acquired the Car-X Brand, as well as the franchise rights for 146 auto service centers from Car-X Associates Corp., a subsidiary of Tuffy Associates Corp. The Car-X stores are owned and operated by 32 independent Car-X franchisees in Illinois, Indiana, Iowa, Kentucky, Minnesota, Missouri, Ohio, Tennessee, Texas and Wisconsin. The franchise locations operate under the Car-X name. Monro operates as the franchisor through a standard royalty agreement, while Car-X remains a separate and independent brand and business through Car-X, LLC, Monro’s wholly-owned subsidiary, with franchise operations based in Illinois. The acquisition was financed through our existing credit facility. The results of operations for this acquisition are included in Monro’s financial results from the date of acquisition and are immaterial. The acquisition resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combini n g this business with ours, and unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to trade name and franchise agreements. We expensed all costs related to acquisitions in the three months ended June 27, 2015. The total costs related to completed acquisitions were immaterial for the three months ended June 27, 2015. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. The preliminary fair values of identifiable assets acquired and liabilities assumed were based on preliminary valuations and estimates. The excess of the net purchase price over net tangible and intangible assets acquired was recorde d as goodwill. The preliminar y allocation of the aggregate purchase price as of June 27, 2015 was as follows: As of Acquisition Date (Dollars in thousands) Trade receivables $ Other current assets Property, plant and equipment Intangible assets Total assets acquired Other current liabilities Total liabilities assumed Total net identifiable assets acquired $ Total consideration transferred $ Less: total net identifiable assets acquired Goodwill $ The total consideration of $17.8 million is comprised of $11.8 million in cash, and a $6.0 million payable to the seller . The payable is scheduled to be liquidated via equal monthly payments through August 2022. The following are the intangible assets acquired and their respective fair values and weighted average useful lives: Dollars in thousands As of Acquisition Date Weighted Average Useful Life Trade name $ 15 years Franchise agreement 18 years Total $ 17 years Supplemental pro forma information for the current or prior reporting periods has not been presented due to the im materiality of these amounts for the periods the acquired entity was not owned by Monro. Fiscal 2015 During fiscal 2015, we acquired the following businesses for an aggregate purchase price of $18.4 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in Monro’s financial results for the period from acquisition date through June 28, 2014 and were immaterial. On June 15, 2014, we acquired ten and nine retail tire and automotive repair stores located in Michigan from Lentz U.S.A. Service Centers, Inc. and Kan Rock Tire Company, Inc., respectively. Two of the acquired stores were never opened. These stores operate under the Monro Brake & Tire name. On April 13, 2014, we acquired two retail tire and automotive repair stores located in New Hampshire from Bald Tire & Auto, Inc. These stores were previously Tire Warehouse franchise locations and continue to operate under the Tire Warehouse name. The acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, and unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes . We have r ecorded finite-lived intangible assets at their estimated fair value related to customer relationships and favorable leases. We expensed all costs related to the acquisitions during fiscal 2015. The total costs related to these acquisitions for the first quarter of fiscal 2015 were not material to the Consolidated Statements of Comprehensive Income. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. We have recorded the identifiable assets acquired and liabilities assumed at their estimated fair values as of their respective acquisition dates, with the remainder recorded as goodwill as follows: As of Acquisition Date (Dollars in thousands) Inventories $ Other current assets Property, plant and equipment Intangible assets Long-term deferred income tax assets Total assets acquired Warranty reserves Other current liabilities Long-term capital leases and financing obligations Other long-term liabilities Total liabilities assumed Total net identifiable assets acquired $ Total consideration transferred $ Less: total net identifiable assets acquired Goodwill $ The following are the intangible assets acquired and their respective estimated fair values and weighted average useful lives: Dollars in thousands As of Acquisition Date Weighted Average Useful Life Customer relationships 7 years Favorable leases 14 years Total $ 9 years As a result of the updated purchase price allocations, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments related to updated valuation reports and appraisals received from our external valuation specialists, as well as revisions to internal estimates. The changes in estimates include an increase in property, plant and equipment of $1.0 million; a decrease in intangible assets of $1.8 million; an in crease in current liabilities of $.3 million; an in crease in long-term capital leases and financing obligations of $1.3 million ; and an immaterial change in various assets and liabilities netting to $.3 million . The measurement period adjustments resulted in an increase to goodwill of $2.1 million. We continue to refine the valuation data and estimates primarily related to inventory, road hazard warranty, intangible assets, real estate and real property leases for all other fiscal 2015 acquisitions and the fiscal 2016 acquisition, and expect to complete the valuations no later than the first anniversary date of the respective acquisition. We anticipate that adjustments will continue to be made to the fair values of identifiable assets acquired and liabilities assumed and those adjustments may or may not be material.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 27, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 3 – Earnings Per Share Basic earnings per common share (“EPS”) amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding. The following is a reconciliation of basic and diluted EPS for the respective periods: Quarter Ended Fiscal June 2015 2014 (Dollars in thousands, except per share data) Numerator for earnings per common share calculation: Net Income $ $ Preferred stock dividends Income available to common stockholders $ $ Denominator for earnings per common share calculation: Weighted average common shares, basic Effect of dilutive securities: Preferred stock Stock options Weighted average number of common shares, diluted Basic Earnings per common share: $ $ Diluted Earnings per common share: $ $ The computation of diluted EPS excludes the effect of the assumed exercise of approximately 109,000 and 57,000 stock options for the three months ended fiscal June 27, 2015 and June 28, 2014, respectively. Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of our Common Stock for those periods, resulting in an anti-dilutive effect on diluted EPS.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 27, 2015
Income Taxes [Abstract]
Income Taxes	Note 4 – Income Taxes In the normal course of business, we provide for uncertain tax positions and the related interest and penalties, and adjust our unrecognized tax benefits and accrued interest and penalties accordingly. The total amounts of unrecognized tax benefits were $7.9 million and $7.5 million at June 27, 2015 and March 28, 2015, respectively, the majority of which, if recognized, would affect the effective tax rate. As of June 27, 2015, we had approximately $.4 million of interest and penalties accrued related to unrecognized tax benefits. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our fiscal 2012 through fiscal 2014 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities.

Fair Value

Fair Value	3 Months Ended
	Jun. 27, 2015
Fair Value [Abstract]
Fair Value	Note 5 – Fair Value Long-term debt, including current portion, had a carrying amount and a fair value of $118.4 million as of June 27, 2015 , as compared to a carrying amount and a fair value of $122.5 million as of March 28, 2015 . The fair value of long-term debt was estimated based on discounted cash flow analyses using either quoted market prices for the same or similar issues, or the current interest rates offered to Monro for debt with similar maturities.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	3 Months Ended
	Jun. 27, 2015
Supplemental Disclosure of Cash Flow Information [Abstract]
Supplemental Disclosure of Cash Flow Information	Note 6 – Supplemental Disclosure of Cash Flow Information The following represents non-cash investing and financing activities during the three months ended June 27, 2015. Three Months Ended June 27, 2015: In connection with the fiscal 2016 acquisition, liabilities were assumed as follows: (Dollars in thousands) Fair value of assets acquired $ Goodwill acquired Cash paid, net of cash acquired Less: Amount payable to the seller Liabilities assumed $ Three Months Ended June 28, 2014: In connection with the fiscal 2015 acquisitions, liabilities were assumed as follows: (Dollars in thousands) Fair value of assets acquired $ Goodwill acquired Cash paid, net of cash acquired Liabilities assumed $

Cash Dividend

Cash Dividend	3 Months Ended
	Jun. 27, 2015
Cash Dividend [Abstract]
Cash Dividends	Note 7 – Cash Dividend In May 2015, our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal 2016 of $.15 per common share or common share equivalent to be paid beginning with the first quarter of fiscal 2016. However, the declaration of and any determination as to the payment of future dividends will be at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with charter and credit facility restrictions, and such other factors as the Board of Directors deems relevant.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 27, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 8 – Subsequent Events On August 4, 2015 , our Board of Directors declared a regular quarterly cash dividend of $.15 per common share equivalent to be paid to shareholders of record as of August 17, 2015 . The dividend will be paid on August 27, 2015 . See Note 2 for a discussion of acquisitions subsequent to June 27, 2015.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Jun. 27, 2015
Fiscal 2016 Aquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price	As of Acquisition Date (Dollars in thousands) Trade receivables $ Other current assets Property, plant and equipment Intangible assets Total assets acquired Other current liabilities Total liabilities assumed Total net identifiable assets acquired $ Total consideration transferred $ Less: total net identifiable assets acquired Goodwill $
Schedule Of Intangible Assets Acquired	Dollars in thousands As of Acquisition Date Weighted Average Useful Life Trade name $ 15 years Franchise agreement 18 years Total $ 17 years
Fiscal 2015 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price	As of Acquisition Date (Dollars in thousands) Inventories $ Other current assets Property, plant and equipment Intangible assets Long-term deferred income tax assets Total assets acquired Warranty reserves Other current liabilities Long-term capital leases and financing obligations Other long-term liabilities Total liabilities assumed Total net identifiable assets acquired $ Total consideration transferred $ Less: total net identifiable assets acquired Goodwill $
Schedule Of Intangible Assets Acquired	Dollars in thousands As of Acquisition Date Weighted Average Useful Life Customer relationships 7 years Favorable leases 14 years Total $ 9 years

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jun. 27, 2015
Earnings Per Share [Abstract]
Reconciliation Of Basic And Diluted Earnings Per Share	Quarter Ended Fiscal June 2015 2014 (Dollars in thousands, except per share data) Numerator for earnings per common share calculation: Net Income $ $ Preferred stock dividends Income available to common stockholders $ $ Denominator for earnings per common share calculation: Weighted average common shares, basic Effect of dilutive securities: Preferred stock Stock options Weighted average number of common shares, diluted Basic Earnings per common share: $ $ Diluted Earnings per common share: $ $

Supplemental Disclosure of Ca18

Supplemental Disclosure of Cash Flow Information (Tables)	3 Months Ended
	Jun. 27, 2015
Fiscal 2016 Aquisitions [Member]
Business Acquisition [Line Items]
Liabilities on acquisitions assumed	(Dollars in thousands) Fair value of assets acquired $ Goodwill acquired Cash paid, net of cash acquired Less: Amount payable to the seller Liabilities assumed $
Fiscal 2015 Acquisitions [Member]
Business Acquisition [Line Items]
Liabilities on acquisitions assumed	(Dollars in thousands) Fair value of assets acquired $ Goodwill acquired Cash paid, net of cash acquired Liabilities assumed $

Condensed Consolidated Financ19

Condensed Consolidated Financial Statements (Details) $ in Millions	Jun. 27, 2015USD ($)
Property Lease Guarantee [Member]
Loss Contingencies [Line Items]
Maximum potential guarantee payments	$ 18

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	Jul. 17, 2015store	Jul. 12, 2015store	Jun. 15, 2015store	Apr. 25, 2015store	Jun. 15, 2014store	Apr. 13, 2014store	Jun. 27, 2015USD ($)	Jun. 28, 2014USD ($)	Mar. 28, 2015USD ($)
Business Acquisition [Line Items]
Change in estimates, property, plant and equipment									$ 1,000
Change in estimates, intangible assets									(1,800)
Change in current liabilities									300
Change in estimates, long-term capital leases and financing obligations									1,300
Change in estimates, various assets and liabilites, net									300
Adjustments to goodwill related to purchase accounting									$ 2,100
Car-X Associates Corp. Acquisition [Member]
Business Acquisition [Line Items]
Number of franchisees | store				32
Number of franchise rights | store				146
Lentz Acquisition [Member]
Business Acquisition [Line Items]
Number of stores acquired | store					10
Number of stores never opened | store			1
Kan Rock Acquisition [Member]
Business Acquisition [Line Items]
Number of stores acquired | store					9
Number of stores never opened | store			1
Bald Tire Acquisition [Member]
Business Acquisition [Line Items]
Number of stores acquired | store						2
Windsor Tire Co. Aquisition [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Number of stores acquired | store		4
Kost Tire [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Number of stores acquired | store	27
Fiscal 2015 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred								$ 18,411
Fiscal 2016 Aquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred							$ 17,821
Total consideration transferred, portion in cash							11,800
Total consideration transferred, portion payable							$ 6,000

Acquisitions (Purchase Price Al

Acquisitions (Purchase Price Allocations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Mar. 28, 2015
Purchase price of acquisitions allocation
Goodwill	$ 359,703		$ 349,088
Fiscal 2016 Aquisitions [Member]
Purchase price of acquisitions allocation
Trade receivables	251
Other current assets	2
Property, plant and equipment	42
Intangible assets	9,300
Total assets acquired	9,595
Other current liabilities	252
Total liabilities assumed	252
Total net identifiable assets acquired	9,343
Total consideration transferred	17,821
Less: total net identifiable assets acquired	9,343
Goodwill	$ 8,478
Fiscal 2015 Acquisitions [Member]
Purchase price of acquisitions allocation
Inventories		$ 1,381
Other current assets		24
Property, plant and equipment		8,282
Intangible assets		606
Long-term deferred income tax assets		276
Total assets acquired		10,569
Warranty reserves		109
Other current liabilities		178
Long-term capital leases and financing obligations		1,255
Other long-term liabilities		80
Total liabilities assumed		1,622
Total net identifiable assets acquired		8,947
Total consideration transferred		18,411
Less: total net identifiable assets acquired		8,947
Goodwill		$ 9,464

Acquisitions (Intangible Assets

Acquisitions (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 9,300	$ 606
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	17 years	9 years
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 473
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life		7 years
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 2,100
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	15 years
Franchise Agreement [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 7,200
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	18 years
Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 133
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life		14 years

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	109,000	57,000

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation Of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 27, 2015		Jun. 28, 2014
Numerator For Earnings Per Share Calculation [Abstract]
Net income	$ 18,799		$ 16,932
Preferred stock dividends	(114)	[1]	(99)
Income available to common shareholders	$ 18,685		$ 16,833
Denominator for earnings per common share calculation:
Weighted average common shares, basic	31,855		31,516
Effect of dilutive securities:
Preferred stock	760		760
Stock options	493		501
Weighted average number of common shares, diluted	33,108		32,777
Basic Earnings per common share:	$ 0.59		$ 0.53
Diluted Earnings per common share:	$ 0.57		$ 0.52
[1]	First quarter fiscal year 2016 dividend payment of $.15 per common share or common share equivalent paid on June 11, 2015.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 27, 2015	Mar. 28, 2015
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits	$ 7.9	$ 7.5
Interest and penalties accrued related to unrecognized tax benefits	$ 0.4

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Jun. 27, 2015	Mar. 28, 2015
Fair Value [Abstract]
Carrying amount of long-term debt ( including current portion)	$ 118.4	$ 122.5
Fair value of long-term debt (including current portion)	$ 118.4	$ 122.5

Supplemental Disclosure of Ca27

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Mar. 28, 2015
Business Acquisition [Line Items]
Goodwill	$ 359,703		$ 349,088
Cash paid, net of cash acquired	(15,233)	$ (18,360)
Fiscal 2016 Aquisitions [Member]
Business Acquisition [Line Items]
Fair value of assets acquired	9,595
Goodwill	8,478
Cash paid, net of cash acquired	(11,821)
Less: Amount payable to the seller	6,000
Liabilities assumed	$ 252
Fiscal 2015 Acquisitions [Member]
Business Acquisition [Line Items]
Fair value of assets acquired		10,569
Goodwill		9,464
Cash paid, net of cash acquired		(18,411)
Liabilities assumed		$ 1,622

Cash Dividend (Details)

Cash Dividend (Details)	1 Months Ended
	May. 30, 2015$ / shares
Cash Dividend [Abstract]
Common stock cash dividends per share declared	$ 0.15

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Aug. 04, 2015	May. 30, 2015
Subsequent Event [Line Items]
Cash dividend per common share		$ 0.15
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared date	Aug. 4, 2015
Cash dividend per common share	$ 0.15
Dividends payable, date of record	Aug. 17, 2015
Cash dividend date to be paid	Aug. 27, 2015