Monro (MNRO) 10-Q 2 Feb 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 24, 2016	Jan. 20, 2017
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	Dec. 24, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-25
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		32,566,220

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 24, 2016	Mar. 26, 2016
Current assets:
Cash and equivalents	$ 6,463	$ 7,985
Trade receivables	11,492	4,301
Federal and state income taxes receivable		80
Inventories	136,615	129,035
Other current assets	41,390	28,674
Total current assets	195,960	170,075
Property, plant and equipment	692,724	639,936
Less - Accumulated depreciation and amortization	(311,724)	(288,354)
Net property, plant and equipment	381,000	351,582
Goodwill	496,105	400,132
Intangible assets	50,995	39,520
Other non-current assets	11,676	12,774
Long-term deferred income tax assets	27,014	25,355
Total assets	1,162,750	999,438
Current liabilities:
Current portion of long-term debt, capital leases and financing obligations	14,179	11,244
Trade payables	81,467	69,887
Federal and state income taxes payable	1,118
Accrued payroll, payroll taxes and other payroll benefits	18,167	23,989
Accrued insurance	37,219	35,967
Warranty reserves	10,927	10,793
Other current liabilities	19,046	15,691
Total current liabilities	182,123	167,571
Long-term capital leases and financing obligations	195,754	165,730
Long-term debt	184,572	103,315
Accrued rent expense	5,033	5,145
Other long-term liabilities	17,571	18,363
Long-term income taxes payable	3,671	3,119
Total liabilities	588,724	463,243
Commitments and contingencies
Shareholders' equity:
Class C Convertible Preferred Stock, $1.50 par value, $.064 conversion value, 150,000 shares authorized; 25,725 and 32,500 shares issued and outstanding at December 24, 2016 and March 26, 2016, respectively	39	49
Common Stock, $.01 par value, 65,000,000 shares authorized; 38,881,156 and 38,556,678 shares issued at December 24, 2016 and March 26, 2016, respectively	389	386
Treasury Stock, 6,322,417 and 6,316,652 shares at December 24, 2016 and March 26, 2016, respectively, at cost	(106,212)	(105,856)
Additional paid-in capital	189,964	186,550
Accumulated other comprehensive loss	(4,787)	(4,576)
Retained earnings	494,633	459,642
Total shareholders' equity	574,026	536,195
Total liabilities and shareholders' equity	$ 1,162,750	$ 999,438

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 24, 2016	Mar. 26, 2016
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	25,725	32,500
Class C convertible preferred stock shares outstanding	25,725	32,500
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	65,000,000	65,000,000
Common stock shares issued	38,881,156	38,556,678
Treasury stock shares	6,322,417	6,316,652

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 24, 2016	Dec. 26, 2015	Dec. 24, 2016	Dec. 26, 2015
Consolidated Statements Of Comprehensive Income [Abstract]
Sales	$ 288,283	$ 238,942	$ 769,500	$ 714,617
Cost of sales, including distribution and occupancy costs	182,683	145,575	465,834	420,807
Gross profit	105,600	93,367	303,666	293,810
Operating, selling, general and administrative expenses	72,526	66,937	207,372	199,680
Operating income	33,074	26,430	96,294	94,130
Interest expense, net of interest income	5,261	3,853	14,233	11,003
Other income, net	(165)	(198)	(445)	(407)
Income before provision for income taxes	27,978	22,775	82,506	83,534
Provision for income taxes	10,412	7,544	30,641	30,632
Net income	17,566	15,231	51,865	52,902
Other comprehensive loss, net of tax:
Changes in pension, net of tax benefit	(83)	(105)	(211)	(315)
Comprehensive income	$ 17,483	$ 15,126	$ 51,654	$ 52,587
Earnings per share:
Basic	$ 0.54	$ 0.47	$ 1.59	$ 1.64
Diluted	$ 0.53	$ 0.46	$ 1.56	$ 1.59

Consolidated Statement Of Chang

Consolidated Statement Of Changes in Shareholders' Equity - 9 months ended Dec. 24, 2016 - USD ($) $ in Thousands		Class C Convertible Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Total
Balance beginning at Mar. 26, 2016		$ 49	$ 386	$ (105,856)	$ 186,550	$ (4,576)	$ 459,642	$ 536,195
Beginning balance, preferred shares at Mar. 26, 2016		32,500						32,500
Beginning balance, common shares at Mar. 26, 2016			38,557,000	6,317,000
Net income							51,865	$ 51,865
Other comprehensive loss:
Pension liability adjustment [($398) pre-tax]						(211)		(211)
Cash Dividends:
Preferred dividends	[1]						(361)	(361)
Common dividends	[1]						(16,513)	(16,513)
Conversion of Class C Preferred Stock		$ (10)	$ 1		9
Conversion of Class C Preferred Stock, shares		(7,000)	158,000
Tax benefit from exercise of stock options					3,180			3,180
Exercise of stock options			$ 2	$ (356)	(2,005)			(2,359)
Exercise of stock options, shares			166,000	5,000
Stock-based compensation					2,230			2,230
Balance ending at Dec. 24, 2016		$ 39	$ 389	$ (106,212)	$ 189,964	$ (4,787)	$ 494,633	$ 574,026
Ending balance, preferred shares at Dec. 24, 2016		25,725						25,725
Ending balance, common shares at Dec. 24, 2016			38,881,000	6,322,000
[1]	Represents first, second and third quarter fiscal year 2017 dividends of $.17 per common share or common share equivalent each quarter, paid on June 13, 2016, September 1, 2016 and December 23, 2016, respectively.

Consolidated Statement Of Chan6

Consolidated Statement Of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 24, 2016	Sep. 24, 2016	Jun. 25, 2016	Dec. 24, 2016
Consolidated Statement of Changes in Shareholders' Equity [Abstract]
Common stock cash dividends per share	$ 0.17	$ 0.17	$ 0.17
Pension liability adjustment - pre-tax				$ (398)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 24, 2016	Dec. 26, 2015
Cash flows from operating activities:
Net income	$ 51,865	$ 52,902
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	33,310	29,402
Loss (gain) on disposal of assets	219	(383)
Stock-based compensation expense	2,230	2,313
Excess tax benefits from share-based payment arrangements		(8)
Net change in deferred income taxes	6,859	4,691
Change in operating assets and liabilities (excluding acquisitions):
Trade receivables	142	(1,654)
Inventories	8,724	(714)
Other current assets	(12,326)	(10,913)
Other non-current assets	2,637	568
Trade payables	11,580	5,281
Accrued expenses	(2,413)	(3,067)
Federal and state income taxes payable	(472)	3,504
Other long-term liabilities	(1,153)	(923)
Long-term income taxes payable	552	742
Total adjustments	49,889	28,839
Net cash provided by operating activities	101,754	81,741
Cash flows from investing activities:
Capital expenditures	(28,082)	(28,841)
Acquisitions, net of cash acquired	(133,684)	(48,157)
Proceeds from the disposal of assets	1,467	2,453
Net cash used for investing activities	(160,299)	(74,545)
Cash flows from financing activities:
Proceeds from borrowings	389,703	280,006
Principal payments on long-term debt, capital leases and financing obligations	(318,297)	(282,979)
Exercise of stock options	2,491	6,942
Excess tax benefits from share-based payment arrangements		8
Dividends paid	(16,874)	(14,738)
Net cash provided by (used for) financing activities	57,023	(10,761)
Decrease in cash	(1,522)	(3,565)
Cash at beginning of period	7,985	7,730
Cash at end of period	$ 6,463	$ 4,165

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
	Dec. 24, 2016
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	N ote 1 – Condensed Consolidated Financial Statements  The consolidated balance sheets as of December 24, 2016 and March 26 , 201 6 , the consolidated statements of comprehensive income for the quarters and nine months ended December 24, 2016 and December 26, 2015, the consolidated statement of changes in shareholders’ equity for the nine months ended December 24, 2016 , and the consolidated statements of cash flows for the nine months ended December 24, 2016 and December 26, 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 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 2 6, 2016 .  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 December 2016 ” September 25, 2016 – December 24, 2016 (13 weeks) “Quarter Ended Fiscal December 2015 ” September 27, 2015 – December 26, 2015 (13 weeks) “ Nine Months Ended Fiscal Dec ember 2016” March 27, 2016 – Dec ember 2 4, 2016 ( 39 weeks) “ Nine Months Ended Fiscal Dec ember 2015 ” March 29, 2015 – Dec ember 26, 2015 ( 39 weeks)  Fiscal year 201 7 , ending March 2 5 , 201 7 , is a 52 week year.  R evisions and R eclassifications  We have evaluated the principal vs. agent accounting guidance in assessing the appropriate presentation for certain transactions primarily related to our fiscal 2017 acquisitions. We have determined agent accounting is appropriate for such transactions and therefore concluded that amounts previously presented on a gross basis should have been recorded on a net basis. Accordingly, we have revised amounts previously recorded in connection with these transactions during the first and second quarters of fiscal 2017 . The revisions resulted in a reduction of sales and cost of sales by equal amounts of $1.6 million and $2.7 million for the first and second quarters of fiscal 2017 , respectively. These revisions were not material to any prior period financial statements and did not impact gross profit as previously reported.  Certain amounts in these financial statements have been reclassified to maintain comparability among the periods presented.  Recent Accounting Pronouncements  In May 2014, the Financial Accounting Standards Board (“ 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. Additional guidance has subsequently been issued to amend or clarify the reporting of revenue from contracts with customers. T he guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date of December 15, 2016 . We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements.  In August 2014, the FASB issued new accounting guidance for the disclosure of an entity’s ability to continue as a going concern. This guidance establishes specific guidelines to an organization’s management on their responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. This guidance is effective for fiscal years ending after December 15, 2016, and interim periods thereafter. This guidance is not expected to have an impact on our Consolidated Financial Statements.  In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use ( “ ROU ” ) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In March 2016, the FASB issued new accounting guidance intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In August 2016, the FASB issued new accounting guidance related to cash flow classification. This guidance clarifies and provides specific guidance on eight cash flow classification issues that are not addressed by current GAAP and thereby reduce the current diversity in practice. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In October 2016, the FASB issued new accounting guidance related to the income tax consequences of an intra-entity transfer of an asset other than inventory. This guidance will require that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs instead of when the asset is sold. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. T his guidance is not expected to have an impact on our Consolidated Financial Statements.  In November 2016, the FASB issued new accounting guidance to clarify how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance will require that entities show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. This guidance is not expected to have an impact 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  At the time we issue a guarantee, we recognize an initial liability for the fair value, or market value, of the obligation we assume under that guarantee. Monro has guaranteed certain lease payments, primarily related to franchisees, amounting to $8.5 million. This amount represents the maximum potential amount of future payments under the guarantees as of December 24, 2016 . The leases are guaranteed through April 2020. In the event of default by the franchise owner, Monro generally retain s the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a C ompany- operated store. We have recorded a liability related to anticipated defaults under the foregoing leases of $.7 million and $.4 million as of December 24, 2016 and December 26, 2015, respectively.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 24, 2016
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 have signed a definitive asset purchase agreement to complete the acquisition of 16 retail tire and automotive repair stores located in Illinois and Iowa from a Car-X franchisee. These stores will continue to operate under the Car-X brand. We have also signed definitive asset purchase agreements to complete the acquisition of three retail tire and automotive repair stores located within our existing markets through two additional acquisitions. These transactions are expected to close during the fourth quarter of fiscal 2017. The acquisitions are expected to be financed through our existing credit facility.  Fiscal 201 7  During the first nine months of fiscal 2017, we acquired the following businesses for an aggregate purchase price of $1 33.1 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in our financial results from the respective acquisition dates.  · On October 16, 2016, we acquired one retail tire and automotive repair store located in Rhode Island from Hamel Tire Center , Inc. This store operates under the Monro name.  · On October 2, 2016, we acquired three retail tire and automotive repair stores located in Ohio from Parkway D/C Enterprises, Inc. These stores operate under the Mr. Tire name.  · On September 19, 2016, we acquired one commercial tire and automotive repair store located in Florida from Florida Tire Service, LLC. This store will operate under The Tire Choice name.  · On September 18, 2016, we acquired two retail tire and automotive repair stores located in Michigan from Davco Development Company and Ricketts, Inc. These stores operate under the Monro name.  · On September 11, 2016, we acquired 26 retail/commercial tire and automotive repair stores and one retread plant located in North Carolina, as well as four wholesale centers, from Clark Tire & Auto, Inc. These stores will operate under the Mr. Tire name. The wholesale centers operate under the Tires Now name.  · On July 18, 2016, we acquired one retail tire and automotive repair store located in Indiana from NTI, LLC. This store operates under the Car-X name.  · On July 17, 2016, we acquired one retail tire and automotive repair store located in Georgia from Kwik-Fit Tire & Service. This store operates under the Mr. Tire name.  · On July 10, 2016, we acquired four retail tire and automotive repair stores located in Minnesota from Task Holdings, Inc. and Autopar, Inc. These stores operate under the Car-X name.  · On June 26, 2016, we acquired one retail tire and automotive repair store located in Michigan from Harlow Tire Company. This store operates under the Monro name.  · On June 19, 2016, we acquired two retail tire and automotive repair stores located in New Hampshire from Express Tire Centers, LLC. These stores operate under the Tire Warehouse name.  · On May 8, 2016, we acquired one retail tire and automotive repair store located in Florida from Pioneer Tire Pros. This store operates under The Tire Choice name.  · On May 1, 2016, we acquired 29 retail/commercial tire and automotive repair stores and one retread plant located in Florida from McGee Tire Stores, Inc. These stores will operate primarily under The Tire Choice name.  These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combini n g these businesses with ours, as well as 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 customer lists, favorable leases and trade names.  We expensed all costs related to acquisitions in the nine months ended Dec ember 24, 2016. The total costs related to completed acquisitions were $.3 million and $.7 million for the three and nine months ended Dec ember 24, 2016, respectively. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses.  Sales for the fiscal 2017 acquired entities for the three and nine months ended December 24, 2016 totaled $43.0 million and $65.0 million, respectively, for the period from acquisition date through December 24, 2016.  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.  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 recorded as goodwill. The preliminary allocation of the aggregate purchase price as of December 24, 2016 was as follows:      As of Acquisition Date  (Dollars in thousands)  Cash and equivalents $ 15  Trade receivables 7,221  Inventories 16,190  Other current assets 390  Property, plant and equipment 24,318  Intangible assets 16,329  Other non-current assets 208  Long-term deferred income tax assets 6,942  Total assets acquired 71,613  Warranty reserves 393  Other current liabilities 2,546  Long-term capital leases and financing obligations 29,067  Other long-term liabilities 526  Total liabilities assumed 32,532  Total net identifiable assets acquired $ 39,081  Total consideration transferred $ 133,119  Less: total net identifiable assets acquired 39,081  Goodwill $ 94,038  The total consideration of $1 33 .1 million is comprised of $133 million in cash, and a $.1 million payable to a seller. The payable is being paid via equal annual payments through September 2019.  The following are the intangible assets acquired and their respective fair values and weighted average useful lives:      As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Customer lists $ 9,526 9 years  Favorable leases 5,480 10 years  Trade names 1,323 11 years  Total $ 16,329 10 years  Fiscal 201 6  During the first nine months of fiscal 2016, we acquired the following businesses for an aggregate purchase price of $50.8 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in Monro’s financial results from the respective acquisition dates.  · On December 13, 2015, we acquired four retail tire and automotive repair stores from a former Car-X franchisee located in Wisconsin, as well as one retail tire and automotive repair store located in Florida. These stores operate under the Car-X name and The Tire Choice name, respectively.  · In July and August 2015, we acquired three retail tire and automotive repair stores located in Illinois and Indiana from two former Car-X franchisees. These stores operate under the Car-X name.  · On August 16, 2015, we acquired 27 retail tire and automotive repair stores located in Central New York and Pennsylvania from Kost Tire. These stores operate under the Mr. Tire name.  · 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.  · 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. At the time of acquisition, the Car-X stores were 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 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 recorded finite-lived intangible assets at their estimated fair value related to franchise agreements, trade name, favorable leases and customer lists.  We expensed all costs related to acquisitions in the nine months ended December 26, 2015. The total costs related to completed acquisitions were $.1 million and $.6 million for the three and nine months ended December 26, 2015, respectively. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses.  Sales for the fiscal 2016 acquired entities, including franchise royalty income, for the three and nine months ended Dec ember 26, 2015 totaled $9.6 million and $15.6 million, respectively, for the period from acquisition date through Dec ember 26, 2015.  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 fair values as of their respective acquisition dates (including any measurement period adjustments), with the remainder recorded as goodwill as follows:      As of Acquisition Date  (Dollars in thousands)  Trade receivables $ 377  Inventories 913  Other current assets 502  Property, plant and equipment 13,462  Intangible assets 11,527  Other non-current assets 25  Long-term deferred income tax assets 6,793  Total assets acquired 33,599  Warranty reserves 162  Other current liabilities 2,158  Long-term capital leases and financing obligations 27,475  Other long-term liabilities 870  Total liabilities assumed 30,665  Total net identifiable assets acquired $ 2,934  Total consideration transferred $ 50,834  Less: total net identifiable assets acquired 2,934  Goodwill $ 47,900  The total consideration of $50.8 million is comprised of $44.8 million in cash, and a $6.0 million payable to a seller. The payable is being 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:     As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Franchise agreements $ 7,100 13 years  Trade name 2,000 15 years  Favorable leases 1,780 13 years  Customer lists 647 7 years  Total $ 11,527 13 years  As a result of the purchase price allocations that have been updated from the fiscal year ended March 26, 2016 , 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 total current assets of $.1 million; an increase in property, plant and equipment of $2.6 million; an increase in intangible assets of $.4 million; an increase in long-term deferred income tax assets of $1.4 million; an increase in total current liabilities of $.6 million ; and an increase in long-term capital leases and financing obligations of $5.8 million. The measurement period adjustments resulted in an increase of goodwill of $1.9 million.  These measurement period adjustments were not material to the Consolidated Statements of Comprehensive Income for the three and nine months ended Dec ember 24, 2016, respectively.  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 fiscal 2016 acquisitions which closed subsequent to Dec ember 26, 2015, and for the fiscal 2017 acquisitions, and expect to complete 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	9 Months Ended
	Dec. 24, 2016
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 Nine Months Ended  Fiscal December Fiscal December  2016 2015 2016 2015  (Dollars in thousands,  except per share data)  Numerator for earnings per common share calculation:  Net Income $ 17,566 $ 15,231 $ 51,865 $ 52,902  Preferred stock dividends (102) (114) (361) (342)  Income available to common stockholders $ 17,464 $ 15,117 $ 51,504 $ 52,560  Denominator for earnings per common share calculation:  Weighted average common shares, basic 32,466 32,077 32,338 31,966  Effect of dilutive securities:  Preferred stock 635 760 718 760  Stock options 191 496 250 609  Weighted average number of common shares, diluted 33,292 33,333 33,306 33,335  Basic Earnings per common share: $ .54 $ .47 $ 1.59 $ 1.64  Diluted Earnings per common share: $ .53 $ .46 $ 1.56 $ 1.59  The computation of diluted EPS excludes the effect of the assumed exercise of approximately 242,000 and 241,000 stock options for the three and nine months ended fiscal December 24, 2016, respectively , and 164,000 and 168,000 stock options for the three and nine months ended December 26, 2015, 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	9 Months Ended
	Dec. 24, 2016
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 $7.6 million and $6.9 million at December 24, 2016 and March 26 , 201 6 , respectively, the majority of which, if recognized, would affect the effective tax rate. As of December 24, 2016 , we had approximately $.5 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 201 4 through fiscal 201 6 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities.

Fair Value

Fair Value	9 Months Ended
	Dec. 24, 2016
Fair Value [Abstract]
Fair Value	Note 5 – Fair Value  Long-term debt had a carrying amount and a fair value of $184.6 million as of December 24, 2016 , as compared to a carrying amount and a fair value of $103.3 million as of March 26, 2016 . 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	9 Months Ended
	Dec. 24, 2016
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 periods indicated:  Nine Months Ended December 24, 2016 :  In connection with the fiscal 2017 acquisition s and fiscal 2016 acquisition measurement period adjustments (see Note 2) , liabilities were assumed as follows:     (Dollars in thousands)  Fair value of assets acquired $ 76,149  Goodwill acquired 95,973  Cash paid, net of cash acquired (133,684)  Amounts payable to sellers 545  Liabilities assumed $ 38,983  Nine Months Ended December 26, 2015 :  In connection with the fiscal 201 6 acquisitions (see Note 2) , liabilities were assumed as follows:     (Dollars in thousands)  Fair value of assets acquired $ 29,087  Goodwill acquired 46,142  Cash paid, net of cash acquired (44,769)  Amount payable to seller (6,000)  Liabilities assumed $ 24,460

Cash Dividend

Cash Dividend	9 Months Ended
	Dec. 24, 2016
Cash Dividend [Abstract]
Cash Dividend	Note 7 – Cash Dividend  In May 201 6 , our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal year 201 7 of $.17 per common share or common share equivalent beginning with the first quarter of fiscal year 201 7 . 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	9 Months Ended
	Dec. 24, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 8 – Subsequent Events  See Note 2 for a discussion of acquisitions subsequent to December 24, 2016.

Condensed Consolidated Financ16

Condensed Consolidated Financial Statements (Policy)	9 Months Ended
	Dec. 24, 2016
Condensed Consolidated Financial Statements [Abstract]
Revisions And Reclassifications	R evisions and R eclassifications  We have evaluated the principal vs. agent accounting guidance in assessing the appropriate presentation for certain transactions primarily related to our fiscal 2017 acquisitions. We have determined agent accounting is appropriate for such transactions and therefore concluded that amounts previously presented on a gross basis should have been recorded on a net basis. Accordingly, we have revised amounts previously recorded in connection with these transactions during the first and second quarters of fiscal 2017 . The revisions resulted in a reduction of sales and cost of sales by equal amounts of $1.6 million and $2.7 million for the first and second quarters of fiscal 2017 , respectively. These revisions were not material to any prior period financial statements and did not impact gross profit as previously reported.  Certain amounts in these financial statements have been reclassified to maintain comparability among the periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements  In May 2014, the Financial Accounting Standards Board (“ 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. Additional guidance has subsequently been issued to amend or clarify the reporting of revenue from contracts with customers. T he guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date of December 15, 2016 . We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements.  In August 2014, the FASB issued new accounting guidance for the disclosure of an entity’s ability to continue as a going concern. This guidance establishes specific guidelines to an organization’s management on their responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. This guidance is effective for fiscal years ending after December 15, 2016, and interim periods thereafter. This guidance is not expected to have an impact on our Consolidated Financial Statements.  In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use ( “ ROU ” ) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In March 2016, the FASB issued new accounting guidance intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In August 2016, the FASB issued new accounting guidance related to cash flow classification. This guidance clarifies and provides specific guidance on eight cash flow classification issues that are not addressed by current GAAP and thereby reduce the current diversity in practice. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In October 2016, the FASB issued new accounting guidance related to the income tax consequences of an intra-entity transfer of an asset other than inventory. This guidance will require that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs instead of when the asset is sold. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. T his guidance is not expected to have an impact on our Consolidated Financial Statements.  In November 2016, the FASB issued new accounting guidance to clarify how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance will require that entities show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. This guidance is not expected to have an impact 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	Guarantees  At the time we issue a guarantee, we recognize an initial liability for the fair value, or market value, of the obligation we assume under that guarantee. Monro has guaranteed certain lease payments, primarily related to franchisees, amounting to $8.5 million. This amount represents the maximum potential amount of future payments under the guarantees as of December 24, 2016 . The leases are guaranteed through April 2020. In the event of default by the franchise owner, Monro generally retain s the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a C ompany- operated store. We have recorded a liability related to anticipated defaults under the foregoing leases of $.7 million and $.4 million as of December 24, 2016 and December 26, 2015, respectively.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 24, 2016
Fiscal 2017 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	   As of Acquisition Date  (Dollars in thousands)  Cash and equivalents $ 15  Trade receivables 7,221  Inventories 16,190  Other current assets 390  Property, plant and equipment 24,318  Intangible assets 16,329  Other non-current assets 208  Long-term deferred income tax assets 6,942  Total assets acquired 71,613  Warranty reserves 393  Other current liabilities 2,546  Long-term capital leases and financing obligations 29,067  Other long-term liabilities 526  Total liabilities assumed 32,532  Total net identifiable assets acquired $ 39,081  Total consideration transferred $ 133,119  Less: total net identifiable assets acquired 39,081  Goodwill $ 94,038 
Schedule Of Intangible Assets Acquired	   As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Customer lists $ 9,526 9 years  Favorable leases 5,480 10 years  Trade names 1,323 11 years  Total $ 16,329 10 years 
Fiscal 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	   As of Acquisition Date  (Dollars in thousands)  Trade receivables $ 377  Inventories 913  Other current assets 502  Property, plant and equipment 13,462  Intangible assets 11,527  Other non-current assets 25  Long-term deferred income tax assets 6,793  Total assets acquired 33,599  Warranty reserves 162  Other current liabilities 2,158  Long-term capital leases and financing obligations 27,475  Other long-term liabilities 870  Total liabilities assumed 30,665  Total net identifiable assets acquired $ 2,934  Total consideration transferred $ 50,834  Less: total net identifiable assets acquired 2,934  Goodwill $ 47,900 
Schedule Of Intangible Assets Acquired	   As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Franchise agreements $ 7,100 13 years  Trade name 2,000 15 years  Favorable leases 1,780 13 years  Customer lists 647 7 years  Total $ 11,527 13 years 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 24, 2016
Earnings Per Share [Abstract]
Reconciliation Of Basic And Diluted Earnings Per Share	   Quarter Ended Nine Months Ended  Fiscal December Fiscal December  2016 2015 2016 2015  (Dollars in thousands,  except per share data)  Numerator for earnings per common share calculation:  Net Income $ 17,566 $ 15,231 $ 51,865 $ 52,902  Preferred stock dividends (102) (114) (361) (342)  Income available to common stockholders $ 17,464 $ 15,117 $ 51,504 $ 52,560  Denominator for earnings per common share calculation:  Weighted average common shares, basic 32,466 32,077 32,338 31,966  Effect of dilutive securities:  Preferred stock 635 760 718 760  Stock options 191 496 250 609  Weighted average number of common shares, diluted 33,292 33,333 33,306 33,335  Basic Earnings per common share: $ .54 $ .47 $ 1.59 $ 1.64  Diluted Earnings per common share: $ .53 $ .46 $ 1.56 $ 1.59 

Supplemental Disclosure of Ca19

Supplemental Disclosure of Cash Flow Information (Tables)	9 Months Ended
	Dec. 24, 2016
Fiscal 2017 and 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Liabilities on acquisitions assumed	   (Dollars in thousands)  Fair value of assets acquired $ 76,149  Goodwill acquired 95,973  Cash paid, net of cash acquired (133,684)  Amounts payable to sellers 545  Liabilities assumed $ 38,983 
Fiscal 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Liabilities on acquisitions assumed	   (Dollars in thousands)  Fair value of assets acquired $ 29,087  Goodwill acquired 46,142  Cash paid, net of cash acquired (44,769)  Amount payable to seller (6,000)  Liabilities assumed $ 24,460 

Condensed Consolidated Financ20

Condensed Consolidated Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2016	Jun. 25, 2016	Dec. 24, 2016	Dec. 26, 2015
Loss Contingencies [Line Items]
Liability for anticipated lease defaults			$ 0.7	$ 0.4
Sales [Member]
Loss Contingencies [Line Items]
Reclassification adjustment	$ (2.7)	$ (1.6)
Cost of Sales [Member]
Loss Contingencies [Line Items]
Reclassification adjustment	$ 2.7	$ 1.6
Property Lease Guarantee [Member]
Loss Contingencies [Line Items]
Maximum potential guarantee payments			$ 8.5

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands

Feb. 01, 2017agreementstore

Oct. 16, 2016store

Oct. 02, 2016store

Sep. 19, 2016store

Sep. 18, 2016store

Sep. 11, 2016storeproperty

Jul. 18, 2016store

Jul. 17, 2016store

Jul. 10, 2016store

Jun. 26, 2016store

Jun. 19, 2016store

May 08, 2016store

May 01, 2016store

Dec. 13, 2015storeitem

Aug. 16, 2015store

Jul. 12, 2015store

Apr. 25, 2015storeitem

Aug. 31, 2015storeitem

Dec. 24, 2016USD ($)

Dec. 26, 2015USD ($)

Dec. 24, 2016USD ($)

Dec. 26, 2015USD ($)

Business Acquisition [Line Items]

Costs related to completed acquisitions | $

$ 300

$ 100

$ 700

$ 600

Sales for acquired entities | $

$ 43,000

$ 9,600

65,000

15,600

Subsequent Event [Member]

Business Acquisition [Line Items]

Number of stores acquired

3

Number of separate transactions | agreement

2

Car-X Franchised Stores Acquisitions [Member] | Subsequent Event [Member]

Business Acquisition [Line Items]

Number of stores acquired

16

Hamel Tire Center Inc. [Member]

Business Acquisition [Line Items]

Number of stores acquired

1

Parkway D/C Enterprises, Inc. [Member]

Business Acquisition [Line Items]

Number of stores acquired

3

Florida Tire Service, LLC. [Member]

Business Acquisition [Line Items]

Number of stores acquired

1

Davco Development Company and Ricketts, Inc. [Member]

Business Acquisition [Line Items]

Number of stores acquired

2

Clark Tire & Auto, Inc. [Member]

Business Acquisition [Line Items]

Number of stores acquired

26

Number of wholesale centers acquired | property

4

Number of retread plants acquired | property

1

NTI, LLC. [Member]

Business Acquisition [Line Items]

Number of stores acquired

1

Kwik-Fit Tire & Service, Inc. Acquisition [Member]

Business Acquisition [Line Items]

Number of stores acquired

1

Task Holdings, Inc. and Autopar, Inc. Acquisition [Member]

Business Acquisition [Line Items]

Number of stores acquired

4

Harlow Tire Company Acquisition [Member]

Business Acquisition [Line Items]

Number of stores acquired

1

Express Tire Centers, LLC. Acquisition [Member]

Business Acquisition [Line Items]

Number of stores acquired

2

Pioneer Tire Pros Acquisition [Member]

Business Acquisition [Line Items]

Number of stores acquired

1

McGee Tire Stores, Inc. Acquisition [Member]

Business Acquisition [Line Items]

Number of stores acquired

29

Number of retread plants acquired

1

Former Car-X Franchised Stores Acquisitions [Member]

Business Acquisition [Line Items]

Number of stores acquired

4

3

Number of franchisees | item

1

2

Kost Tire [Member]

Business Acquisition [Line Items]

Number of stores acquired

27

Windsor Tire Co. Aquisition [Member]

Business Acquisition [Line Items]

Number of stores acquired

4

Car-X Associates Corp. Acquisition [Member]

Business Acquisition [Line Items]

Number of franchisees | item

32

Number of franchise rights

146

Fiscal 2016 Acquisitions [Member]

Business Acquisition [Line Items]

Total consideration transferred | $

50,834

Total consideration transferred, portion in cash | $

44,800

Total consideration transferred, portion payable | $

$ 6,000

Change in estimates, current assets | $

100

Change in estimates, property, plant and equipment | $

2,600

Change in estimates, intangible assets | $

400

Change in estimates, long-term deferred income tax assets | $

1,400

Change in current liabilities | $

600

Change in estimates, long-term capital leases and financing obligations | $

5,800

Adjustments to goodwill related to purchase accounting | $

1,900

Fiscal 2017 Acquisitions [Member]

Business Acquisition [Line Items]

Total consideration transferred | $

133,119

Total consideration transferred, portion in cash | $

133,000

Total consideration transferred, portion payable | $

$ 100

FLORIDA

Business Acquisition [Line Items]

Number of stores acquired

1

Acquisitions (Schedule Of Purch

Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 24, 2016	Dec. 26, 2015	Mar. 26, 2016
Purchase price of acquisitions allocation
Goodwill	$ 496,105		$ 400,132
Fiscal 2017 Acquisitions [Member]
Purchase price of acquisitions allocation
Cash and equivalents	15
Trade receivables	7,221
Inventories	16,190
Other current assets	390
Property, plant and equipment	24,318
Intangible assets	16,329
Other non-current assets	208
Long-term deferred income tax assets	6,942
Total assets acquired	71,613
Warranty reserves	393
Other current liabilities	2,546
Long-term capital leases and financing obligations	29,067
Other long-term liabilities	526
Total liabilities assumed	32,532
Total net identifiable assets acquired	39,081
Total consideration transferred	133,119
Less: total net identifiable assets acquired	39,081
Goodwill	$ 94,038
Fiscal 2016 Acquisitions [Member]
Purchase price of acquisitions allocation
Trade receivables		$ 377
Inventories		913
Other current assets		502
Property, plant and equipment		13,462
Intangible assets		11,527
Other non-current assets		25
Long-term deferred income tax assets		6,793
Total assets acquired		33,599
Warranty reserves		162
Other current liabilities		2,158
Long-term capital leases and financing obligations		27,475
Other long-term liabilities		870
Total liabilities assumed		30,665
Total net identifiable assets acquired		2,934
Total consideration transferred		50,834
Less: total net identifiable assets acquired		2,934
Goodwill		$ 47,900

Acquisitions (Schedule Of Intan

Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 24, 2016	Dec. 26, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 16,329	$ 11,527
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	10 years
Franchise Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		7,100
Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 9,526	647
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	9 years
Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 5,480	1,780
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	10 years
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,323	$ 2,000
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	11 years
Fiscal 2016 Acquisitions [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	13 years
Fiscal 2016 Acquisitions [Member] | Franchise Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	13 years
Fiscal 2016 Acquisitions [Member] | Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	7 years
Fiscal 2016 Acquisitions [Member] | Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	13 years
Fiscal 2016 Acquisitions [Member] | Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	15 years

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 24, 2016	Dec. 26, 2015	Dec. 24, 2016	Dec. 26, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	242,000	164,000	241,000	168,000

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 24, 2016	Dec. 26, 2015	Dec. 24, 2016		Dec. 26, 2015
Numerator for earnings per common share calculation:
Net income	$ 17,566	$ 15,231	$ 51,865		$ 52,902
Preferred stock dividends	(102)	(114)	(361)	[1]	(342)
Income available to common stockholders	$ 17,464	$ 15,117	$ 51,504		$ 52,560
Denominator for earnings per common share calculation:
Weighted average common shares, basic	32,466	32,077	32,338		31,966
Effect of dilutive securities:
Preferred stock	635	760	718		760
Stock options	191	496	250		609
Weighted average number of common shares, diluted	33,292	33,333	33,306		33,335
Basic Earnings per common share:	$ 0.54	$ 0.47	$ 1.59		$ 1.64
Diluted Earnings per common share:	$ 0.53	$ 0.46	$ 1.56		$ 1.59
[1]	Represents first, second and third quarter fiscal year 2017 dividends of $.17 per common share or common share equivalent each quarter, paid on June 13, 2016, September 1, 2016 and December 23, 2016, respectively.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 24, 2016	Mar. 26, 2016
Income Taxes [Abstract]
Unrecognized tax benefits	$ 7.6	$ 6.9
Interest and penalties accrued related to unrecognized tax benefits	$ 0.5

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Dec. 24, 2016	Mar. 26, 2016
Fair Value [Abstract]
Carrying amount of long-term debt ( including current portion)	$ 184.6	$ 103.3
Fair value of long-term debt (including current portion)	$ 184.6	$ 103.3

Supplemental Disclosure of Ca28

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 24, 2016	Dec. 26, 2015	Mar. 26, 2016
Business Acquisition [Line Items]
Goodwill acquired	$ 496,105		$ 400,132
Cash paid, net of cash acquired	(133,684)	$ (48,157)
Fiscal 2017 and 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Fair value of assets acquired	76,149
Goodwill acquired	95,973
Cash paid, net of cash acquired	(133,684)
Amounts payable to sellers	545
Liabilities assumed	$ 38,983
Fiscal 2016 Adjusted Acquisitions [Member]
Business Acquisition [Line Items]
Fair value of assets acquired		29,087
Goodwill acquired		46,142
Cash paid, net of cash acquired		(44,769)
Amounts payable to sellers		(6,000)
Liabilities assumed		$ 24,460

Cash Dividend (Details)

Cash Dividend (Details)	1 Months Ended
	May 31, 2016$ / shares
Cash Dividend [Abstract]
Common stock cash dividends per share declared	$ 0.17