Monro (MNRO) 10-Q 1 Feb 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 23, 2017	Jan. 19, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	MONRO, INC.
Entity Central Index Key	876,427
Document Type	10-Q
Document Period End Date	Dec. 23, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		32,794,965

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 23, 2017	Mar. 25, 2017
Current assets:
Cash and equivalents	$ 7,853	$ 8,995
Trade receivables	12,861	11,465
Federal and state income taxes receivable	4,972	3,527
Inventories	143,099	142,604
Other current assets	39,111	32,639
Total current assets	207,896	199,230
Property, plant and equipment	756,531	712,999
Less - Accumulated depreciation and amortization	(343,955)	(318,365)
Net property, plant and equipment	412,576	394,634
Goodwill	517,989	501,736
Intangible assets	50,027	54,288
Other non-current assets	10,575	11,331
Long-term deferred income tax assets	14,348	24,045
Total assets	1,213,411	1,185,264
Current liabilities:
Current portion of long-term debt, capital leases and financing obligations	18,161	15,298
Trade payables	86,294	79,492
Accrued payroll, payroll taxes and other payroll benefits	18,289	24,979
Accrued insurance	39,324	35,325
Warranty reserves	11,966	10,843
Other current liabilities	21,433	19,956
Total current liabilities	195,467	185,893
Long-term debt	154,551	182,337
Long-term capital leases and financing obligations	226,615	213,166
Accrued rent expense	4,577	5,037
Other long-term liabilities	14,535	15,137
Long-term income taxes payable	3,050	2,440
Total liabilities	598,795	604,010
Commitments and contingencies
Shareholders' equity:
Class C Convertible Preferred Stock, $1.50 par value, $.064 conversion value; 150,000 shares authorized; 21,802 shares issued and outstanding	33	33
Common Stock, $.01 par value, 65,000,000 shares authorized; 39,124,523 and 39,012,189 shares issued at December 23, 2017 and March 25, 2017, respectively	391	390
Treasury Stock, 6,330,008 and 6,322,417 shares at December 23, 2017 and March 25, 2017, respectively, at cost	(106,563)	(106,212)
Additional paid-in capital	196,948	191,553
Accumulated other comprehensive loss	(3,312)	(3,161)
Retained earnings	527,119	498,651
Total shareholders' equity	614,616	581,254
Total liabilities and shareholders' equity	$ 1,213,411	$ 1,185,264

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 23, 2017	Mar. 25, 2017
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	21,802	21,802
Class C convertible preferred stock shares outstanding	21,802	21,802
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	65,000,000	65,000,000
Common stock shares issued	39,124,523	39,012,189
Treasury stock shares	6,330,008	6,322,417

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 23, 2017	Dec. 24, 2016	Dec. 23, 2017	Dec. 24, 2016
Consolidated Statements Of Comprehensive Income [Abstract]
Sales	$ 285,730	$ 288,283	$ 842,237	$ 769,500
Cost of sales, including distribution and occupancy costs	178,743	182,683	514,426	465,834
Gross profit	106,987	105,600	327,811	303,666
Operating, selling, general and administrative expenses	77,688	72,526	230,943	207,372
Operating income	29,299	33,074	96,868	96,294
Interest expense, net of interest income	6,138	5,261	17,997	14,233
Other income, net	(99)	(165)	(336)	(445)
Income before provision for income taxes	23,260	27,978	79,207	82,506
Provision for income taxes	11,659	10,412	32,755	30,641
Net income	11,601	17,566	46,452	51,865
Other comprehensive loss, net of tax:
Changes in pension, net of tax benefit	(50)	(83)	(151)	(211)
Comprehensive income	$ 11,551	$ 17,483	$ 46,301	$ 51,654
Earnings per common share:
Basic	$ 0.35	$ 0.54	$ 1.41	$ 1.59
Diluted	$ 0.35	$ 0.53	$ 1.39	$ 1.56

Consolidated Statement Of Chang

Consolidated Statement Of Changes in Shareholders' Equity - 9 months ended Dec. 23, 2017 - 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. 25, 2017		$ 33	$ 390	$ (106,212)	$ 191,553	$ (3,161)	$ 498,651	$ 581,254
Beginning balance, preferred shares at Mar. 25, 2017		21,802						21,802
Beginning balance, common shares at Mar. 25, 2017			39,012,000	6,322,000
Net income							46,452	$ 46,452
Other comprehensive loss:
Pension liability adjustment ($241) pre-tax						(151)		(151)
Cash Dividends:
Preferred dividends	[1]						(276)	(276)
Common dividends	[1]						(17,690)	(17,690)
Dividends payable							(18)	(18)
Exercise of stock options			$ 1	$ (351)	3,385			3,035
Exercise of stock options, shares			112,000	8,000
Stock-based compensation					2,010			2,010
Balance ending at Dec. 23, 2017		$ 33	$ 391	$ (106,563)	$ 196,948	$ (3,312)	$ 527,119	$ 614,616
Ending balance, preferred shares at Dec. 23, 2017		21,802						21,802
Ending balance, common shares at Dec. 23, 2017			39,124,000	6,330,000
[1]	Represents first, second and third quarter fiscal year 2018 dividends of $.18 per common share or common share equivalent each quarter, declared on May 18, 2017, August 15, 2017 and December 1, 2017, respectively.

Consolidated Statement Of Chan6

Consolidated Statement Of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 23, 2017	Sep. 23, 2017	Jun. 24, 2017	Dec. 23, 2017
Consolidated Statement of Changes in Shareholders' Equity [Abstract]
Common stock cash dividends per share	$ 0.18	$ 0.18	$ 0.18
Pension liability adjustment - pre-tax				$ (241)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2017	Dec. 24, 2016
Cash flows from operating activities:
Net income	$ 46,452	$ 51,865
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	36,477	33,310
Gain on bargain purchase	(13)
(Gain) loss on disposal of assets	(400)	219
Stock-based compensation expense	2,010	2,230
Net change in deferred income taxes	12,183	6,859
Change in operating assets and liabilities (excluding acquisitions)
Trade receivables	(1,367)	142
Inventories	118	8,724
Other current assets	(6,390)	(12,326)
Other non-current assets	2,305	2,637
Trade payables	6,802	11,580
Accrued expenses	547	(2,413)
Federal and state income taxes payable	(1,445)	(472)
Other long-term liabilities	(780)	(1,153)
Long-term income taxes payable	610	552
Total adjustments	50,657	49,889
Net cash provided by operating activities	97,109	101,754
Cash flows from investing activities:
Capital expenditures	(29,727)	(28,082)
Acquisitions, net of cash acquired	(16,363)	(133,684)
Proceeds from the disposal of assets	2,333	1,467
Net cash used for investing activities	(43,757)	(160,299)
Cash flows from financing activities:
Proceeds from borrowings	260,951	389,703
Principal payments on long-term debt, capital leases and financing obligations	(300,514)	(318,297)
Exercise of stock options	3,035	2,491
Dividends paid	(17,966)	(16,874)
Net cash (used for) provided by financing activities	(54,494)	57,023
Decrease in cash	(1,142)	(1,522)
Cash at beginning of period	8,995	7,985
Cash at end of period	$ 7,853	$ 6,463

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
	Dec. 23, 2017
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Note 1 – Condensed Consolidated Financial Statements  The consolidated balance sheets as of December 23, 2017 and March 25, 2017, the consolidated statements of comprehensive income for the quarters and nine months ended December 23, 2017 and December 24, 2016, the consolidated statement of changes in shareholders’ equity for the nine months ended December 23, 2017, and the consolidated statements of cash flows for the nine months ended December 23, 2017 and December 24, 2016, include financial information for Monro, Inc. and its wholly-owned subsidiaries, Monro Service Corporation and Car-X, LLC (collectively, “Monro”, “we”, “us”, “our” and the “Company”). 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 (“GAAP”) . 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 fiscal year ended March 25, 2017.  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 201 7” September 24 , 2017 – December 23, 2017 (13 weeks) “Quarter Ended Fiscal December 201 6” September 25 , 2016 – December 24, 2016 (13 weeks) “ Nine Months Ended Fiscal December 201 7” March 26, 2017 – December 23, 2017 ( 39 weeks) “ Nine Months Ended Fiscal December 201 6” March 27, 2016 – December 24, 2016 ( 39 weeks)  Fiscal year 2018, ending March 31, 2018, is a 53 week year.  Monro’s operations are organized and managed in one operating segment. The internal management financial reporting that is the basis for evaluation in order to assess performance and allocate resources by our chief operating decision maker consists of consolidated data that includes the results of our retail, commercial and wholesale locations. As such, our one operating segment reflects how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management and the structure of our internal financial reporting.  Recent Accounting Pronouncements  In May 201 4, 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. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted, but we did not early adopt this guidance. We have completed our initial assessment of the effect of adoption. Based on this assessment, we expect the impact of the new guidance on the amount and timing of revenue recognition to be insignificant. While the evaluation of the impact of the new revenue recognition guidance on our Consolidated Financial Statements has not yet been fully determined, we anticipate the provisions to primarily impact the deferral of revenue generated by the sale of an extended warranty. We are required to adopt this guidance utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or a modified retrospective approach with the cumulative effect of initially applying this guidance recognized at the date of initial application. We have identified, and are in the process of implementing, appropriate changes to our business processes and controls to support recognition and disclosure under the guidance. We will elect an adoption methodology in the first quarter of the fiscal year ended March 201 9, after we have fully evaluated the impact on our Consolidated Financial Statements, and we expect to adopt the modified retrospective method. Under this method, we would recognize the cumulative effect of the changes in retained earnings at the date of adoption, but would not restate prior periods. In addition, we expect adoption to lead to increased footnote disclosures.  In February 201 6, 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, but we have not early adopted this guidance. Approximately 50% of our store leases and all of our land leases are currently not recorded on our balance sheet. Recording ROU assets and liabilities for these leases is expected to have a material impact on our Consolidated Balance Sheet. We are currently evaluating the impact that recording ROU assets and liabilities will have on our Consolidated Statement of Comprehensive Income and the financial statement impact, if material, that the standard will have on leases, which are currently recorded on our Consolidated Balance Sheet.  In March 201 6, 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. We adopted this guidance during the first quarter of fiscal 2018. Amendments to this guidance related to accounting for excess tax benefits and tax deficiencies have been adopted prospectively and had an immaterial impact on the Consolidated Statement of Comprehensive Income for the nine months ended December 23, 2017. Excess tax benefits related to share-based payments are now included in operating cash flows rather than financing cash flows. This change has been applied prospectively in accordance with the guidance and prior periods have not been adjusted. We have previously classified cash paid for tax withholding purposes as a financing activity in the statement of cash flows. Therefore, there is no change related to this requirement. The amendments allow for a one-time accounting policy election to either account for forfeitures as they occur or continue to estimate forfeitures as required by current guidance. We have elected to continue estimating forfeitures through applying a forfeiture rate.  In August 201 6, 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 was permitted, but we did not early adopt this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements.  In January 201 7, the FASB issued new accounting guidance which clarifies the definition of a business, particularly when evaluating whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This guidance provides a screen to determine when a set of assets and activities (collectively referred to as a “set”) is not a business. This screen requires that when substantially all of the fair value of the assets is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If the screen is not met, the guidance provides a framework to evaluate whether both an input and a substantive process are present to be considered a business. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted for certain transactions, but we did not early adopt this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements. In January 201 7, the FASB issued new accounting guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which required the determination of an implied fair value of goodwill. Under this guidance, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We have not early adopted this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements.  In March 201 7, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. This guidance requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost are to be presented separately from the service cost component and outside of any subtotal of income from operations. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and should be applied retrospectively. Early adoption was permitted, but we did not early adopt this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements.  In May 201 7, the FASB issued new accounting guidance which clarifies when to account for a change to the terms or conditions of a share based payment award as a modification. Under this guidance, modification is required only if the fair value, the vesting conditions, or the classification of an award as equity or liability changes as a result of the change in terms or conditions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted, but we did not early adopt this guidance. This guidance is not expected to have a material 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 $5.4 million . This amount represents the maximum potential amount of future payments under the guarantees as of December 23, 2017 . The leases are guaranteed through April 202 0. In the event of default by the franchise owner, Monro generally retains the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a Company-operated store. We have recorded a liability related to anticipated defaults under the foregoing leases , of $.2 million and $.6 million as of December 23, 2017 and March 25, 2017, respectively.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 23, 2017
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, advertising and administration. Acquisitions in this footnote include acquisitions of five or more locations as well as acquisitions of one to four locations that are part of the Company’s greenfield store growth strategy.  Subsequent Events  We have signed a definitive asset purchase agreement to complete the acquisition of seven retail tire and automotive repair stores located within our existing markets. This transaction is expected to close during the fourth quarter of fiscal 2018 and is expected to be financed through our existing credit facility.  On January 14, 2018 , we acquired three retail tire and automotive stores located in Pennsylvania from Valley Tire Co., Inc. These stores operate under the Mr. Tire name. The acquisition was financed through our existing credit facility.  Fiscal 2018  During the first nine months of fiscal 2018, we acquired the following businesses for an aggregate purchase price of $ 15.7 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 December 17, 2017 , we acquired one retail tire and automotive repair store located in Indiana from MLR, Incorporated. This store operates under the Car-X name.  · On December 10, 2017 , we acquired two retail tire and automotive repair stores located in Pennsylvania from TriGar Tire & Auto Service Center, LLC. One store operates under the Monro name and one store operates under the Mr. Tire name.  · On August 13, 2017 , we acquired eight retail tire and automotive repair stores located in Indiana and Illinois from Auto MD, LLC. These stores operate under the Car-X name.  · On July 30, 2017 , we acquired 13 reta il tire and automotive repair stores in Michigan, 12 of which were operating as Speedy Auto Service and Tire dealer locations, from UVR, Inc. One of the acquired stores was not opened by Monro. These stores operate under the Monro name.  · On July 9, 2017 , we acquired one retail tire and automotive repair store located in North Carolina from Norman Young Tires, Inc. This store operates under the Treadquarters name.  · On June 25, 2017 , we acquired one retail tire and automotive repair store located in Illinois from D&S Pulaski, LLC. This store operates under the Car-X name.  · On June 11, 2017 , we acquired two retail tire and automotive repair stores located in Minnesota and Wisconsin from J & R Diversified, Inc. These stores operate under the Car-X name.  · On June 11, 2017 , we acquired one retail tire and automotive repair store located in Ohio from Michael N. McGroarty, Inc. This store operates under the Mr. Tire name.  · On June 2, 2017 , we acquired one retail tire and automotive repair store located in Connecticut from Tires Plus LLC. This store operates under the Monro name.  · On May 21, 2017 , we acquired one retail tire and automotive repair store located in Ohio from Bob Sumerel Tire Co., Inc. This store operates under the Mr. Tire name.  · On April 23, 2017 , we acquired one retail tire and automotive repair store located in Florida from Collier Automotive Group, Inc. This store operates under The Tire Choice name.  These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining 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 favorable leases and customer lists.  We expensed all costs related to acquisitions in the nine months ended December 23, 2017 . The total costs related to completed acquisitions were $.1 million and $.4 million for the three and nine months ended December 23, 2017 , respectively. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses.  Sales for the fiscal 2018 acquired entities for the three and nine months ended December 23, 2017 totaled $4.6 million and $8.2 million , respectively, for the period from acquisition date through December 23, 2017 .  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 23, 2017 was as follows:      As of Acquisition Date  (Dollars in thousands)  Inventories $ 476  Other current assets 146  Property, plant and equipment 6,675  Intangible assets 3,380  Other non-current assets 7  Long-term deferred income tax assets 2,704  Total assets acquired 13,388  Other current liabilities 1,243  Long-term capital leases and financing obligations 11,298  Other long-term liabilities 80  Total liabilities assumed 12,621  Total net identifiable assets acquired $ 767  Total consideration transferred $ 15,732  Less: total net identifiable assets acquired 767  Goodwill $ 14,965  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  Favorable leases $ 2,304 10 years  Customer lists 1,076 7 years  Total $ 3,380 9 years  Fiscal 2017  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 Monro’s 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 operates 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 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 ope rates 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 operate primarily under The Tire Choice name.  The acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these business es 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 customer lists, favorable leases and trade names. We expensed all costs related to acquisitions in the nine months ended December 24, 2016 . The total costs related to completed acquisitions were $.3 million and $.7 million for the three and nine months ended December 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.  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 $ 7,006  Inventories 18,196  Other current assets 405  Property, plant and equipment 25,645  Intangible assets 18,089  Other non-current assets 174  Long-term deferred income tax assets 7,014  Total assets acquired 76,529  Warranty reserves 519  Other current liabilities 2,973  Long-term capital leases and financing obligations 29,377  Other long-term liabilities 1,103  Total liabilities assumed 33,972  Total net identifiable assets acquired $ 42,557  Total consideration transferred $ 133,110  Plus: gain on bargain purchase 13  Less: total net identifiable assets acquired 42,557  Goodwill $ 90,566  The total consideration of $133.1 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 $ 9,540 13 years  Favorable leases 5,594 14 years  Trade names 2,955 17 years  Total $ 18,089 14 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 a decrease in other current assets of $.1 million; an increase in property, plant and equipment of $1.4 million; a decrease in intangible assets of $2.2 million; a decrease in long-term deferred income tax assets of $.3 million; a decrease in other current liabilities of $.2 million; an increase in long-term capital leases and financing obligations of $.2 million; and an increase in other long-term liabilities of $.1 million. The measurement period adjustments resulted in an increase of goodwill of $1.3 million. These measurement period adjustments were not material to the Consolidated Statements of Comprehensive Income for the quarter and nine months ended December 23, 2017, 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 2017 acquisitions which closed subsequent to December 24, 2016 and the fiscal 2018 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 Common Share

Earnings Per Common Share	9 Months Ended
	Dec. 23, 2017
Earnings Per Common Share [Abstract]
Earnings Per Common Share	Note 3 – Earnings per Common Share  Basic earnings per common share amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted earnings per common share amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding.  The following is a reconciliation of basic and diluted earnings per common share for the respective periods:      Quarter Ended Nine Months Ended  Fiscal December Fiscal December  2017 2016 2017 2016  (Amounts in thousands,  except per share data)  Numerator for earnings per common share calculation:  Net income $ 11,601 $ 17,566 $ 46,452 $ 51,865  Preferred stock dividends (92) (102) (276) (361)  Income available to common shareholders $ 11,509 $ 17,464 $ 46,176 $ 51,504  Denominator for earnings per common share calculation:  Weighted average common shares, basic 32,779 32,466 32,746 32,338  Effect of dilutive securities:  Preferred stock 510 635 510 718  Stock options 52 191 57 250  Restricted stock 11 — 4 —  Weighted average number of common shares, diluted 33,352 33,292 33,317 33,306  Basic earnings per common share: $ .35 $ .54 $ 1.41 $ 1.59  Diluted earnings per common share: $ .35 $ .53 $ 1.39 $ 1.56  The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 934,000 and 1,096,000 stock options for the three and nine months ended fiscal December 23, 2017 , respectively, and 242,000 and 241,000 for the three and nine months ended December 24, 2016 , 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 earnings per common share.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 23, 2017
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 $7.8 million and $6.9 million at December 23, 2017 and March 25, 2017, respectively, the majority of which, if recognized, would affect the effective tax rate. Additionally, we have accrued interest and penalties related to unrecognized tax benefits of approximately $.5 million and $.4 million as of December 23, 2017 and March 25, 2017, respectively.  We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our fiscal 201 5 through fiscal 201 7 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities.  On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the “Act”) into legislation. The new U.S. tax legislation is subject to a number of provisions, including a reduction of the U.S. federal corporate income tax rate from 35% to 21% (effective January 1, 2018). On December 22, 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118 that provides additional guidance allowing companies to record provisional amounts during a measurement period not to exceed one year from enactment date to account for the impacts of the Act in their financial statements. We have accounted for the impacts of the Act to the extent a reasonable estimate could be made during the quarter ended December 23, 2017. We will continue to refine our estimates throughout the measurement period or until the accounting is complete, and the impact of the Act may differ from these estimates, possibly materially, due to, among other things, changes in estimates and assumptions that we have made.  As a result of the reduction in the U.S. federal corporate income tax rate from 35% to 21% under the Act, we have recorded a provisional reduction to our net deferred tax asset of $5.3 million, and a corresponding increase to income tax expense for the quarter ended December 23, 2017. The revaluation of our net deferred tax asset is subject to further adjustments during the measurement period due to the complexity of determining our net deferred tax asset as of the enactment date. Some of the information necessary to determine the accounting impacts of the tax rate change includes finalization of our fiscal 2017 tax return as well as refining the analysis of which existing deferred balances at the enactment date will reverse in fiscal 2018 and which deferred balances will reverse after fiscal 2018. Further, we recognized an income tax benefit related to the reduction of approximately 300 basis points in our fiscal 2018 estimated annual effective tax rate due to the decrease in the statutory tax rate during the quarter ended December 23, 2017.

Fair Value

Fair Value	9 Months Ended
	Dec. 23, 2017
Fair Value [Abstract]
Fair Value	Note 5 – Fair Value  Long-term debt had a carrying amount and a fair value of $154.6 million as of December 23, 2017 , as compared to a carrying amount and a fair value of $182.4 million as of March 25, 2017 . 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. 23, 2017
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 23, 2017 :  In connection with the fiscal 2018 acquisitions and fiscal 2017 acquisition measurement period adjustments (see Note 2), liabilities were assumed as follows:     (Dollars in thousands)  Fair value of assets acquired $ 12,231  Goodwill acquired 16,253  Gain on bargain purchase (13)  Cash paid, net of cash acquired (15,757)  Liabilities assumed $ 12,714  Nine Months Ended December 24, 2016 :  In connection with the fiscal 2017 acquisitions and fiscal 2016 acquisition measurement period adjustments, 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

Cash Dividend

Cash Dividend	9 Months Ended
	Dec. 23, 2017
Cash Dividend [Abstract]
Cash Dividend	Note 7 – Cash Dividend  In May 201 7, our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal year 2018 of $.18 per common share or common share equivalent beginning with the first quarter of fiscal year 2018. We paid dividends of $18.0 million during the nine months ended December 23, 2017. 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. 23, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 8 – Subsequent Events  See Note 2 for a discussion of acquisitions subsequent to December 23, 2017.

Condensed Consolidated Financ16

Condensed Consolidated Financial Statements (Policy)	9 Months Ended
	Dec. 23, 2017
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements  In May 201 4, 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. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted, but we did not early adopt this guidance. We have completed our initial assessment of the effect of adoption. Based on this assessment, we expect the impact of the new guidance on the amount and timing of revenue recognition to be insignificant. While the evaluation of the impact of the new revenue recognition guidance on our Consolidated Financial Statements has not yet been fully determined, we anticipate the provisions to primarily impact the deferral of revenue generated by the sale of an extended warranty. We are required to adopt this guidance utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or a modified retrospective approach with the cumulative effect of initially applying this guidance recognized at the date of initial application. We have identified, and are in the process of implementing, appropriate changes to our business processes and controls to support recognition and disclosure under the guidance. We will elect an adoption methodology in the first quarter of the fiscal year ended March 201 9, after we have fully evaluated the impact on our Consolidated Financial Statements, and we expect to adopt the modified retrospective method. Under this method, we would recognize the cumulative effect of the changes in retained earnings at the date of adoption, but would not restate prior periods. In addition, we expect adoption to lead to increased footnote disclosures.  In February 201 6, 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, but we have not early adopted this guidance. Approximately 50% of our store leases and all of our land leases are currently not recorded on our balance sheet. Recording ROU assets and liabilities for these leases is expected to have a material impact on our Consolidated Balance Sheet. We are currently evaluating the impact that recording ROU assets and liabilities will have on our Consolidated Statement of Comprehensive Income and the financial statement impact, if material, that the standard will have on leases, which are currently recorded on our Consolidated Balance Sheet.  In March 201 6, 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. We adopted this guidance during the first quarter of fiscal 2018. Amendments to this guidance related to accounting for excess tax benefits and tax deficiencies have been adopted prospectively and had an immaterial impact on the Consolidated Statement of Comprehensive Income for the nine months ended December 23, 2017. Excess tax benefits related to share-based payments are now included in operating cash flows rather than financing cash flows. This change has been applied prospectively in accordance with the guidance and prior periods have not been adjusted. We have previously classified cash paid for tax withholding purposes as a financing activity in the statement of cash flows. Therefore, there is no change related to this requirement. The amendments allow for a one-time accounting policy election to either account for forfeitures as they occur or continue to estimate forfeitures as required by current guidance. We have elected to continue estimating forfeitures through applying a forfeiture rate.  In August 201 6, 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 was permitted, but we did not early adopt this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements.  In January 201 7, the FASB issued new accounting guidance which clarifies the definition of a business, particularly when evaluating whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This guidance provides a screen to determine when a set of assets and activities (collectively referred to as a “set”) is not a business. This screen requires that when substantially all of the fair value of the assets is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If the screen is not met, the guidance provides a framework to evaluate whether both an input and a substantive process are present to be considered a business. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted for certain transactions, but we did not early adopt this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements. In January 201 7, the FASB issued new accounting guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which required the determination of an implied fair value of goodwill. Under this guidance, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We have not early adopted this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements.  In March 201 7, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. This guidance requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost are to be presented separately from the service cost component and outside of any subtotal of income from operations. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and should be applied retrospectively. Early adoption was permitted, but we did not early adopt this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements.  In May 201 7, the FASB issued new accounting guidance which clarifies when to account for a change to the terms or conditions of a share based payment award as a modification. Under this guidance, modification is required only if the fair value, the vesting conditions, or the classification of an award as equity or liability changes as a result of the change in terms or conditions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted, but we did not early adopt this guidance. This guidance is not expected to have a material 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 $5.4 million . This amount represents the maximum potential amount of future payments under the guarantees as of December 23, 2017 . The leases are guaranteed through April 202 0. In the event of default by the franchise owner, Monro generally retains the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a Company-operated store. We have recorded a liability related to anticipated defaults under the foregoing leases , of $.2 million and $.6 million as of December 23, 2017 and March 25, 2017, respectively.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 23, 2017
Fiscal 2018 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	   As of Acquisition Date  (Dollars in thousands)  Inventories $ 476  Other current assets 146  Property, plant and equipment 6,675  Intangible assets 3,380  Other non-current assets 7  Long-term deferred income tax assets 2,704  Total assets acquired 13,388  Other current liabilities 1,243  Long-term capital leases and financing obligations 11,298  Other long-term liabilities 80  Total liabilities assumed 12,621  Total net identifiable assets acquired $ 767  Total consideration transferred $ 15,732  Less: total net identifiable assets acquired 767  Goodwill $ 14,965 
Schedule Of Intangible Assets Acquired	   As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Favorable leases $ 2,304 10 years  Customer lists 1,076 7 years  Total $ 3,380 9 years 
Fiscal 2017 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	   As of Acquisition Date  (Dollars in thousands)  Trade receivables $ 7,006  Inventories 18,196  Other current assets 405  Property, plant and equipment 25,645  Intangible assets 18,089  Other non-current assets 174  Long-term deferred income tax assets 7,014  Total assets acquired 76,529  Warranty reserves 519  Other current liabilities 2,973  Long-term capital leases and financing obligations 29,377  Other long-term liabilities 1,103  Total liabilities assumed 33,972  Total net identifiable assets acquired $ 42,557  Total consideration transferred $ 133,110  Plus: gain on bargain purchase 13  Less: total net identifiable assets acquired 42,557  Goodwill $ 90,566 
Schedule Of Intangible Assets Acquired	   As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Customer lists $ 9,540 13 years  Favorable leases 5,594 14 years  Trade names 2,955 17 years  Total $ 18,089 14 years 

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Dec. 23, 2017
Earnings Per Common Share [Abstract]
Reconciliation Of Basic And Diluted Earnings Per Share	   Quarter Ended Nine Months Ended  Fiscal December Fiscal December  2017 2016 2017 2016  (Amounts in thousands,  except per share data)  Numerator for earnings per common share calculation:  Net income $ 11,601 $ 17,566 $ 46,452 $ 51,865  Preferred stock dividends (92) (102) (276) (361)  Income available to common shareholders $ 11,509 $ 17,464 $ 46,176 $ 51,504  Denominator for earnings per common share calculation:  Weighted average common shares, basic 32,779 32,466 32,746 32,338  Effect of dilutive securities:  Preferred stock 510 635 510 718  Stock options 52 191 57 250  Restricted stock 11 — 4 —  Weighted average number of common shares, diluted 33,352 33,292 33,317 33,306  Basic earnings per common share: $ .35 $ .54 $ 1.41 $ 1.59  Diluted earnings per common share: $ .35 $ .53 $ 1.39 $ 1.56 

Supplemental Disclosure of Ca19

Supplemental Disclosure of Cash Flow Information (Tables)	9 Months Ended
	Dec. 23, 2017
Fiscal 2018 and 2017 Adjustments [Member]
Business Acquisition [Line Items]
Liabilities on acquisitions assumed	   (Dollars in thousands)  Fair value of assets acquired $ 12,231  Goodwill acquired 16,253  Gain on bargain purchase (13)  Cash paid, net of cash acquired (15,757)  Liabilities assumed $ 12,714 
Fiscal 2017 And 2016 Adjustments [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 

Condensed Consolidated Financ20

Condensed Consolidated Financial Statements (Details) $ in Millions	9 Months Ended
	Dec. 23, 2017USD ($)segment	Mar. 25, 2017USD ($)
Financial Statement [Line Items]
Number of operating segments | segment	1
Liability for anticipated lease defaults	$ 0.2	$ 0.6
Property Lease Guarantee [Member] | Maximum [Member]
Financial Statement [Line Items]
Maximum potential guarantee payments	$ 5.4

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	Jan. 14, 2018store	Mar. 31, 2018store	Dec. 23, 2017USD ($)	Dec. 24, 2016USD ($)	Dec. 23, 2017USD ($)store	Dec. 24, 2016USD ($)storeproperty
Business Acquisition [Line Items]
Costs related to completed acquisitions | $			$ 100	$ 300	$ 400	$ 700
Sales for acquired entities | $			$ 4,600	$ 43,000	8,200	65,000
Total consideration transferred, portion in cash | $						133,000
Payable to a seller | $						$ 100
Change in estimates, current assets | $					(100)
Change in estimates, property, plant and equipment | $					1,400
Change in estimates, intangible assets | $					(2,200)
Change in estimates, long-term deferred income tax assets | $					(300)
Change in current liabilities | $					(200)
Change in estimates, long-term capital leases and financing obligations | $					200
Change in estimates, other liabilities | $					100
Adjustments to goodwill related to purchase accounting | $					$ 1,300
Scenario, Forecast [Member]
Business Acquisition [Line Items]
Number of stores acquired		7
Valley Tire Co., Inc. [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Acquisition date	Jan. 14, 2018
Number of stores acquired	3
MLR, Incorporated [Member]
Business Acquisition [Line Items]
Acquisition date					Dec. 17, 2017
Number of stores acquired					1
TriGar Tire & Auto Service Center, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date					Dec. 10, 2017
Number of stores acquired					2
TriGar Tire & Auto Service Center, LLC., Operated By Monro [Member]
Business Acquisition [Line Items]
Number of stores acquired					1
TriGar Tire & Auto Service Center, LLC., Operated By Mr. Tire [Member]
Business Acquisition [Line Items]
Number of stores acquired					1
Auto MD, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date					Aug. 13, 2017
Number of stores acquired					8
UVR, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Jul. 30, 2017
Number of stores acquired, both operating and not opened					13
Number of stores acquired					12
Number of stores never opened					1
Norman Young Tires, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Jul. 9, 2017
Number of stores acquired					1
D&S Pulaski, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 25, 2017
Number of stores acquired					1
J & R Diversified, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 11, 2017
Number of stores acquired					2
Michael N. McGroarty, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 11, 2017
Number of stores acquired					1
Tires Plus LLC. [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 2, 2017
Number of stores acquired					1
Bob Sumerel Tire Co., Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					May 21, 2017
Number of stores acquired					1
Collier Automotive Group, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Apr. 23, 2017
Number of stores acquired					1
Hamel Tire Center Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Oct. 16, 2016
Number of stores acquired						1
Parkway D/C Enterprises, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Oct. 2, 2016
Number of stores acquired						3
Florida Tire Service, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date					Sep. 19, 2016
Number of stores acquired						1
Davco Development Company and Ricketts, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Sep. 18, 2016
Number of stores acquired						2
Clark Tire & Auto, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Sep. 11, 2016
Number of stores acquired						26
Number of retread centers acquired | property						1
Number of wholesale centers acquired | property						4
NTI, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date					Jul. 18, 2016
Number of stores acquired						1
Kwik-Fit Tire & Service [Member]
Business Acquisition [Line Items]
Acquisition date					Jul. 17, 2016
Number of stores acquired						1
Task Holdings, Inc. and Autopar, Inc. Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date					Jul. 10, 2016
Number of stores acquired						4
Harlow Tire Company Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 26, 2016
Number of stores acquired						1
Express Tire Centers, LLC. Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 19, 2016
Number of stores acquired						2
Pioneer Tire Pros Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date					May 8, 2016
Number of stores acquired						1
McGee Tire Stores, Inc. Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date					May 1, 2016
Number of stores acquired						29
Number of retread centers acquired | property						1
Fiscal 2018 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred | $					$ 15,732
Fiscal 2017 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred | $						$ 133,110

Acquisitions (Schedule Of Purch

Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2017	Dec. 24, 2016	Mar. 25, 2017
Purchase price of acquisitions allocation
Plus: gain on bargain purchase	$ 13
Goodwill	517,989		$ 501,736
Fiscal 2018 Acquisitions [Member]
Purchase price of acquisitions allocation
Inventories	476
Other current assets	146
Property, plant and equipment	6,675
Intangible assets	3,380
Other non-current assets	7
Long-term deferred income tax assets	2,704
Total assets acquired	13,388
Other current liabilities	1,243
Long-term capital leases and financing obligations	11,298
Other long-term liabilities	80
Total liabilities assumed	12,621
Total net identifiable assets acquired	767
Total consideration transferred	15,732
Less: total net identifiable assets acquired	767
Goodwill	$ 14,965
Fiscal 2017 Acquisitions [Member]
Purchase price of acquisitions allocation
Trade receivables		$ 7,006
Inventories		18,196
Other current assets		405
Property, plant and equipment		25,645
Intangible assets		18,089
Other non-current assets		174
Long-term deferred income tax assets		7,014
Total assets acquired		76,529
Warranty reserves		519
Other current liabilities		2,973
Long-term capital leases and financing obligations		29,377
Other long-term liabilities		1,103
Total liabilities assumed		33,972
Total net identifiable assets acquired		42,557
Total consideration transferred		133,110
Plus: gain on bargain purchase		13
Less: total net identifiable assets acquired		42,557
Goodwill		$ 90,566

Acquisitions (Schedule Of Intan

Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2017	Dec. 24, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 3,380	$ 18,089
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	9 years
Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,076	9,540
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	7 years
Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 2,304	5,594
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	10 years
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 2,955
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	17 years
Fiscal 2017 Acquisitions [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	14 years
Fiscal 2017 Acquisitions [Member] | Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	13 years
Fiscal 2017 Acquisitions [Member] | Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	14 years
Fiscal 2017 Acquisitions [Member] | Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	17 years

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 23, 2017	Dec. 24, 2016	Dec. 23, 2017	Dec. 24, 2016
Earnings Per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	934,000	242,000	1,096,000	241,000

Earnings Per Common Share (Reco

Earnings Per Common 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. 23, 2017	Dec. 24, 2016	Dec. 23, 2017		Dec. 24, 2016
Numerator for earnings per common share calculation:
Net income	$ 11,601	$ 17,566	$ 46,452		$ 51,865
Preferred stock dividends	(92)	(102)	(276)	[1]	(361)
Income available to common stockholders	$ 11,509	$ 17,464	$ 46,176		$ 51,504
Denominator for earnings per common share calculation:
Weighted average common shares, basic	32,779	32,466	32,746		32,338
Effect of dilutive securities:
Preferred stock	510	635	510		718
Weighted average number of common shares, diluted	33,352	33,292	33,317		33,306
Basic earnings per common share:	$ 0.35	$ 0.54	$ 1.41		$ 1.59
Diluted earnings per common share:	$ 0.35	$ 0.53	$ 1.39		$ 1.56
Stock Options [Member]
Effect of dilutive securities:
Share based payment arrangements (in shares)	52	191	57		250
Restricted Stock [Member]
Effect of dilutive securities:
Share based payment arrangements (in shares)	11		4
[1]	Represents first, second and third quarter fiscal year 2018 dividends of $.18 per common share or common share equivalent each quarter, declared on May 18, 2017, August 15, 2017 and December 1, 2017, respectively.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 23, 2017	Dec. 23, 2017	Dec. 31, 2018	Mar. 25, 2017
Unrecognized tax benefits	$ 7.8	$ 7.8		$ 6.9
Interest and penalties accrued related to unrecognized tax benefits	0.5	$ 0.5		$ 0.4
Federal tax rate		35.00%
Income tax expense, change in tax rate effect of deferred assets and liabilities	$ 5.3
Effect of change in tax rate, percent	3.00%
Scenario, Forecast [Member]
Federal tax rate			21.00%

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Dec. 23, 2017	Mar. 25, 2017
Fair Value [Abstract]
Carrying amount of long-term debt ( including current portion)	$ 154.6	$ 182.4
Fair value of long-term debt (including current portion)	$ 154.6	$ 182.4

Supplemental Disclosure of Ca28

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 23, 2017	Dec. 24, 2016	Mar. 25, 2017
Business Acquisition [Line Items]
Goodwill acquired	$ 517,989		$ 501,736
Cash paid, net of cash acquired	(16,363)	$ (133,684)
Amounts payable to sellers		(100)
Fiscal 2018 and 2017 Adjustments [Member]
Business Acquisition [Line Items]
Fair value of assets acquired	12,231
Goodwill acquired	16,253
Gain on bargain purchase	(13)
Cash paid, net of cash acquired	(15,757)
Liabilities assumed	$ 12,714
Fiscal 2017 And 2016 Adjustments [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

Cash Dividend (Details)

Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2017	Dec. 23, 2017	Dec. 24, 2016
Cash Dividend [Abstract]
Common stock cash dividends per share declared	$ 0.18
Dividends to shareholders		$ 17,966	$ 16,874