This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Monro Muffler Brake, Inc. Announces Record Second Quarter Fiscal 2011 Financial Results

Net income for the second quarter increased 33.2% to a record $13.3 million from $10.0 million in the prior year period. Diluted earnings per share for the quarter increased 28.6% to $.63, as compared to diluted earnings per share of $.49 in the second quarter of fiscal 2010, and exceeded the Company's estimated range of $.60 to $.62. Net income for the second quarter reflects an effective tax rate of 38.2% compared with 38.1% for the prior year period.

The Company closed two locations during the quarter, ending the second quarter with 783 stores.

First Six Month Results

For the six-month period, net sales increased 21.0% to a record $320.3 million from $264.7 million in the same period of the prior year. Net income for the first six months of fiscal 2011 increased 36.7% to a record $26.5 million, or $1.26 per diluted share, compared with $19.4 million, or $.95 per diluted share in the comparable period of fiscal 2010.

Robert G. Gross, Chairman and Chief Executive Officer stated, "Our continued strong top and bottom-line performance during the first six months was driven by effective in-store sales execution, ongoing outperformance of our recent acquisitions, and our ability to leverage our cost structure on increased sales.  Our strong value proposition and reputation as a trusted service provider continue to resonate well with customers, and helped us once again achieve strong same store traffic increases of 5%.  Additionally, the positive trends we continue to experience across our major service categories reflect our ability to capitalize on favorable economic and consumer trends.   Specifically, we achieved an approximate 6% increase in exhaust comparable store sales, marking the fifth straight quarter of increases in this category, while comparable store sales in our scheduled maintenance category increased nearly 8% on top of a 17% increase last year. Strong results in both of these categories reinforces to us that consumers are continuing to invest in maintaining older vehicles and that we are gaining market share from dealer displacement.  Moreover, we believe that our sweet spot has expanded to include vehicles ranging from four to 12 years old versus what had previously been a range of six to ten years old."

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs