Monro Muffler Brake, Inc. Announces Record Second Quarter Fiscal 2011 Financial Results
Based on current visibility and business and economic trends, the Company continues to anticipate fiscal 2011 comparable store sales growth in the range of 4% to 6% and is increasing its estimated fiscal 2011 diluted earnings per share to a range of $2.00 to $2.06, from $1.94 to $2.01. The estimate is based on 21.2 million weighted average shares outstanding. The Company's expected sales range for the year remains at $625 million to $640 million.
For the third quarter of fiscal 2011, the Company anticipates comparable store sales growth in the range of 4% to 6%. The Company expects diluted earnings per share for the third quarter to be between $.44 and $.50, compared to $.38 for the third quarter of fiscal 2010.
Mr. Gross concluded, "Our business has continued to perform well into the third quarter of fiscal 2011. To date in the quarter, we have achieved comparable store sales growth of approximately 2.5% as compared to an increase of 11.9% in October last year when early snowfall caused a significant sales shift to earlier in the quarter. Importantly, we are encouraged by continuing positive trends in both our business and our industry as we head into the back half of the fiscal year. Our recent acquisitions continue to outperform our expectations, and we expect to achieve ongoing operating margin expansion as we further integrate these acquisitions and leverage fixed occupancy and operating expenses. We are optimistic about expanding our market share further in fiscal 2011 through fairly-priced, opportunistic acquisitions in our existing markets. Overall, we are pleased with our performance thus far in fiscal 2011 and, as we pass through the midpoint of the year, we are on track to deliver our tenth consecutive fiscal year of comparable store sales increases."Acquisition Update Monro announced today that it has signed a definitive asset purchase agreement to acquire Courthouse Tire in Fredericksburg, VA. The three locations generate annualized sales of approximately $5 million. It is management's intention to retain store employees. The acquisition is scheduled to close at the end of October. Additionally, the Company hopes to complete one more transaction prior to December 31, 2010 with sales between $10 million and $15 million annually.
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