This Day On The Street
Continue to site
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

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

Company Outlook

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.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs