Monro (MNRO) - Get Monro Inc. Report posted fiscal fourth-quarter revenue that missed analysts' forecasts but the stock rose on news that Amazon.com (AMZN) - Get Amazon.com Inc. Report was expanding its tire-installation services agreement with the company.
Monro said revenue was $287.2 million vs. $285.6 million a year earlier but below analysts' estimates of $293 million. Earnings in the quarter were 50 cents a share, down from 52 cents a year earlier.
The Rochester, New York-based company said its comparable-store sales fell 5.7% in the quarter, well below expectations that called for a gain of 2.4%.
The company's deal with Amazon was expanded to an additional 400 stores, for a total of about 800.
Monro reported full-year profit of $79.8 million, or $2.37 per share. The company said it expects earnings next fiscal year of $2.55 to $2.75 a share.
Revenue came in at $1.2 billion. The automotive repair and maintenance company sees 2020 sales of $1.3 billion to $1.33 billion vs. estimates of $1.2 billion to $1.34 billion, according to Bloomberg. Monro said 2020 comparable-store sales are expected to gain 2% to 4%.
The company also boosted its quarterly cash dividend by 10% to 22 cents a share.
The stock has a $73.25 price target and consensus hold rating, according to FactSet.
Shares were up 5.1% to $84.87.