ROCHESTER, N.Y. (March 31, 2003)—Monro Muffler Brake Inc. expects its earnings for the fourth quarter and fiscal year ended March 29 to exceed previously issued estimates by about 2 percent, based largely on higher-than-expected sales gains.
Monro Muffler, which has expanded its tire-related business in the past 18 months by acquiring Kimmel Automotive in Maryland and Virginia and Frasier Tire Inc.'s retail stores in South Carolina, said earnings should increase to $1.44-$1.46 per share, up from $1.41-$1.43 released earlier.
"Our better-than-anticipated results are being driven by an estimated 7-percent comparable store sales gain in the fourth quarter, resulting largely from continued increases in store traffic, scheduled maintenance services and tire sales,” said Robert G. Gross, president and CEO.
“This strong performance is a testament to our ongoing strategy of attracting customers into our stores with discount oil changes and encouraging repeat business by offering superior customer service and a compelling assortment of quality products and services,” he said in a prepared statement. “These efforts, along with our unique direct-to-consumer marketing strategy and store execution, have proved extremely effective."
The company plans to release its fiscal 2003 results during the week of May 19.
Monro Muffler Brake operates a chain of 560 stores in 18 states providing automotive undercar repair and tire services in the U.S., operating under the brand names of Monro Muffler Brake and Service, Speedy Auto Service by Monro, Kimmel Tires - Auto Service and Tread Quarters Discount Tires.