ROCHESTER, N.Y. (April 20, 2004) — Monro Muffler Brake Inc. expects to report fiscal 2004 earnings 20 percent ahead of its 2003 levels, the automotive service company said.
The company, which ended its fiscal year March 27, will report its full earnings May 20. But profits are expected to reach $1.17 to $1.19 per share, compared with 2003's earnings of 97 cents. Comparable store sales for the fourth quarter are expected to increase about 2 percent vs. a 7.3-percent increase in the fourth quarter of 2003. Annual comparable store sales are expected to increase about 4.7 percent, the firm predicted.
During the fiscal year Monro also closed its purchase of 36 Mr. Tire outlets in Maryland and Virginia for about $29 million.
“Throughout fiscal 2004, we continued to increase same-store traffic and improve comparable store sales, which helped us to achieve the financial goals we set at the beginning of the year,” said Robert Gross, president and CEO for the Rochester-based company.
For fiscal 2005, Monro anticipates annual sales of $345 million to $355 million, with comparable store sales growth of 3-5 percent.
Monro said it plans to open 25 new stores in fiscal 2005—of which 20 are projected to be at BJ's Wholesale Club locations.