ROCHESTER, N.Y.Monro Muffler Brake Inc. reported double-digit gains in operating and net profit and sales for the quarter ended Sept. 28, but management is maintaining a cautious outlook for the rest of the fiscal year based on what it terms volatile near-term economic trends.
Based on current visibility, business and economic trends, Monro said it expects comparable business at its existing stores to be flat to down 1 percent for the remainder of the year. As a result, management is scaling back its earnings expectations for fiscal 2014 somewhat, to a range of $1.58 to $1.65 per share from a range of $1.58 to $1.70 a share.
Operating and net income for the quarter jumped 21.2 and 18.2 percent, respectively, to $23.9 million and $13.6 million. Sales for the quarter increased 16.3 percent to $205.3 million.
For the six-month period, net income jumped 17.4 percent to $27.2 million on 19-percent higher sales of $411.5 million.