ROCHESTER, N.Y. — Monro Muffler Brake Inc. is forecasting a 14- to 24-percent jump in earnings per share for fiscal 2018, based on expected tire price increases, comparable store sales increases, accretive contributions from recent acquisitions and a 53rd week of results in the next fiscal reporting period.
Monro said it expects to report diluted earnings per share for the year ending in late March 2018, of $2.10 to $2.30.
For the quarter and year ended March 25, Monro reported 10- and 8-percent gains in sales to approximately $252 million and $1.02 billion, respectively, despite measurable declines in comparable store sales performances. The retailer attributed the higher sales to the contribution of acquired businesses.
In a preliminary fiscal 2017 earnings report, Monro President and CEO John Van Heel attributed Monro's comparable store sales declines to the negative impact of unseasonable weather and "challenging economic conditions facing our customers."
In the fiscal year just concluded, Monro continued to leverage its increasing scale to lower tire costs and control its operating expenses, Mr. Van Heel said.
"In this difficult environment," he continued, "we also capitalized on attractive acquisition opportunities, completing transactions representing approximately $150 million in annualized sales or 16-percent annualized sales growth."
Quarter-to-date in fiscal 2018, our comparable store sales have improved and are up approximately 3%. We expect these early, positive trends, combined with contributions from our recent acquisitions and an extra week in fiscal 2018, to be positive drivers of earnings in the new fiscal year."
Monro will release its fourth quarter and full year fiscal 2017 earnings on May 18.