Although the economy has seen less than stellar performance in recent months, Monro Muffler Brake, Inc. has announced that it anticipates fiscal year 2008 results in line with prior guidance. The company expects fiscal 2008 sales to be approximately $440 million with a comparable store sales increase of approximately 3.1 percent and diluted earnings per share to be in the range of $1.03 to $1.05. The estimate compares to fiscal 2007 earnings per diluted share of $.97. For the fourth quarter of fiscal 2008, the company expects sales of approximately $107 million, with a comparable store sales increase of approximately 0.8 percent, adjusted for days, or a decrease of approximately 5.3 percent on a reported basis, due to one less selling week. The company expects diluted earnings per share for the fourth quarter of 2008 to be in the range of $.14 to $.16, in line with its previous expectations. "We are pleased that we are on track to meet our expectations for fiscal 2008 and are particularly gratified that our business has performed solidly," says Robert G. Gross, the company's chairman and chief executive officer. Gross adds that the company is off to a good start for fiscal 2009 — generating approximately 8 percent comparable store sales growth for the month of April, trending ahead of its industry peers. While this strong monthly comparable store sales increase is an encouraging sign for Monro, the company says it remains cautious in its outlook for the quarter and the full year. "As we move forward in fiscal 2009, we expect that our low cost operating model and our somewhat nondiscretionary products and services will enable us to weather the expected difficult macro conditions as we continue to seek growth both organically and through value-priced acquisitions," Gross adds. Based on current visibility and economic trends, the company expects fiscal 2009 comparable store sales growth of 2 percent to 4 percent and diluted earnings per share in the range of $1.08 to $1.18. The company anticipates first quarter 2009 comparable store sales growth in the range of 3 percent to 5 percent. The data provided for the fourth quarter and full year fiscal 2008 is based on preliminary unaudited internal results and is subject to change as Monro completes the preparation of full consolidated financials statements for the period. The company plans to release its fourth quarter and fiscal 2008 results on May 29, 2008. For more information about Monro Muffler Brakes, visit the company's Web site. |