Monro Muffler 1Q earnings sink on higher costs

ROCHESTER, N.Y. - Monro Muffler Brake Inc., which provides car repair and tire services, said Thursday its fiscal first-quarter profit fell nearly 5 percent, hurt by higher costs. Monro said earnings for the quarter ended June 28 fell to $7.8 million, or 39 cents per share, from $8.2 million, or 36 cents per share, in the same quarter last year. Analysts polled by Thomson Financial expected earnings of 38 cents per share. Revenue rose to $120.4 million from $107.6 million a year ago. The company said its revenue was helped by a $7.4 million increase in new store sales. Same-store sales, or sales at stores open at least a year, rose 5.6 percent. Monro also offered a fiscal second-quarter outlook above analyst expectations and lifted its full-year outlook. Its shares climbed $2.04, or 12.6 percent, to $18.19 in morning trading.... [read full story]