Monro Muffler, Inc. (MNRO) Misses Q1, Guides Lower; Shares Slammed 10%
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Price: $28.05 -6.22%
Revenue Growth %: +3.1%
Financial Fact:
Cost of sales, including distribution and occupancy costs: 148.59M
Today's EPS Names:
FRSB, DGICA, UXIN, More
Revenue Growth %: +3.1%
Financial Fact:
Cost of sales, including distribution and occupancy costs: 148.59M
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Monro Muffler, Inc. (NASDAQ: MNRO) shares are under heavy pressure after the company reported Q1 EPS of $0.42, $0.03 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $206.2 million versus the consensus estimate of $210.62 million. Comparable store sales increased approximately 3% for alignments and 1% for maintenance services and tires, and were flat for exhaust, front end/shocks and brakes.
Based on current visibility and business and economic trends, including flat comparable store sales to-date in July, as well as the pending acquisition, the Company now anticipates an increase in fiscal 2014 comparable store sales in the range of 1% to 3%. Monro Muffler, Inc. sees FY2013 EPS of $1.58-$1.70, versus prior guidance of $1.65-$1.80 and the consensus of $1.76.
John Van Heel, President and Chief Executive Officer stated, "Our first quarter performance continues to reflect the volatility associated with the economic environment that has been weighing on our customers, with the positive comparable store sales trends we experienced in April and early May softening in the final six weeks of the quarter. Customers have increasingly turned to Monro to perform the work necessary to maintain and extend the life of their vehicles, as evidenced by a 2% increase in our comparable store oil change traffic for the quarter. However, they continued to defer purchases and trade down from higher cost maintenance and repair purchases, resulting in flat or slightly positive comparable store sales in key categories. While we are disappointed with our comparable store sales increase, our recent acquisitions contributed to earnings and outperformed our plan. Importantly, our focus on leveraging our strong business model to take advantage of increased acquisition opportunities enabled us to increase our market share and deliver strong increases in overall sales and net income despite the tough environment."
For earnings history and earnings-related data on Monro Muffler, Inc. (MNRO) click here.
Based on current visibility and business and economic trends, including flat comparable store sales to-date in July, as well as the pending acquisition, the Company now anticipates an increase in fiscal 2014 comparable store sales in the range of 1% to 3%. Monro Muffler, Inc. sees FY2013 EPS of $1.58-$1.70, versus prior guidance of $1.65-$1.80 and the consensus of $1.76.
John Van Heel, President and Chief Executive Officer stated, "Our first quarter performance continues to reflect the volatility associated with the economic environment that has been weighing on our customers, with the positive comparable store sales trends we experienced in April and early May softening in the final six weeks of the quarter. Customers have increasingly turned to Monro to perform the work necessary to maintain and extend the life of their vehicles, as evidenced by a 2% increase in our comparable store oil change traffic for the quarter. However, they continued to defer purchases and trade down from higher cost maintenance and repair purchases, resulting in flat or slightly positive comparable store sales in key categories. While we are disappointed with our comparable store sales increase, our recent acquisitions contributed to earnings and outperformed our plan. Importantly, our focus on leveraging our strong business model to take advantage of increased acquisition opportunities enabled us to increase our market share and deliver strong increases in overall sales and net income despite the tough environment."
For earnings history and earnings-related data on Monro Muffler, Inc. (MNRO) click here.
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