Monro Muffler (NASDAQ: MNRO) reported Q1 EPS of $0.62, $0.04 worse than the analyst estimate of $0.66. Revenue for the quarter came in at $295.8 million versus the consensus estimate of $297.39 million.

• First Quarter Sales Increase 6.2% to a Record $295.8 Million, Comparable Store Sales Increase 1.9%
• First Quarter Diluted EPS Increases 17.0% to a Record $.62, including $.02 of One-Time Costs Related to Monro.Forward Investments
• Announces Collaboration with Amazon.com to Provide Tire Installation Services
• Completes Acquisition of Eight Stores and Signs Definitive Agreement to Acquire Seven Stores, Bringing Total Fiscal 2019 Year-to-Date Annualized Sales from Acquisitions to $63 Million
• Increases Fiscal 2019 Sales Guidance and Reiterates EPS Guidance

“We are off to a solid start in fiscal 2019, with sustained business momentum and robust first quarter top line performance driven by our Monro.Forward strategy. We are pleased to see this momentum continue into July as comparable store sales are up approximately 2% month-to-date. We believe the rollout of our strategy is progressing well as we make the necessary investments in key initiatives that will enable us to develop a scalable platform to drive sustainable, long-term growth. During the first quarter, we addressed our store staffing to support improved traffic trends, reached a critical milestone in the development of our omnichannel presence with our collaboration with Amazon.com, and continued to capitalize on favorable accretive acquisition opportunities,” said Brett Ponton, President and Chief Executive Officer.

Ponton continued, “Looking ahead, our expectations for fiscal 2019 remain strong, as we continue to focus on driving operational excellence and delivering a consistent 5-star experience to our customers. We firmly believe the changes we are making across our business, coupled with favorable industry tailwinds, will allow us to drive sustainable growth and long-term shareholder value.”

Company Outlook

Based on current sales, business and economic trends, and recently announced and completed acquisitions, the Company now anticipates fiscal 2019 sales to be in the range of $1.180 billion to $1.210 billion, an increase of 4.6% to 7.3% as compared to fiscal 2018 sales. This compares to the previous sales guidance range of $1.170 billion to $1.200 billion. Fiscal 2019 sales guidance continues to assume a comparable store sales increase of 1% to 3% on a 52-week basis.

The Company reiterates its fiscal 2019 diluted earnings per share guidance range of $2.30 to $2.40. This guidance compares to diluted earnings per share of $1.92 in fiscal 2018. The earnings per share guidance is based on 33.4 million diluted weighted average shares outstanding.

GUIDANCE:

Monro Muffler sees FY2019 EPS of $2.30-$2.40, versus the consensus of $2.40. Monro Muffler sees FY2019 revenue of $1.18-1.21 billion, versus the consensus of $1.19 billion.

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