ROCHESTER, N.Y., July 25 (Reuters) - Monro Muffler Brake Inc. , an operator of automotive repair shops, on Thursday said quarterly earnings were flat as sales at locations open at least one year were little changed.
But the company said comparable-store sales increased more than 4 percent over the past 10 weeks and raised its full-year 2003 earnings estimate to a range of $1.40 to $1.44 a share from previous guidance of $1.35 to $1.40. The company also forecast second-quarter earnings of 51 cents to 53 cents a share.
The Rochester, New York, company reported net income for the first quarter of fiscal 2003, ended June 29, of $3.9 million, or 42 cents per share, compared with $3.9 million, or 43 cents per share, a year earlier.
Excluding a charge for performance-based executive stock options of $1.6 million, or 11 cents per share, earnings per share were 53 cents for the quarter.
First-quarter sales rose to $67.9 million from $61.4 million in the same period a year ago. The company said sales at its stores open at least one year declined 0.1 percent in the quarter.