Monro anticipates slight jump in store sales
Monro Muffler Brake Inc. expects its second quarter comparable store sales to increase 1%.
"The company currently anticipates earnings per diluted share will be at the low end of its previously announced range of $.48 to $.52 for the second quarter," say Monro officials.
They also report that Monro has been paid in full on its $5 million secured loan to Strauss Discount Auto.
In November 2005, Monro acquired both a 13% stake in Strauss and the option to acquire the remaining 87% of Strauss' common stock.
However, last month Monro announced that due to continued deterioration in Strauss' financial condition, it concluded that the terms of the original option agreement no longer represented a good value. (Strauss filed for Chapter 11 protection in August.)
Monro will host a conference call and Web cast on Oct. 17 to disclose its full second quarter results.