Monro Muffler Brake, Inc. (NASDAQ: MNRO), the operator of a chain of automotive under-car repair and tire service stores in the United States under the brand names Monro Muffler Brake and Service, Mr. Tire, and Tread Quarters Discount Tires, recently announced record financial results for its fiscal 2009 first quarter, which ended June 28, 2008. Sales for the first quarter posted an 11.8 percent year-over-year increase to a record $120.4 million, compared to $107.6 million for the first quarter of fiscal 2008.

The company’s gross margin totaled 42.3 percent in the first quarter compared to 43.4 percent in the previous quarter one-year earlier. Higher raw material costs were partially offset by price increases implemented throughout the quarter. The company expects diluted earnings per share for the second quarter to be in the range of $0.36 to $0.38, compared to $0.29 per diluted share for the second quarter of fiscal 2008. Based on year-to-date performance and current economic trends, management predicts comparable store sales growth in the range of 3 percent to 5 percent for the second quarter of fiscal 2009.

Although consumers are currently driving less, approximately 700 to 800 fewer miles per year on average due to higher fuel costs, Monro Muffler Brake’s sales have only been minimally impacted since the decrease in miles driven has not been enough to offset the need for oil changes. Shares of Monro Muffler Brake posted healthy gains last week on the announcement of record financial results for the fiscal 2009 first quarter.

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