ROCHESTER, N.Y. -- Monro Muffler Brake has announced record financial results for its second quarter ended Sept. 26.

Sales for the second quarter of fiscal 2010 increased 13.9 percent to a record $136.6 million compared to $119.9 million for the second quarter of fiscal 2009. Sales were driven largely by continued strong in-store execution and effective advertising and marketing campaigns. Comparable store sales grew 7.4 percent, on top of a 4.5 percent comparable store sales increase in the second quarter of the prior year, and exceeded the company's previously estimated range of 5 percent to 7 percent. By category, comparable store sales increased approximately 11 percent for tires, 7 percent for alignments, 7 percent for brakes, 7 percent for maintenance services and 4 percent for exhaust.

The total sales for the quarter included an increase in sales from new stores of $10 million. The 26 Autotire stores acquired in June 2009 contributed $8.4 million of the increase.

Net income for the second quarter increased 30.4 percent to a record $10 million from $7.7 million for the prior year period. Diluted earnings per share for the quarter were 49 cents and exceeded the company's previously expected range of 47 cents to 48 cents. This compares to diluted earnings per share of 38 cents in the second quarter of fiscal 2009.

For the six-month period, net sales increased 10.2 percent to a record $264.7 million from $240.3 million in the same period of the prior year. Net income for the first six months of fiscal 2010 increased 25.5 percent to a record $19.4 million, or 95 cents per diluted share, compared with $15.5 million, or 77 cents per share in the comparable period of fiscal 2009.

Robert Gross, chairman and chief executive officer, stated, "We are delighted with our continued strong performance and positive traction that we experienced in the second quarter which was driven by effective in-store sales execution and our ability to capitalize on favorable macro factors. Additionally, our strong reputation as a trusted service provider and our effective advertising strategy helped us to achieve a very impressive record same-store traffic increase of approximately 7 percent for the quarter. Further, we are pleased that we continue to gain market share, both organically as a result of our effective business strategy and positive impact of dealership closures, as well as through our recent value-priced acquisitions which are expected to add approximately $90 million (18 percent) to annual sales."

Based on current visibility and business and economic trends, the company anticipates comparable store sales growth in the range of 6 percent to 8 percent for the third quarter of fiscal 2010. The company also expects diluted earnings per share for the third quarter to be in the range of 32 cents to 35 cents, compared with 28 cents for the third quarter of fiscal 2009.

For fiscal 2010, the company now anticipates comparable store sales growth in the range of 6 percent to 7 percent compared with its previously estimated range of 4 percent to 7 percent. The company now expects total fiscal 2010 sales in the range of $553 million to $563 million compared with its previously estimated range of $515 million to $530 million. The company raised its estimated range for fiscal 2010 diluted earnings per share to $1.44 to $1.48 from its previously estimated range of $1.35 to $1.45. The estimate is based on 20.6 million weighted average shares outstanding.

Gross concluded, "We are pleased with our continued strong momentum entering the third quarter as we are executing well and maximizing our opportunities for market share expansion. Notably, our September comparable store sales increased approximately 10 percent and our October comparable sales were up approximately 12.5 percent. The integration of our three recent value-priced acquisitions into the Monro family are progressing as planned and we believe that we are well-positioned to take advantage of additional acquisition opportunities as they arise. As we look to the second half of our fiscal year, we remain optimistic about our prospects given the favorable trends that we are currently experiencing in both our business and in the industry."