Monro Muffler Brake, Inc. to Exceed Fourth Quarter and Fiscal 2003 Earnings Expectations

    ROCHESTER, N.Y.--March 31, 2003--Monro Muffler Brake, Inc.

    Q4 Comparable Store Sales Increase Approximately 7%
    Company Estimates Fiscal 2003 EPS in the Range of $1.44 to $1.46

    Monro Muffler Brake, Inc. announced today that it expects to exceed the Company's previously issued earnings estimates for the fourth quarter and fiscal year ended March 29, 2003. The Company now anticipates earnings per diluted share for the fiscal year to range between $1.44 and $1.46, compared to its previous earnings estimate of $1.41 to $1.43 per diluted share. For the fourth quarter, the Company projects earnings per diluted share in the range of $0.24 to $0.26, an increase from earnings per diluted share of $0.21 to $0.23, previously forecasted.
    The Company plans to release its fourth quarter and fiscal 2003 results during the week of May 19, 2003.
    Robert G. Gross, President and Chief Executive Officer of Monro, commented, "Our better-than-anticipated results are being driven by an estimated 7% comparable store sales gain in the fourth quarter, resulting largely from continued increases in store traffic, scheduled maintenance services and tire sales. This strong performance is a testament to our ongoing strategy of attracting customers into our stores with discount oil changes and encouraging repeat business by offering superior customer service and a compelling assortment of quality products and services. These efforts, along with our unique direct-to-consumer marketing strategy and store execution, have proven extremely effective."
    The Company also announced that it plans to host a conference call and webcast on Tuesday, April 15, 2003, at 11:00 A.M. Eastern Time, to provide fiscal 2004 financial projections.
    Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Speedy Auto Service by Monro, Kimmel Tires - Auto Service and Tread Quarters Discount Tires. The Company currently operates 560 stores and has 19 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware and Michigan. Monro's stores provide a full range of services for exhaust systems, brake systems, tires, steering and suspension systems and many vehicle maintenance services.
&Form 10K for the fiscal year ended March 30, 2002.