Business
Monro, Inc. Announces First Quarter Fiscal 2022 Financial Results
~ First Quarter Sales Up 38.4% to a Record $341.8 Million ~~ First Quarter Comparable Store Sales Increase 34.5% ~~ First Quarter Diluted EPS of $.46 and
About this update from Monro, Inc.
[{"type":"text","content":"~ First Quarter Sales Up 38.4% to a Record $341.8 Million ~~ First Quarter Comparable Store Sales Increase 34.5% ~~ First Quarter Diluted EPS of $.46 and Adjusted Diluted EPS of $.55 ~~ Released Inaugural Corporate Responsibility Report, Monro.Forward Responsibly ~ ROCHESTER, N.Y., July 28, 2021 (GLOBE NEWSWIRE) -- Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its first quarter ended June 26, 2021. First Quarter Results Sales for the first quarter of the fiscal year ending March 26, 2022 (“fiscal 2022”) increased 38.4% to $341.8 million, as compared to $247.1 million for the first quarter of the fiscal year ended March 27, 2021 (“fiscal 2021”). The total sales increase for the first quarter of $94.7 million resulted from a comparable store sales increase of 34.5% for the period and an increase in sales from new stores of $14.1 million, including sales from recent acquisitions of $13.6 million. This compares to a decrease in comparable store sales of 25.8% in the prior year period, which was impacted by a substantial decrease in traffic related to the COVID-19 pandemic. Comparable store sales increased approximately 57% for brakes, 54% for alignments, 42% for maintenance services, 40% for front/end shocks, and 25% for tires compared to the prior year period. Gross margin increased 140 basis points to 36.8% in the first quarter of fiscal 2022 from 35.4% in the prior year period. The increase was due to higher comparable store sales in the first quarter of fiscal 2022, which resulted in lower fixed distribution and occupancy costs as a percentage of sales, as well as a higher sales mix of service categories, compared to the prior year period. Total operating expenses for the first quarter were $98.0 million, or 28.7% of sales, as compared to $76.1 million, or 30.8% of sales in the prior year period. The year-over-year dollar increase included $3.9 million in one-time litigation settlement costs related to an employee wage and hour matter previously disclosed in the Company’s annual report on Form 10-K for the fiscal year ended March 27, 2021. The remaining year-over-year dollar increase resulted from increased store management and advertising expenses needed to support higher consumer demand, as well as expenses from 44 net new stores compared t...