Business
Monro, Inc. Announces First Quarter Fiscal 2023 Financial Results
First Quarter Sales Up 2.3% to $349.5 Million First Quarter Comparable Store Sales Increased 2.8% in Retail locations, driven by a 15% Comparable Store Sales
About this update from Monro, Inc.
[{"type":"text","content":"\n\nFirst Quarter Sales Up 2.3% to $349.5 Million\n\n\nFirst Quarter Comparable Store Sales Increased 2.8% in Retail locations, driven by a 15% Comparable Store Sales Increase in ~300 Small or Underperforming Stores\n\n\nFirst Quarter Diluted EPS of $.37; Adjusted Diluted EPS1 of $.42\n\n\nGenerated Record Operating Cash Flow of ~$77M\n\n\nCompleted Divestiture of Non-Core Wholesale and Tire Distribution Assets for Total Transaction Value of ~$102 Million\n\n\nRepurchased ~414K Shares of Common Stock at an Average Price of $41.60, for a Total of ~$17M\n\n\nReleased Second Annual Corporate Responsibility Report, Responsibility Drives Monro.Forward\n\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nMonro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its first quarter ended June 25, 2022.\n\nFirst Quarter Results2\n\nSales for the first quarter of the fiscal year ending March 25, 2023 (“fiscal 2023”) increased 2.3% to $349.5 million, as compared to $341.8 million for the first quarter of the fiscal year ended March 26, 2022 (“fiscal 2022”). The total sales increase for the first quarter of $7.7 million resulted from a comparable store sales increase of 0.4% for the period and an increase in sales from new stores of $11.0 million, primarily from recent acquisitions. This compares to an increase in comparable store sales of 34.5% in the prior year period. Comparable store sales increased 2.8% in the Company’s Retail locations, driven by a 15% comparable store sales increase in approximately 300 of the Company’s small or underperforming stores.\n\nRetail comparable store sales increased approximately 5% for tires and front end/shocks, 2% for brakes and 1% for maintenance services compared to the prior year period. Retail comparable store sales decreased approximately 2% for alignments compared to the prior year period. Please refer to the “Comparable Store Sales” section below for a discussion of how the Company defines comparable store sales.\n\nGross margin decreased 180 basis points to 35.0% in the first quarter of fiscal 2023 from 36.8% in the prior year period. The decrease was primarily due to an incremental investment in technician headcount and wages to support current and future sales growth. The Company estimates that this incremental investment impacte...