Business
Monro, Inc. Announces First Quarter Fiscal 2024 Financial Results
First Quarter Sales Decreased to $327.0 Million, due to the Divestiture of Wholesale Tire and Distribution Assets in First Quarter Fiscal 2023 First Quarter
About this update from Monro, Inc.
[{"type":"text","content":"\n\nFirst Quarter Sales Decreased to $327.0 Million, due to the Divestiture of Wholesale Tire and Distribution Assets in First Quarter Fiscal 2023\n\n\n\nFirst Quarter Comparable Store Sales Increased 0.5%\n\n\n\nFirst Quarter Diluted EPS of $.28; Adjusted Diluted EPS1 of $.31\n\n\n\nGenerated Cash from Operating Activities of $72 Million\n\n\n\nDistributed First Quarter Fiscal 2024 Cash Dividend of $.28 per Share\n\n\n\nReleased Third Annual Environmental, Social & Governance (ESG) Report\n\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 24, 2023.\n\n\nFirst Quarter Results2\n\n\nSales for the first quarter of the fiscal year ending March 30, 2024 (“fiscal 2024”) decreased 6.5% to $327.0 million, as compared to $349.5 million for the first quarter of the fiscal year ended March 25, 2023 (“fiscal 2023”). The total sales decline of $22.5 million was due to the divestiture of the Company’s Wholesale tire and distribution assets in the first quarter of fiscal 2023. Sales for these divested assets were $23.9 million in the first quarter of fiscal 2023. Comparable store sales increased 0.5% for the period, driven by an approximate 1% comparable store sales increase in approximately 300 of the Company’s small or underperforming stores. This compares to an increase in comparable store sales of 2.8% in the Company’s Retail locations in the prior year period. Sales from new stores increased $1.6 million, primarily from recent acquisitions.\n\n\nComparable store sales increased approximately 18% for batteries, 3% for maintenance services and 1% for tires compared to the prior year period. Comparable store sales decreased approximately 2% for brakes and alignments and 9% for front end/shocks. Please refer to the “Comparable Store Sales” section below for a discussion of how the Company defines comparable store sales.\n\n\nGross margin was flat compared to the prior year period, primarily resulting from 220 basis points of benefit from both the divestiture of the Company’s Wholesale tire and distribution assets as well as lower distribution and occupancy costs as a percentage of sales, which were entirely offset by higher material costs and higher technician labor costs due to an increm...