Business
Monro, Inc. Announces First Quarter Fiscal 2025 Financial Results
First Quarter Gross Margin Expanded 220 Basis Points First Quarter Diluted EPS of $.19; Adjusted Diluted EPS1 of $.22 Generated Cash from Operating
About this update from Monro, Inc.
[{"type":"text","content":"\n\nFirst Quarter Gross Margin Expanded 220 Basis Points\n\n\n\nFirst Quarter Diluted EPS of $.19; Adjusted Diluted EPS1 of $.22\n\n\n\nGenerated Cash from Operating Activities of $26 Million\n\n\n\nDistributed First Quarter Fiscal 2025 Cash Dividend of $.28 per Share\n\n\n\nReleased Fourth 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 29, 2024.\n\n\nFirst Quarter Results\n\n\nSales for the first quarter of the fiscal year ending March 29, 2025 (“fiscal 2025”) decreased 10.3% to $293.2 million, as compared to $327.0 million for the first quarter of the fiscal year ended March 30, 2024 (“fiscal 2024”). Comparable store sales decreased 9.9%, as compared to an increase in comparable store sales of 0.5% in the prior year period.\n\n\nComparable store sales decreased 6% for batteries, 8% for tires, 9% for alignments, 10% for maintenance services, 13% for brakes, and 15% for front end/shocks 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\n\nGross margin increased 220 basis points compared to the prior year period, primarily resulting from lower technician labor costs as a percentage of sales and lower material costs as a percentage of sales, which were partially offset by higher fixed occupancy costs as a percentage of sales.\n\n\nTotal operating expenses for the first quarter of fiscal 2025 were $95.9 million, or 32.7% of sales, as compared to $97.0 million, or 29.7% of sales in the prior year period. The decrease on a dollar basis was principally due to lower store direct costs compared to the prior year period.\n\n\nOperating income for the first quarter of fiscal 2025 was $13.2 million, or 4.5% of sales, as compared to $17.3 million, or 5.3% of sales in the prior year period.\n\n\nInterest expense was $5.1 million for the first quarter of fiscal 2025, as compared to $5.2 million for the first quarter of fiscal 2024, principally due to a decrease in weighted average debt.\n\n\nIncome tax expense in the first quarter of fiscal 2025 was $2.3 million, or an effective tax rate of 28.5%, compared to $3.4 milli...