Business
Monro, Inc. Announces Fourth Quarter and Fiscal 2021 Financial Results
~ Fourth Quarter Comparable Store Sales Increase 9.4% ~~ Fourth Quarter Diluted EPS of $.35 and Adjusted Diluted EPS of $.38 ~~ Fiscal 2021 Operating Cash
About this update from Monro, Inc.
[{"type":"text","content":"~ Fourth Quarter Comparable Store Sales Increase 9.4% ~~ Fourth Quarter Diluted EPS of $.35 and Adjusted Diluted EPS of $.38 ~~ Fiscal 2021 Operating Cash Flow Increased 52% to a Record ~$185 Million ~~ Increases First Quarter Fiscal 2022 Cash Dividend by 9% to $.24 per share ~~ Completes Acquisition of 30 California-based Stores, Adding Expected Annualized Sales of ~$45 Million ~ ROCHESTER, N.Y., May 20, 2021 (GLOBE NEWSWIRE) -- Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its fourth quarter and fiscal year ended March 27, 2021. Fourth Quarter Results Sales for the fourth quarter of the fiscal year ended March 27, 2021 (“fiscal 2021”) increased 6.8% to $305.5 million, as compared to $286.1 million for the fourth quarter of the fiscal year ended March 28, 2020 (“fiscal 2020”). The total sales increase for the fourth quarter of $19.4 million resulted from a comparable store sales increase of 9.4% for the period and an increase in sales from new stores of $5.1 million, including sales from recent acquisitions of $4.6 million, partially offset by a decrease in sales of $5.9 million from closed stores. Comparable store sales increased approximately 17% for tires, 15% for alignments, 1% for front end/shocks, were flat for maintenance services, and decreased approximately 1% for brakes compared to the prior year period. Gross margin decreased 60 basis points to 35.1% in the fourth quarter of fiscal 2021 from 35.7% in the prior year period. The decrease was due to a higher sales mix of tires compared to the prior year period, which resulted in higher material costs as a percentage of sales. This was partially offset by higher comparable store sales in the fourth quarter of fiscal 2021, which resulted in lower fixed distribution and occupancy costs as a percentage of sales compared to the prior year period. Variable gross margin was positively impacted by increased teammate productivity and improved tire margins. Total operating expenses decreased $15.3 million to $86.4 million, or 28.3% of sales, as compared to $101.7 million, or 35.5% of sales in the prior year period. The year-over-year dollar decrease primarily resulted from targeted cost reductions and lower expenses from 20 fewer retail stores compared to the prior year period, as well as a $6...