Business
Monro, Inc. Announces Fourth Quarter and Fiscal 2022 Financial Results
Fourth Quarter Sales Up 7.4% to $328.0 Million; Comparable Store Sales Increase 1.4% Fourth Quarter Diluted EPS of $.25; Adjusted Diluted EPS1 of $.20 Enters
About this update from Monro, Inc.
[{"type":"text","content":"\n\nFourth Quarter Sales Up 7.4% to $328.0 Million; Comparable Store Sales Increase 1.4%\n\n\nFourth Quarter Diluted EPS of $.25; Adjusted Diluted EPS1 of $.20\n\n\nEnters into Agreement to Divest Non-Core Wholesale and Tire Distribution Assets for an Estimated Total Transaction Value of $105 Million\n\n\nIncreases First Quarter Fiscal 2023 Cash Dividend by $.02 to $.28 per Share\n\n\nAnnounces $150M Share Repurchase Program Authorization\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 fourth quarter and fiscal year ended March 26, 2022.\n\nFourth Quarter Results\n\nSales for the fourth quarter of the fiscal year ended March 26, 2022 (“fiscal 2022”) increased 7.4% to $328.0 million, as compared to $305.5 million for the fourth quarter of the fiscal year ended March 27, 2021 (“fiscal 2021”). The total sales increase for the fourth quarter of $22.5 million resulted from a comparable store sales increase of 1.4% for the period and an increase in sales from new stores of $19.0 million, primarily from recent acquisitions. This compares to an increase in comparable store sales of 9.4% in the prior year period.\n\nComparable store sales increased approximately 2% for brakes and were approximately flat for maintenance services and front end/shocks compared to the prior year period. Comparable store sales decreased approximately 1% for tires and 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 320 basis points to 31.9% in the fourth quarter of fiscal 2022 from 35.1% 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 impacted gross margin by 250 basis points in the fourth quarter. Lower than expected comparable store sales growth also resulted in higher fixed distribution and occupancy costs as a percentage of sales. Material costs as a percentage of sales were flat, compared to the prior year period, as the inflationary impacts of higher material costs were offset by higher selling prices and a m...