Business
Monro, Inc. Announces Fourth Quarter and Fiscal 2023 Financial Results
Fourth Quarter Sales Decreased to $310.8 Million, due to the Divestiture of Wholesale Tire and Distribution Assets in First Quarter Fiscal 2023 Fourth
About this update from Monro, Inc.
[{"type":"text","content":"\n\nFourth Quarter Sales Decreased to $310.8 Million, due to the Divestiture of Wholesale Tire and Distribution Assets in First Quarter Fiscal 2023\n\n\n\nFourth Quarter Comparable Store Sales Increased 4.5%, driven by an ~7% Comparable Store Sales Increase in ~300 Small or Underperforming Stores\n\n\n\nFourth Quarter Diluted EPS of $.01; Adjusted Diluted EPS1 of $.08\n\n\n\nGenerated Record Cash from Operating Activities of $215 Million during Fiscal 2023\n\n\n\nCompleted Previously Announced Acquisition of Four Stores in Iowa and One Store in Illinois, Representing Expected Annualized Sales of ~$6 Million\n\n\n\nApproved First Quarter Fiscal 2024 Cash Dividend of $.28 per Share\n\n\n\nProvides First Quarter Fiscal 2024 Diluted EPS Guidance Range of $.36 to $.42\n\n\n\nAnnounces Simplification and Improvements to Corporate Governance; Plans to Recapitalize Equity Capital Structure with Agreement to Eliminate Class C Preferred Stock and Declassify its Board of Directors\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 fourth quarter and fiscal year ended March 25, 2023.\n\n\nFourth Quarter Results2\n\n\nSales for the fourth quarter of the fiscal year ended March 25, 2023 (“fiscal 2023”) decreased 5.2% to $310.8 million, as compared to $328.0 million for the fourth quarter of the fiscal year ended March 26, 2022 (“fiscal 2022”). The total sales decline of $17.2 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 $30.4 million in the fourth quarter of fiscal 2022. Comparable store sales increased 4.5% for the period, driven by an approximate 7% 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 1.4% in the prior year period. Sales from new stores increased $2.0 million, primarily from recent acquisitions. When adjusted for one fewer selling day in the current year quarter due to a shift in timing of the Christmas holiday from the third quarter in fiscal 2022 to the fourth quarter in fiscal 2023, comparable store sales increased 5.6%.\n\n\nComparable store sales, adjusted for days, ...