Business
Monro, Inc. Announces Second Quarter Fiscal 2022 Financial Results
~ Second Quarter Sales Up 20.5% to a Record $347.7 Million ~~ Second Quarter Comparable Store Sales Increase 14.8% ~~ Second Quarter Diluted EPS of $.62 ~~
About this update from Monro, Inc.
[{"type":"text","content":"~ Second Quarter Sales Up 20.5% to a Record $347.7 Million ~~ Second Quarter Comparable Store Sales Increase 14.8% ~~ Second Quarter Diluted EPS of $.62 ~~ Increased Second Quarter Dividend to $.26 per share ~~ Signs Definitive Agreements to Acquire 17 new stores across Southern California and Iowa, Representing Expected Annualized Sales of ~$25 Million ~ ROCHESTER, N.Y., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its second quarter ended September 25, 2021. Second Quarter Results Sales for the second quarter of the fiscal year ending March 26, 2022 (“fiscal 2022”) increased 20.5% to $347.7 million, as compared to $288.6 million for the second quarter of the fiscal year ended March 27, 2021 (“fiscal 2021”). The total sales increase for the second quarter of $59.1 million resulted from a comparable store sales increase of 14.8% for the period and an increase in sales from new stores of $17.8 million, including sales from recent acquisitions of $17.2 million. This compares to a decrease in comparable store sales of 11.4% in the prior year period, which was impacted by a substantial decrease in traffic related to the COVID-19 pandemic. Comparable store sales increased approximately 33% for brakes, 31% for alignments, 16% for front/end shocks, 15% for maintenance services, and 10% for tires 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. Gross margin increased 140 basis points to 37.6% in the second quarter of fiscal 2022 from 36.2% in the prior year period. The increase was due to higher comparable store sales in the second quarter of fiscal 2022, which resulted in lower fixed distribution and occupancy costs as a percentage of sales, as well as a higher sales mix of service categories, compared to the prior year period. Total operating expenses for the second quarter were $96.2 million, or 27.7% of sales, as compared to $80.1 million, or 27.8% of sales in the prior year period. The year-over-year dollar increase resulted from increased store management and advertising expenses needed to support higher consumer demand, as well as expenses from 46 net new stores compared to the prior year period. O...