Business
Monro, Inc. Announces Second Quarter Fiscal 2024 Financial Results
Second Quarter Sales Decreased to $322.1 Million Second Quarter Comparable Store Sales Decreased 2.3% Second Quarter Diluted EPS of $.40; Adjusted Diluted
About this update from Monro, Inc.
[{"type":"text","content":"\n\nSecond Quarter Sales Decreased to $322.1 Million\n\n\n\nSecond Quarter Comparable Store Sales Decreased 2.3%\n\n\n\nSecond Quarter Diluted EPS of $.40; Adjusted Diluted EPS1 of $.41\n\n\n\nGenerated Cash from Operating Activities of $98 Million for the First Half of Fiscal 2024\n\n\n\nDistributed Second Quarter Fiscal 2024 Cash Dividend of $.28 per Share\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 second quarter ended September 23, 2023.\n\n\nSecond Quarter Results\n\n\nSales for the second quarter of the fiscal year ending March 30, 2024 (“fiscal 2024”) decreased 2.3% to $322.1 million, as compared to $329.8 million for the second quarter of the fiscal year ended March 25, 2023 (“fiscal 2023”). Comparable store sales decreased 2.3% for the period due to consumers deferring tire purchases as persistent inflationary pressures impacted purchases of higher-ticket items across the retail spectrum. This compares to an increase in comparable store sales of 1.3% in the prior year period. Sales from new stores increased $1.2 million, primarily from recent acquisitions.\n\n\nComparable store sales decreased approximately 3% for brakes, 4% for tires and alignments and 5% for front end/shocks compared to the prior year period. Comparable store sales increased approximately 12% for batteries and were flat for maintenance services 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 30 basis points compared to the prior year period, primarily resulting from lower material costs as a percentage of sales, which were partially offset by higher distribution and occupancy costs as a percentage of sales as well as higher technician labor costs as a percentage of sales due to wage inflation.\n\n\nTotal operating expenses for the second quarter of fiscal 2024 were $92.6 million, or 28.8% of sales, as compared to $93.3 million, or 28.3% of sales in the prior year period. The increase as a percentage of sales was principally due to lower year-over-year comparable store sales.\n\n\nOperating income for the second quarter of fiscal 2024 was $22.4 million, or 6.9% of sales, as com...