Business
Monro, Inc. Announces Third Quarter Fiscal 2020 Financial Results
~ Delivers Third Quarter Sales Increase of 6.2% to a Record $329.3 Million ~~ Completes Acquisitions of 27 Stores in California, Nevada and Idaho, Further
About this update from Monro, Inc.
[{"type":"text","content":"~ Delivers Third Quarter Sales Increase of 6.2% to a Record $329.3 Million ~~ Completes Acquisitions of 27 Stores in California, Nevada and Idaho, Further Expanding Presence in Western United States ~~ Updates Fiscal 2020 Comparable Store Sales and EPS Guidance Ranges ~\n ROCHESTER, N.Y., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its third quarter ended December 28, 2019. Third Quarter Results Sales for the third quarter of the fiscal year ending March 28, 2020 (“fiscal 2020”) increased 6.2% to $329.3 million, as compared to $310.1 million for the third quarter of the fiscal year ended March 30, 2019 (“fiscal 2019”). The total sales increase for the third quarter of $19.2 million was driven by sales from new stores of $22.7 million, including sales from recent acquisitions of $20.7 million, partially offset by a comparable store sales decrease of 0.9%. Comparable store sales were flat for maintenance services and decreased approximately 1% for tires and front end/shocks and approximately 3% for brakes and alignments. Gross margin decreased 20 basis points to 37.8% in the third quarter of fiscal 2020 from 38.0% in the prior year period, primarily due to lower comparable store sales which resulted in higher fixed distribution and occupancy costs as a percentage of sales, partially offset by lower material costs as a percentage of sales. Total operating expenses increased $5.5 million to $92.8 million, or 28.2% of sales, as compared to $87.3 million, or 28.1% of sales in the prior year period. Operating expenses for the third quarter of fiscal 2020 included expenses from 103 net new stores compared to the prior year period. Operating income for the third quarter of fiscal 2020 was $31.6 million, or 9.6% of sales, as compared to $30.7 million, or 9.9% of sales, in the prior year period. Interest expense was $7.0 million for the third quarter of fiscal 2020, as compared to $6.8 million for the third quarter of fiscal 2019. Net income for the third quarter of fiscal 2020 was $18.9 million, as compared to $20.5 million in the same period of the prior year. Diluted earnings per share for the third quarter of fiscal 2020 were $.56, compared to diluted earnings per share of $.61 in the third quarter of fiscal 2019....