Business
Monro, Inc. Announces Third Quarter Fiscal 2022 Financial Results
Third Quarter Sales Up 20.1% to $341.8 Million, Exceeding Pre-Pandemic LevelsThird Quarter Comparable Store Sales Increase 13.8%Third Quarter Diluted EPS of
About this update from Monro, Inc.
[{"type":"text","content":"Third Quarter Sales Up 20.1% to $341.8 Million, Exceeding Pre-Pandemic LevelsThird Quarter Comparable Store Sales Increase 13.8%Third Quarter Diluted EPS of $.48; Adjusted Diluted EPS1 of $.49Completed Previously Announced Acquisitions of 17 new stores across Southern California and Iowa, Representing Expected Annualized Sales of ~$25 MillionThird Quarter Dividend of $.26 per share, Up 18% Year-over-Year ROCHESTER, N.Y., Jan. 26, 2022 (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 25, 2021. Third Quarter Results Sales for the third quarter of the fiscal year ending March 26, 2022 (“fiscal 2022”) increased 20.1% to $341.8 million, as compared to $284.6 million for the third quarter of the fiscal year ended March 27, 2021 (“fiscal 2021”). The total sales increase for the third quarter of $57.2 million resulted from a comparable store sales increase of 13.8% for the period and an increase in sales from new stores of $18.5 million, primarily from recent acquisitions. This compares to a decrease in comparable store sales of 13.0% 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 28% for both brakes and alignments, 14% for front/end shocks and 11% for both tires and 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. _______________________1 Adjusted diluted EPS is a non-GAAP measure. Please refer to the “Non-GAAP Financial Measures” section below for a discussion of this non-GAAP measure. Gross margin increased 150 basis points to 35.3% in the third quarter of fiscal 2022 from 33.8% in the prior year period. The increase was due to higher comparable store sales in the third quarter of fiscal 2022, which resulted in lower fixed distribution and occupancy costs as a percentage of sales, as well as a larger sales mix of higher margin service categories, compared to the prior year period. Incremental investments in technician payroll to support current and future sales growth amidst improving customer demand partially offset the increase in gross margin and res...