Monro Inc
NASDAQ:MNRO
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Monro Inc
Monro, Inc. engages in the operation of chain stores that provide automotive undercar repair and tire services. The company is headquartered in Rochester, New York and currently employs 7,800 full-time employees. The firm offers replacement tires and tire related services, automotive undercar repair services as well as a range of routine maintenance services, primarily on passenger cars, light trucks and vans. The company also provides other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment. Its retail tire and automotive repair stores operate primarily under the names Monro Auto Service and Tire Centers, Tire Choice Auto Service Centers, Mr. Tire Auto Service Centers, Car-X Tire & Auto, Tire Warehouse Tires for Less, Ken Towery's Tire & Auto Care, Tire Barn Warehouse, and Free Service Tire & Auto Centers. The company has approximately 1,303 Company-operated retail stores located in approximately 32 states and 80 franchised locations in the United States.
Monro, Inc. engages in the operation of chain stores that provide automotive undercar repair and tire services. The company is headquartered in Rochester, New York and currently employs 7,800 full-time employees. The firm offers replacement tires and tire related services, automotive undercar repair services as well as a range of routine maintenance services, primarily on passenger cars, light trucks and vans. The company also provides other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment. Its retail tire and automotive repair stores operate primarily under the names Monro Auto Service and Tire Centers, Tire Choice Auto Service Centers, Mr. Tire Auto Service Centers, Car-X Tire & Auto, Tire Warehouse Tires for Less, Ken Towery's Tire & Auto Care, Tire Barn Warehouse, and Free Service Tire & Auto Centers. The company has approximately 1,303 Company-operated retail stores located in approximately 32 states and 80 franchised locations in the United States.
Sales Decline: Sales decreased 4% to $293.4 million, mainly due to the closure of 145 underperforming stores.
Positive Comps: Comparable store sales from continuing locations rose 1.2%, marking the fourth straight quarter of positive comps.
Gross Margin Improvement: Gross margin expanded by 60 basis points to 34.9%, driven by lower material and occupancy costs.
EPS Surge: Diluted earnings per share rose to $0.35 from $0.15 last year.
Inventory Reduction: Inventory was reduced by over $7 million in Q3 and by more than $28 million fiscal year-to-date.
Real Estate Progress: $17.3 million in proceeds from third-quarter store sales; cumulative proceeds from real estate dispositions reached $22.8 million.
Marketing Investments: Increased marketing spending and expanded digital marketing and call center support to more stores.
Guidance Maintained: Management maintained guidance for full-year comparable store sales growth and consistent gross margin with last year, expecting Q4 margins to exceed prior year.
