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Jun 25, 2022
Monro Q1 2023 Earnings Report
Monro's first quarter of fiscal year 2023 sales increased, driven by comparable store sales growth in retail locations and new store sales, while earnings were impacted by increased technician headcount and wages.
Key Takeaways
Monro, Inc. reported a 2.3% increase in sales to $349.5 million for the first quarter of fiscal 2023. Comparable store sales increased by 2.8% in retail locations, with a significant 15% increase in ~300 small or underperforming stores. Diluted EPS was $.37, and adjusted diluted EPS was $.42. The company generated record operating cash flow of ~$77 million and completed the divestiture of non-core wholesale and tire distribution assets for ~$102 million.
First quarter sales increased by 2.3% to $349.5 million.
Comparable store sales in retail locations grew by 2.8%, driven by a 15% increase in approximately 300 underperforming stores.
Diluted EPS was reported at $.37, with an adjusted diluted EPS of $.42.
The company completed the divestiture of its wholesale and tire distribution assets for a total transaction value of $102 million.
Monro
Monro
Forward Guidance
Monro is not providing fiscal 2023 financial guidance at this time but will provide perspective on its outlook for fiscal 2023 during its earnings conference call.