Monro Q2 2021 Earnings Report
Key Takeaways
Monro, Inc. reported a decrease in sales by 11.0% to $288.6 million compared to the same quarter last year, with a comparable store sales decline of 11.4%. Diluted earnings per share were $.38, which included $.01 of costs related to Monro.Forward and management transition. Despite the challenges, the company focused on managing operating hours, staffing levels, and cost reductions, leading to a significant increase in operating cash flow for the first half of the fiscal year. Monro also signed an agreement to acquire 17 stores in Southern California.
Second quarter sales decreased by 11.0% to $288.6 million, driven by a comparable store sales decline of 11.4% due to the COVID-19 pandemic.
Diluted earnings per share were $.38, including costs related to Monro.Forward initiatives and management transition.
Gross margin decreased by 150 basis points to 36.2%, primarily due to lower comparable store sales.
The company is focused on managing store operating hours, staffing levels, and cost reductions to drive profitability and cash flow.
Monro
Monro
Forward Guidance
Due to the ongoing uncertainty caused by COVID-19, it remains difficult to accurately predict the full impact of the pandemic on overall demand and Monro’s operations for the remainder of the year. Therefore, the Company is not providing fiscal 2021 guidance at this time.