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Sep 24, 2022
Monro Q2 2023 Earnings Report
Monro's sales decreased due to the divestiture of wholesale tire and distribution assets, while comparable store sales saw a slight increase.
Key Takeaways
Monro, Inc. reported a decrease in sales for the second quarter of fiscal year 2023, primarily due to the divestiture of its Wholesale tire and distribution assets. However, comparable store sales increased slightly, driven by strong performance in small or underperforming stores. The company is focused on strategic initiatives to improve performance and capture market share.
Sales decreased by 5.1% to $329.8 million due to the divestiture of Wholesale tire and distribution assets.
Comparable store sales increased by 1.3%, driven by a 10% increase in approximately 300 small or underperforming stores.
Diluted EPS was reported at $0.40, with an adjusted diluted EPS of $0.43.
Gross margin decreased by 220 basis points to 35.4% due to a higher mix of tire sales and parts inflation.
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.