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Dec 28, 2019
Monro Q3 2020 Earnings Report
Delivered a third-quarter sales increase of 6.2% to a record $329.3 million.
Key Takeaways
Monro, Inc. reported a 6.2% increase in sales for the third quarter of fiscal year 2020, reaching a record $329.3 million. The increase was driven by new store sales, including acquisitions, but was partially offset by a comparable store sales decrease of 0.9%. Diluted earnings per share were $.56, compared to $.61 in the same period last year.
Sales increased by 6.2% to $329.3 million compared to the third quarter of fiscal 2019.
Comparable store sales decreased by 0.9%.
Diluted earnings per share were $.56, compared to $.61 in the third quarter of fiscal 2019.
The Company completed acquisitions of 27 stores in California, Nevada and Idaho.
Monro
Monro
Forward Guidance
Based on current trends and completed acquisitions, the Company anticipates fiscal 2020 sales to be in the range of $1.275 billion to $1.290 billion. Comparable store sales are expected to decrease by 1% to flat. Diluted earnings per share are anticipated to be in the range of $2.25 to $2.35.
Positive Outlook
- Fiscal 2020 sales are anticipated to be in the range of $1.275 billion to $1.290 billion.
- Company is focused on elements within the business that we can control.
- Company made great progress on our strategic transformation this quarter.
- Company continued rolling out our store refresh program and are pleased with the sustained results.
- Company is well positioned to deliver sustainable, long-term value for our shareholders and are excited to capitalize on the significant opportunities ahead.
Challenges Ahead
- Mild weather in late November and December negatively impacted our top-line.
- Comparable store sales guidance for fiscal 2020 has been revised to be an anticipated decrease of 1% to flat.
- Company now anticipates its fiscal 2020 diluted earnings per share to be in the range of $2.25 to $2.35, compared to the previous range of $2.45 to $2.55.
- Acquisitions are expected to be dilutive to diluted earnings per share in fiscal 2020.
- These conditions have continued into January, and given these dynamics, we are adjusting our fiscal 2020 same-store-sales and earnings per diluted share guidance ranges.