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Dec 23, 2023
Monro Q3 2024 Earnings Report
Monro's third quarter results reflected a decrease in sales and comparable store sales, while diluted EPS and adjusted diluted EPS were reported.
Key Takeaways
Monro, Inc. reported a decrease in sales for the third quarter of fiscal year 2024, with sales decreasing by 5.2% to $317.7 million. Comparable store sales also decreased by 6.1% due to milder weather and a pressured low-to-middle income consumer. Diluted EPS was reported at $0.38, and adjusted diluted EPS was $0.39. The company ended the quarter with 1,296 company-operated stores and 51 franchised locations.
Third quarter sales decreased to $317.7 million.
Third quarter comparable store sales decreased 6.1%.
Third quarter diluted EPS was $.38, and adjusted diluted EPS was $.39.
Company repurchased approximately 1.5 million shares of common stock at an average price of $28.50 for approximately $44 million during the third quarter of fiscal 2024.
Forward Guidance
Monro no longer expects to grow full-year sales, but anticipates diluted earnings per share to be higher versus prior year.
Positive Outlook
- Actions taken to successfully re-position cost structure.
- Expanding gross margin through properly training Teammates to maximize their productivity.
- Optimizing tire assortment for improved profitability.
- Relentlessly focused on improving 300 small or underperforming stores.
- Maintaining a balanced approach between tire and service categories with competitive pricing to drive store traffic and continuously improving customer experience.
Challenges Ahead
- Pressures on the consumer.
- Preliminary comparable store sales for fiscal January are down approximately 6% due to softness in the first half of the month.
- Tough macro-economic environment.
- Industry-wide slowdown in tire unit sales.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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