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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Monro Inc | NASDAQ:MNRO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.38 | -1.41% | 26.53 | 25.92 | 28.21 | 27.18 | 26.34 | 26.91 | 456,527 | 00:56:25 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact name of registrant as specified in its charter)
(State of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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Registrant’s telephone number, including area code (
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition. |
On October 25, 2023, Monro, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended September 23, 2023, as well as results for the first half of fiscal 2024.
A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective as of October 26, 2023 (“Effective Date”), the Company entered into Amended and Restated Employment Agreements with Michael T. Broderick, the Company’s President and Chief Executive Officer (the “Broderick Agreement”), and Brian J. D’Ambrosia, the Company’s Executive Vice President and Chief Financial Officer (the “D’Ambrosia Agreement”). Except as specified below, the Broderick Agreement and the D’Ambrosia Agreement are consistent with the executives’ existing employment agreements with the Company.
Under the Broderick Agreement, Mr. Broderick’s annual base salary will increase to $800,000, effective as of January 1, 2024. Mr. Broderick will be entitled to receive annual equity incentive awards with a target value of $1.5 million. In addition, on the Effective Date, the Company granted Mr. Broderick a nonqualified stock option to purchase 10,000 shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), at an exercise price equal to the fair market value of the Common Stock on the Effective Date. The option will vest in three equal annual installments beginning on the first anniversary of the Effective Date and expire six years after the Effective Date.
Under the D’Ambrosia Agreement, Mr. D’Ambrosia’s annual base salary will increase to $450,000, effective as of January 1, 2024. On the Effective Date, the Company granted Mr. D’Ambrosia a nonqualified stock option to purchase 5,000 shares of Common Stock at an exercise price equal to the fair market value of the Common Stock on the Effective Date. The option will vest in three equal annual installments beginning on the first anniversary of the Effective Date and expire six years after the Effective Date.
The term of each of the Broderick Agreement and the D’Ambrosia Agreement will extend until December 31, 2026 and will automatically renew for one-year terms unless either the Company or the executive gives written notice under the agreement. The Company intends to file copies of the Broderick Agreement and D’Ambrosia Agreement as exhibits to its Quarterly Report on Form 10-Q for the quarter ending December 23, 2023.
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. |
Description | |
99.1 | Press release dated October 25, 2023. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MONRO, INC. | ||||||
(Registrant) | ||||||
October 26, 2023 | By: | /s/ Maureen E. Mulholland | ||||
Maureen E. Mulholland, | ||||||
Executive Vice President - Chief Legal Officer and Secretary |
Exhibit 99.1
200 Holleder Parkway, Rochester, New York 14615 |
CONTACT: | Investors and Media: Felix Veksler Senior Director, Investor Relations ir@monro.com |
FOR IMMEDIATE RELEASE
MONRO, INC. ANNOUNCES SECOND QUARTER FISCAL 2024 FINANCIAL RESULTS
| Second Quarter Sales Decreased to $322.1 Million |
| Second Quarter Comparable Store Sales Decreased 2.3% |
| Second Quarter Diluted EPS of $.40; Adjusted Diluted EPS1 of $.41 |
| Generated Cash from Operating Activities of $98 Million for the First Half of Fiscal 2024 |
| Distributed Second Quarter Fiscal 2024 Cash Dividend of $.28 per Share |
ROCHESTER, N.Y. October 25, 2023 Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its second quarter ended September 23, 2023.
Second Quarter Results
Sales for the second quarter of the fiscal year ending March 30, 2024 (fiscal 2024) decreased 2.3% to $322.1 million, as compared to $329.8 million for the second quarter of the fiscal year ended March 25, 2023 (fiscal 2023). Comparable store sales decreased 2.3% for the period due to consumers deferring tire purchases as persistent inflationary pressures impacted purchases of higher-ticket items across the retail spectrum. This compares to an increase in comparable store sales of 1.3% in the prior year period. Sales from new stores increased $1.2 million, primarily from recent acquisitions.
Comparable store sales decreased approximately 3% for brakes, 4% for tires and alignments and 5% for front end/shocks compared to the prior year period. Comparable store sales increased approximately 12% for batteries and were flat for maintenance services compared to the prior year period. Please refer to the Comparable Store Sales section below for a discussion of how the Company defines comparable store sales.
1 | Adjusted diluted EPS is a non-GAAP measure. Please refer to the Non-GAAP Financial Measures section below for a discussion of this non-GAAP measure. |
Gross margin increased 30 basis points compared to the prior year period, primarily resulting from lower material costs as a percentage of sales, which were partially offset by higher distribution and occupancy costs as a percentage of sales as well as higher technician labor costs as a percentage of sales due to wage inflation.
Total operating expenses for the second quarter of fiscal 2024 were $92.6 million, or 28.8% of sales, as compared to $93.3 million, or 28.3% of sales in the prior year period. The increase as a percentage of sales was principally due to lower year-over-year comparable store sales.
Operating income for the second quarter of fiscal 2024 was $22.4 million, or 6.9% of sales, as compared to $23.5 million, or 7.1% of sales in the prior year period.
Interest expense was $4.8 million for the second quarter of fiscal 2024, as compared to $5.7 million for the second quarter of fiscal 2023, principally due to a decrease in weighted average debt.
Income tax expense in the second quarter of fiscal 2024 was $4.7 million, or an effective tax rate of 26.8%, compared to $4.7 million, or an effective tax rate of 26.6% in the prior year period.
Net income for the second quarter of fiscal 2024 was $12.9 million, as compared to $13.1 million in the same period of the prior year. Diluted earnings per share for the second quarter of fiscal 2024 was $.40, compared to $.40 in the second quarter of fiscal 2023. Adjusted diluted earnings per share, a non-GAAP measure, for the second quarter of fiscal 2024 was $.41. This compares to adjusted diluted earnings per share of $.43 in the second quarter of fiscal 2023. Please refer to the reconciliation of adjusted diluted earnings per share in the table below for details regarding excluded items in the second quarters of fiscal 2024 and 2023. Please refer to the Non-GAAP Financial Measures section below for a discussion of this non-GAAP measure.
During the second quarter of fiscal 2024, the Company closed one store. Monro ended the quarter with 1,298 company-operated stores and 77 franchised locations.
Our second quarter comparable store sales decline of approximately 2% reflects topline results that were challenged. This was due to consumers deferring tire purchases as persistent inflationary pressures impacted purchases of higher-ticket items across the retail spectrum. This was clearly evidenced by an industry-wide slowdown in tire unit sales in the regions of the country where a vast majority of our store footprint is concentrated. This led to pressured store traffic, which was not supportive to sales of our higher-margin service categories in the quarter. While our tire units were down approximately 10%, leveraging the strength of our manufacturer-funded promotions allowed us to optimize our assortment for improved tire profitability in the quarter. And, while continued consumer trade down dynamics led to a higher proportion of lower-margin opening price point tires within overall industry unit sales, we remained focused on maintaining a healthy mix of opening price point tires in the quarter. Encouragingly, based on retail sell-out data from Torqata, a subsidiary of American Tire Distributors, we maintained our tire market share in our higher-margin tiers. We mitigated this industry-wide slowdown with actions to reduce non-productive labor costs, including overtime hours in our stores. Despite a tough macro-economic environment, the resiliency of our business model allowed us to expand gross margin and maintain our year-over-year profitability even on lower tire sales volumes. While our preliminary comp store sales for fiscal October are down approximately 5%, our stores are properly staffed and ready for the back-half of the year. We will remain relentlessly focused on achieving comp sales growth through accelerating growth in our 300 small or underperforming stores, maintaining a balanced approach between our tire and service categories with competitive pricing to drive store traffic and continuously improving our customer experience. We will also strive to expand our gross margins through properly training our Teammates to maximize their productivity. Given the current pressures on the consumer, we are also laser focused on maximizing profitability through prudent cost control, which includes right sizing our fixed costs and rationalizing unproductive labor. While we take these actions, we will not cut productive labor at the sacrifice of our standards and to the detriment of our long-term service model. In addition, we will create cash by optimizing inventory and leveraging the strength of our vendor partners for better availability, quality and cost of parts and tires in our stores, said Mike Broderick, President and Chief Executive Officer.
Broderick continued, While we will need to see an improvement in the overall health of the consumer before we can fully capitalize on longer-term industry tailwinds, we have successfully re-positioned our cost structure to deliver improved profitability even on lower comp store sales.
First Six Months Results2
For the current six-month period:
| Sales decreased 4.5% to $649.1 million from $679.4 million in the same period of the prior year. Comparable store sales decreased 0.9%, compared to increases of 0.8% for total company and 2.0% for Retail locations in the prior year period. |
| Gross margin for the six-month period was 35.3%, compared to 35.2% in the prior year period. |
| Operating income was 6.1% of sales, compared to 7.3% in the prior year period. |
| Net income for the first six months of fiscal 2024 was $21.7 million, or $.68 per diluted share, as compared to $25.6 million, or $.77 per diluted share in the prior year period. |
| Adjusted diluted earnings per share, a non-GAAP measure, in the first six months of fiscal 2024 was $.72. This compares to adjusted diluted earnings per share of $.85 in the first six months of fiscal 2023. Please refer to the reconciliation of adjusted diluted earnings per share in the table below for details regarding excluded costs in the first six months of fiscal 2024 and 2023. Please refer to the Non-GAAP Financial Measures section below for a discussion of this non-GAAP measure. |
Strong Financial Position
During the first half of fiscal 2024, the Company generated operating cash flow of approximately $98 million. As of September 23, 2023, the Company had cash and cash equivalents of approximately $9 million and availability on its revolving credit facility of approximately $515 million.
Second Quarter Fiscal 2024 Cash Dividend
On September 5, 2023, the Company paid a cash dividend for the second quarter of fiscal 2024 of $.28 per share.
2 | Financial performance includes the results of the divested Wholesale and tire distribution assets for fiscal 2023 through June 16th. |
Share Repurchases
The Company maintains a share repurchase program authorizing the Company to repurchase up to $150 million of its common stock, with approximately $53 million remaining for future repurchases.
The Company may repurchase shares of common stock from time to time as market conditions warrant, subject to regulatory considerations.
The method, timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, alternative investment opportunities, and legal requirements.
The Companys repurchase program has no expiration date, does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice.
Company Outlook
Monro is not providing fiscal 2024 financial guidance at this time but will provide perspective on its outlook for fiscal 2024 during its earnings conference call.
Earnings Conference Call and Webcast
The Company will host a conference call and audio webcast on Wednesday, October 25, 2023 at 8:30 a.m. Eastern Time. The conference call may be accessed by dialing 1-833-470-1428 and using the required access code of 270827. A replay will be available approximately two hours after the recording through Wednesday, November 8, 2023 and can be accessed by dialing 1-866-813-9403 and using the required access code of 423916. A replay can also be accessed via audio webcast at the Investors section of the Companys website, located at corporate.monro.com/investors.
About Monro, Inc.
Monro, Inc. (NASDAQ: MNRO) is one of the nations leading automotive service and tire providers, delivering best-in-class auto care to communities across the country, from oil changes, tires and parts installation, to the most complex vehicle repairs. With a growing market share and a focus on sustainable growth, the Company generated approximately $1.3 billion in sales in fiscal 2023 and continues to expand its national presence through strategic acquisitions and the opening of newly constructed stores. Across approximately 1,300 stores and 9,000 service bays nationwide, Monro brings customers the professionalism and high-quality service they expect from a national retailer, with the convenience and trust of a neighborhood garage. Monros highly trained teammates and certified technicians bring together hands-on experience and state-of-the-art technology to diagnose and address automotive needs every day to get customers back on the road safely. For more information, please visit corporate.monro.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts may contain statements of future expectations and other forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as expect, estimate, focus, outlook, strive, anticipate, believe, could, may, will, intend, and other similar words or phrases. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed. These factors include, but are not necessarily limited to product demand, dependence on and competition within the primary markets in which the Companys stores are located, the need for and costs associated with store renovations and other capital expenditures, realizing the anticipated benefits of the divestiture of the Companys wholesale tire and distribution assets, the effect of general business or economic and geopolitical conditions on the Companys business, including consumer spending levels, inflation, and unemployment, seasonality, changes in the U.S. trade environment, including the impact of tariffs on products imported from China, the impact of competitive services and pricing, product development, parts supply restraints or difficulties, the impact of weather trends and natural disasters, industry regulation, risks relating to leverage and debt service (including sensitivity to fluctuations in interest rates), continued availability of capital resources and financing, risks relating to protection of customer and employee personal data, risks relating to litigation, risks relating to integration of acquired businesses and other factors set forth elsewhere herein and in the Companys Securities and Exchange Commission filings, including the Companys annual report on Form 10-K for the fiscal year ended March 25, 2023. Except as required by law, the Company does not undertake and specifically disclaims any obligation to update any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Non-GAAP Financial Measures
In addition to reporting diluted earnings per share (EPS), which is a generally accepted accounting principles (GAAP) measure, this press release includes adjusted diluted EPS, which is a non-GAAP financial measure. The Company has included a reconciliation from adjusted diluted EPS to its most directly comparable GAAP measure, diluted EPS. Management views this non-GAAP financial measure as a way to better assess comparability between periods because management believes the non-GAAP financial measure shows the Companys core business operations while excluding certain non-recurring items such as costs related to shareholder matters from the Companys equity capital structure recapitalization, transition costs related to the Companys back-office optimization, corporate headquarters relocation costs, and items related to store closings, as well as acquisition initiatives.
This non-GAAP financial measure is not intended to represent, and should not be considered more meaningful than, or as an alternative to, its most directly comparable GAAP measure. This non-GAAP financial measure may be different from similarly titled non-GAAP financial measures used by other companies.
Comparable Store Sales
The Company defines comparable store sales as sales for locations that have been opened or owned at least one full fiscal year. The Company believes this period is generally required for new store sales levels to begin to normalize. Management uses comparable store sales to assess the operating performance of the Companys stores and believes the metric is useful to investors because the Companys overall results are dependent upon the results of its stores.
Source: Monro, Inc.
MNRO-Fin
###
MONRO, INC.
Financial Highlights
(Unaudited)
(Dollars and share counts in thousands)
Quarter Ended Fiscal September |
||||||||||||
2023 | 2022 | % Change | ||||||||||
Sales |
$ | 322,091 | $ | 329,818 | (2.3 | )% | ||||||
Cost of sales, including distribution and occupancy costs |
207,118 | 213,083 | (2.8 | )% | ||||||||
|
|
|
|
|||||||||
Gross profit |
114,973 | 116,735 | (1.5 | )% | ||||||||
Operating, selling, general and administrative expenses |
92,618 | 93,262 | (0.7 | )% | ||||||||
|
|
|
|
|||||||||
Operating income |
22,355 | 23,473 | (4.8 | )% | ||||||||
Interest expense, net |
4,801 | 5,705 | (15.8 | )% | ||||||||
Other income, net |
(34 | ) | (98 | ) | (65.3 | )% | ||||||
|
|
|
|
|||||||||
Income before income taxes |
17,588 | 17,866 | (1.6 | )% | ||||||||
Provision for income taxes |
4,716 | 4,745 | (0.6 | )% | ||||||||
|
|
|
|
|||||||||
Net income |
$ | 12,872 | $ | 13,121 | (1.9 | )% | ||||||
|
|
|
|
|||||||||
Diluted earnings per share |
$ | 0.40 | $ | 0.40 | (0.0 | )% | ||||||
|
|
|
|
|||||||||
Weighted average number of diluted shares outstanding |
32,272 | 32,729 | ||||||||||
Number of stores open (at end of quarter) |
1,298 | 1,297 |
MONRO, INC.
Financial Highlights
(Unaudited)
(Dollars and share counts in thousands)
Six Months Ended Fiscal September |
||||||||||||
2023 | 2022 | % Change | ||||||||||
Sales |
$ | 649,059 | $ | 679,353 | (4.5 | )% | ||||||
Cost of sales, including distribution and occupancy costs |
419,691 | 440,429 | (4.7 | )% | ||||||||
|
|
|
|
|||||||||
Gross profit |
229,368 | 238,924 | (4.0 | )% | ||||||||
Operating, selling, general and administrative expenses |
189,664 | 189,197 | 0.2 | % | ||||||||
|
|
|
|
|||||||||
Operating income |
39,704 | 49,727 | (20.2 | )% | ||||||||
Interest expense, net |
10,009 | 11,364 | (11.9 | )% | ||||||||
Other income, net |
(92 | ) | (178 | ) | (48.3 | )% | ||||||
|
|
|
|
|||||||||
Income before income taxes |
29,787 | 38,541 | (22.7 | )% | ||||||||
Provision for income taxes |
8,086 | 12,936 | (37.5 | )% | ||||||||
|
|
|
|
|||||||||
Net income |
$ | 21,701 | $ | 25,605 | (15.2 | )% | ||||||
|
|
|
|
|||||||||
Diluted earnings per share |
$ | 0.68 | $ | 0.77 | (11.7 | )% | ||||||
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|
|
|
|||||||||
Weighted average number of diluted shares outstanding |
32,112 | 33,349 |
MONRO, INC.
Financial Highlights
(Unaudited)
(Dollars in thousands)
September 23, 2023 |
March 25, 2023 |
|||||||
Assets |
||||||||
Cash and equivalents |
$ | 9,053 | $ | 4,884 | ||||
Inventories |
146,679 | 147,397 | ||||||
Other current assets |
92,122 | 106,186 | ||||||
|
|
|
|
|||||
Total current assets |
247,854 | 258,467 | ||||||
Property and equipment, net |
289,568 | 304,989 | ||||||
Finance lease and financing obligation assets, net |
197,296 | 217,174 | ||||||
Operating lease assets, net |
204,158 | 211,101 | ||||||
Other non-current assets |
787,893 | 785,146 | ||||||
|
|
|
|
|||||
Total assets |
$ | 1,726,769 | $ | 1,776,877 | ||||
|
|
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|
|||||
Liabilities and Shareholders Equity |
||||||||
Current liabilities |
$ | 472,367 | $ | 449,177 | ||||
Long-term debt |
55,000 | 105,000 | ||||||
Long-term finance leases and financing obligations |
269,666 | 295,281 | ||||||
Long-term operating lease liabilities |
184,163 | 191,107 | ||||||
Other long-term liabilities |
45,430 | 41,390 | ||||||
|
|
|
|
|||||
Total liabilities |
1,026,626 | 1,081,955 | ||||||
Total shareholders equity |
700,143 | 694,922 | ||||||
|
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|
|||||
Total assets |
$ | 1,726,769 | $ | 1,776,877 | ||||
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|
MONRO, INC.
Reconciliation of Adjusted Diluted Earnings Per Share (EPS)
(Unaudited)
Quarter Ended Fiscal September |
||||||||
2023 | 2022 | |||||||
Diluted EPS |
$ | 0.40 | $ | 0.40 | ||||
Net gain on sale of wholesale tire and distribution assets (a) |
| (0.02 | ) | |||||
Store closing costs |
| 0.01 | ||||||
Management restructuring/transition costs |
| 0.03 | ||||||
Costs related to shareholder matters |
0.01 | 0.01 | ||||||
|
|
|
|
|||||
Adjusted Diluted EPS |
$ | 0.41 | $ | 0.43 | ||||
|
|
|
|
Supplemental Reconciliation of Adjusted Net Income
(Unaudited)
(Dollars in Thousands)
Quarter Ended Fiscal September |
||||||||
2023 | 2022 | |||||||
Net Income |
$ | 12,872 | $ | 13,121 | ||||
Net gain on sale of wholesale tire and distribution assets (a) |
| (788 | ) | |||||
Store closing costs |
(43 | ) | 230 | |||||
Monro.Forward initiative costs |
| 19 | ||||||
Acquisition due diligence and integration costs |
| 1 | ||||||
Management restructuring/transition costs |
| 1,338 | ||||||
Costs related to shareholder matters |
439 | 317 | ||||||
Transition costs related to back-office optimization |
97 | | ||||||
Corporate headquarters relocation costs |
60 | | ||||||
Provision for income taxes on pre-tax adjustments (b) |
(143 | ) | (280 | ) | ||||
|
|
|
|
|||||
Adjusted Net Income |
$ | 13,282 | $ | 13,958 | ||||
|
|
|
|
MONRO, INC.
Reconciliation of Adjusted Diluted Earnings Per Share (EPS)
(Unaudited)
Six Months Ended Fiscal September |
||||||||
2023 | 2022 | |||||||
Diluted EPS |
$ | 0.68 | $ | 0.77 | ||||
Net gain on sale of wholesale tire and distribution assets (a) |
| (0.05 | ) | |||||
Store closing costs |
| 0.01 | ||||||
Management restructuring/transition costs |
| 0.03 | ||||||
Costs related to shareholder matters |
0.03 | 0.01 | ||||||
Transition costs related to back-office optimization |
0.01 | | ||||||
Certain discrete tax items (c) |
| 0.08 | ||||||
|
|
|
|
|||||
Adjusted Diluted EPS |
$ | 0.72 | $ | 0.85 | ||||
|
|
|
|
Supplemental Reconciliation of Adjusted Net Income
(Unaudited)
(Dollars in Thousands)
Six Months Ended Fiscal September |
||||||||
2023 | 2022 | |||||||
Net Income |
$ | 21,701 | $ | 25,605 | ||||
Net gain on sale of wholesale tire and distribution assets (a) |
| (1,968 | ) | |||||
Store closing costs |
4 | 226 | ||||||
Monro.Forward initiative costs |
| 42 | ||||||
Acquisition due diligence and integration costs |
5 | (9 | ) | |||||
Management restructuring/transition costs |
| 1,338 | ||||||
Costs related to shareholder matters |
1,275 | 317 | ||||||
Transition costs related to back-office optimization |
641 | | ||||||
Corporate headquarters relocation costs |
60 | | ||||||
Provision for income taxes on pre-tax adjustments (b) |
(502 | ) | 13 | |||||
Certain discrete tax items (c) |
| 2,644 | ||||||
|
|
|
|
|||||
Adjusted Net Income |
$ | 23,184 | $ | 28,208 | ||||
|
|
|
|
a) | Amount includes gain on sale of a related warehouse, net of associated closing costs. |
b) | The Company determined the Provision for income taxes on pre-tax adjustments by calculating the Companys estimated annual effective tax rate on pre-tax income before giving effect to any discrete tax items and applying it to the pre-tax adjustments. |
c) | Amount relates to the sale of wholesale tire locations and distribution assets, as well as the revaluation of deferred tax balances due to changes in the mix of pre-tax income in various U.S. state jurisdictions as a result of the sale. |
Document and Entity Information |
Oct. 25, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 25, 2023 |
Entity Registrant Name | MONRO, INC. |
Entity Incorporation State Country Code | NY |
Entity File Number | 0-19357 |
Entity Tax Identification Number | 16-0838627 |
Entity Address Address Line 1 | 200 Holleder Parkway |
Entity Address City Or Town | Rochester |
Entity Address State Or Province | NY |
Entity Address Postal Zip Code | 14615 |
City Area Code | 585 |
Local Phone Number | 647-6400 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $.01 per share |
Trading Symbol | MNRO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000876427 |
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