Monro Inc - MNRO STOCK NEWS

Monro, Inc. (MNRO) reported a 5.1% decline in second-quarter sales to $329.8 million, primarily due to the divestiture of wholesale tire assets. Comparable store sales showed a 1.3% increase, supported by ~10% growth in underperforming stores. The diluted EPS dropped to $0.40, down from $0.62 in the prior year. Gross margin decreased 220 basis points to 35.4%, driven by higher tire sales and inflation impacts. The company repurchased ~1.2 million shares, maintaining a strong cash position with $120 million generated from operations.

Monro, Inc. (NASDAQ: MNRO) will announce its fiscal 2023 second quarter earnings on October 26, 2022. The company will host a conference call and audio webcast at 8:30 a.m. Eastern Time on the same day. Investors can access the call by dialing 1-833-927-1758 using access code 740974. A replay will be available shortly after, and a recording can also be accessed via the company’s website. Monro is a leading provider of auto care and tire services with over 1,300 stores and $1.4 billion in sales reported for fiscal 2022.

Monro, Inc. (NASDAQ: MNRO) reports that six Tire Choice Auto Service Center locations in Florida are closed due to Hurricane Ian, while 102 stores remain operational to assist affected residents. The closed stores include four in Cape Coral, Port Charlotte, and Venice due to power outages and two in Fort Myers and Naples that sustained significant storm damage. Monro emphasizes the safety of its employees and the community, urging customers to verify store hours following adverse weather. The company generates approximately $1.4 billion in sales, with over 1,300 stores nationwide.

Ides Capital Management, a significant shareholder in Monro (NASDAQ: MNRO), has urged for immediate board changes after directors Donald Glickman and Lindsay Hyde failed to secure majority support in recent votes. The firm advocates for a recapitalization of the company's stock structure, new board member recruitment with automotive experience, and the formation of a strategic review committee. This follows a strong shareholder message for change, evidenced by a previous 88% vote in favor of recapitalization. Ides emphasizes the urgency for Monro's board to align with shareholder interests.

Monro, Inc. (NASDAQ: MNRO) held its 2022 Annual Meeting of Shareholders, where a majority of its director slate was approved. Notably, two directors failed to secure majority votes but will remain until the 2023 meeting. The board is committed to exploring recapitalization options, aiming for one vote per share among all stock classes. They plan to expand the board to include candidates with skills aligned with shareholder interests. The company reports strong performance with $1.4 billion in sales in fiscal 2022 and continues to focus on sustainable growth across its 1,300+ locations.

Monro, Inc. (NASDAQ: MNRO) has declared a quarterly cash dividend of $.28 per share on its outstanding common stock, including Class C Convertible Preferred Stock. This dividend is scheduled for payment on September 6, 2022, to shareholders on record by the close of business on August 23, 2022. The company reported $1.4 billion in sales during fiscal 2022 and maintains over 1,300 stores and 9,000 service bays across the country, emphasizing its commitment to sustainable growth and customer service.

Monro, Inc. (NASDAQ: MNRO) reported a 2.3% increase in Q1 sales to $349.5 million for the period ending June 25, 2022. Comparable store sales rose 2.8%, primarily due to a 15% increase in approximately 300 small stores. However, gross margin fell 180 basis points to 35.0% due to increased technician costs. Net income dropped to $12.5 million from $15.7 million, with diluted EPS at $.37, down from $.46. Monro completed the divestiture of non-core assets for $102 million, boosting cash flow and enhancing focus on retail operations.

Monro, Inc. (NASDAQ: MNRO) will announce its fiscal 2023 first quarter earnings on July 27, 2022. A conference call will follow at 8:30 a.m. Eastern Time on the same day, accessible by dialing 1-844-200-6205 with access code 910290. A replay will be available after the call and can be accessed until August 10, 2022. Monro reported approximately $1.4 billion in sales for fiscal 2022 and operates over 1,300 stores nationwide, focusing on providing automotive services and expanding through strategic acquisitions.

Monro, Inc. (NASDAQ: MNRO) has published its second annual Corporate Responsibility Report, highlighting significant efforts in environmental, social, and governance (ESG) initiatives for fiscal year 2022. The report emphasizes teammate safety and energy efficiency as primary goals. Highlights include diversity initiatives, energy-saving measures, community engagement strategies, and improved cybersecurity. Monro generated approximately $1.4 billion in sales in fiscal 2022, reflecting its commitment to sustainable growth and expanding market presence.