Tue, May 28, 8:07 PM (146 days ago)
Monro, Inc. reported its annual financial performance for the fiscal year ending March 30, 2024. Key highlights include: - **Revenue**: Sales decreased by 3.7% to $1,276,789,000, primarily due to closed stores and lower comparable store sales, which fell by 2.0% (3.9% when adjusted for days). - **Net Income**: Net income was $37,571,000, down from $39,048,000 in the previous year. - **Operating Expenses**: Operating, selling, general, and administrative expenses increased slightly by 1.1% to $380,678,000. - **Earnings Per Share**: Diluted EPS was $1.18, a slight decrease from $1.20 in the previous year. Adjusted diluted EPS was $1.33. - **Gross Profit**: Gross profit margin improved by 100 basis points to 35.4%, driven by lower retail material costs. - **Debt and Liquidity**: Long-term debt stood at $102,000,000, with a working capital deficit of $201,867,000 due to the supply chain finance program. - **Strategic Moves**: The company did not complete any acquisitions in fiscal 2024 and announced the planned sale of its corporate headquarters. - **Future Outlook**: Monro expects continued inflationary pressures and plans to focus on improving guest experience, enhancing product offerings, and executing accretive acquisitions. Overall, Monro's financial condition remains stable, with ongoing strategic initiatives aimed at driving long-term growth.