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Monro(MNRO) - 2022 Q2 - Quarterly Report
2021-11-01 19:31
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________ FORM 10-Q ____________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 25, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ ...
Monro(MNRO) - 2022 Q2 - Earnings Call Transcript
2021-10-27 18:39
Financial Data and Key Metrics Changes - Sales increased by 20.5% year-over-year to a record $347.7 million in the second quarter, up approximately 7% compared to pre-COVID levels in fiscal 2020 [30] - Same-store sales increased by 14.8%, driven by broad-based strength across all product and service categories [31] - Gross margin increased by 140 basis points from the prior year to 37.6% due to higher comparable store sales and a favorable sales mix [31] - Operating income grew to $34.5 million or 9.9% of sales compared to $24.4 million or 8.5% of sales in the prior year [33] - Net income was $21 million compared to $12.8 million in the same period last year, with diluted earnings per share at $0.62 compared to $0.38 [35] Business Line Data and Key Metrics Changes - Service sales as a percentage of total sales increased during the quarter, contributing to improved gross margins [11] - Sales from new stores increased by $17.8 million, including $17.2 million from recent acquisitions [31] - The company is focused on improving in-store operational execution in five key areas: staffing, scheduling, training, attachment selling, and outside purchase management [13] Market Data and Key Metrics Changes - Comps were up approximately 14% in fiscal October compared to comps down 12% in the same period last year [12] - All regions experienced double-digit growth, with the Northeast and West outperforming due to recovery from prior underperformance [121] Company Strategy and Development Direction - The company is committed to its Monro.Forward initiatives, focusing on operational excellence and improving in-store execution [22] - The company plans to continue acquiring family-owned businesses, with 17 stores expected to be added to the portfolio in the next quarter [24] - A store reimage program is underway to align acquired stores with company standards [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business for the remainder of the fiscal year, citing improved vehicle miles traveled and consumer behavior trends [10] - The company remains optimistic about its performance despite the fluid COVID-19 situation and is not providing formal guidance for the remainder of fiscal 2022 [40] - Management highlighted the importance of partnerships with suppliers to navigate inflation and supply chain challenges [55] Other Important Information - The company generated $102 million of cash from operations in the first half of fiscal 2022 and maintained a strong balance sheet with net bank debt of $163 million [36] - The company is focused on enhancing its online presence, particularly in appointment scheduling and communication with customers [109] Q&A Session Summary Question: Opportunities for top line and margin expansion - Management emphasized the focus on in-store execution and expanding comp sales to improve acquisition potential and employee retention [48][49] Question: Impact of courtesy inspection services - Management noted that the courtesy inspection is crucial and has been supported by improved labor scheduling [51][52] Question: Labor shortages and supply chain challenges - Management acknowledged the importance of a strong HR organization and technology in addressing staffing needs and supply chain reliability [54][55] Question: Continued improvement in service sales - Management confirmed that service sales trends from Q1 continued into Q2, with most categories returning to pre-pandemic levels [56] Question: Market share insights - Management indicated that they are tracking at or above industry units in the tire segment and are seeing significant growth in service sales [65][66] Question: Inflation impact on pricing - Management stated that they are passing through cost increases while maintaining competitive pricing [74] Question: Acquisition strategy and geographic targeting - Management expressed enthusiasm for recent acquisitions and indicated a focus on both contiguous and new markets [75] Question: Staffing needs to meet demand - Management did not disclose specific staffing numbers but emphasized the goal of reducing overtime and managing capacity effectively [84] Question: Oil change business performance - Management noted that the oil change business is lagging behind other categories but is showing positive trends [122] Question: Future guidance - Management is considering reinstating guidance but is cautious due to ongoing COVID-19 management [124]
Monro(MNRO) - 2022 Q1 - Quarterly Report
2021-08-02 18:42
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________ FORM 10-Q ____________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 26, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to __ ...
Monro(MNRO) - 2021 Q1 - Earnings Call Presentation
2021-07-29 19:34
Financial Performance - Sales increased by 38.4% to a record $341.8 million[9] - Comparable store sales increased by 34.5%[9] - Sales from new stores added $14.1 million, including $13.6 million from recent acquisitions[9] - Operating cash flow was approximately $63 million[9] - Adjusted Diluted EPS increased 266.7% to $0.55[17] Acquisitions and Expansion - Completed acquisition of 30 Mountain View Tire & Service stores, representing $45 million in annualized sales[15] - The acquired stores have a sales mix of 70% service and 30% tires[15] Fiscal Year 2022 Outlook - Interest Expense is expected to be approximately $25 million to $27 million[21] - Depreciation and Amortization is expected to be approximately $82 million to $87 million[21] - Capital Expenditures are projected to be approximately $30 million to $45 million[21] Corporate Responsibility - In fiscal year 2021, the company recycled 2.5 million gallons of oil, 73,000 vehicle batteries, and 3.3 million tires[28, 29]
Monro(MNRO) - 2022 Q1 - Earnings Call Transcript
2021-07-28 16:23
Monro, Inc. (NASDAQ:MNRO) Q1 2022 Earnings Conference Call July 28, 2021 8:30 AM ET Company Participants Maureen Mulholland - EVP and Chief Legal Officer Mike Broderick - President and CEO Brian D'Ambrosia - CFO Conference Call Participants Jonathan Lamers - BMO Capital Market Brian Nagel - Oppenheimer and Company Bret Jordan - Jefferies Stephanie Moore - Truist David Bellinger - Wolfe Research Rick Nelson - Stephens Scott Stember - C.L. King & Associates Operator Good morning, ladies and gentlemen, and wel ...
Monro(MNRO) - 2021 Q4 - Annual Report
2021-05-26 19:47
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-K _________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 27, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______ Commission File Number 0-19357 __________________________________ ...
Monro(MNRO) - 2021 Q4 - Earnings Call Presentation
2021-05-20 18:45
FOURTH QUARTER FISCAL 2021 EARNINGS CALL MAY 20, 2021 MONRO TIRECHSICE MR.TIRE 48700ARDE OF THE WAREHOUSE MININ CAR TRENDY WINNER Safe Harbor Statement and Non-GAAP Measures Certain statements in this presentation, other than statements of historical fact, including estimates, projections, statements related to our business plans and operating results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Monro has identified some of these forward-looking ...
Monro(MNRO) - 2021 Q4 - Earnings Call Transcript
2021-05-20 17:19
Monro, Inc. (NASDAQ:MNRO) Q4 2021 Earnings Conference Call May 20, 2021 8:30 AM ET Company Participants Maureen Mulholland - Executive Vice President and Chief Legal Officer Robert Mellor - Chairman Mike Broderick - President and Chief Executive Officer Brian D???Ambrosia - Chief Financial Officer Rob Rajkowski - Chief Operating Officer Conference Call Participants Jonathan Lamers - BMO Capital Markets Brian Nagel - Oppenheimer Bret Jordan - Jefferies Rick Nelson - Stephens Stephanie Benjamin - Truist Opera ...
Monro(MNRO) - 2021 Q3 - Quarterly Report
2021-02-04 21:05
(Mark One) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________ FORM 10-Q ____________________________________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 26, 2020. OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ ...
Monro(MNRO) - 2021 Q3 - Earnings Call Transcript
2021-01-27 19:31
Monro, Inc. (NASDAQ:MNRO) Q3 2021 Earnings Conference Call January 27, 2021 8:30 AM ET Company Participants Maureen Mulholland - EVP and Chief Legal Officer Robert Mellor - Chairman & Interim CEO Robert Rajkowski - SVP & COO Brian D'Ambrosia - EVP, Finance, CFO, Treasurer & Assistant Secretary Conference Call Participants Jonathan Lamers - BMO Capital Markets Brian Nagel - Oppenheimer & Co. Bret Jordan - Jefferies Nels Nelson - Stephens Inc. David Bellinger - Wolfe Research Stephanie Benjamin - Truist Secur ...