Monro(US:MNRO)2022-10-26 12:47Financial Performance - Sales decreased by 5.1% to $329.8 million due to the divestiture of Wholesale tire and distribution assets[7, 14] - Comparable store sales increased by 1.3%, driven by an approximately 10% increase in comparable store sales in approximately 300 small or underperforming stores[7, 14] - Gross margin decreased by 220 basis points to 35.4%, driven by higher material costs and incremental investments in technician labor and wages[7] - Diluted EPS was $0.40, and Adjusted Diluted EPS was $0.43[7] Balance Sheet and Cash Flow - Strong operating cash flow of approximately $120 million was generated for the first half of fiscal year 2023[8, 14] - Approximately 1.2 million shares of common stock were repurchased in the second quarter of fiscal year 2023, with cumulative repurchases of approximately 1.6 million shares through the second quarter at an average price of approximately $44.00 per share, totaling approximately $71 million[8] Strategic Priorities and Outlook - The company is focused on driving productivity improvements and sales growth in all Retail locations, with a focus on approximately 300 of their small or underperforming stores[17] - Preliminary fiscal October comparable store sales were up 3.7%[25] - Capital expenditures are expected to be approximately $40 million to $50 million[26]