- Monro Inc (NASDAQ:MNRO) reported third-quarter FY22 sales growth of 20.1% year-on-year, to $341.78 million, beating the analyst consensus of $339.63 million. The comparable store sales increased 13.8%.
- Adjusted EPS of $0.49 missed the analyst consensus of $0.52.
- The gross margin expanded 150 basis points Y/Y to 35.3%, and the gross profit rose 25.4% to $120.5 million.
- The operating margin was 8%, and operating income for the quarter rose 74.9% to $27.4 million. Total operating expenses increased 15.6% Y/Y.
- The company held $9.5 million in cash and equivalents as of December 25, 2021.
- "Incremental investments in high-quality technicians were critical to delivering improved topline results in the quarter and have allowed us to navigate through staffing challenges posed by COVID over the last six weeks," said CEO Mike Broderick.
- The company's preliminary fiscal January comparable store sales increased 1% compared to fiscal January of last year and were 4% above pre-COVID levels.
- Price Action: MNRO shares traded lower by 5.60% at $54.65 on the last check Wednesday.
