Monro Reports 10.4% Sales Decrease for FY 2021
The company says net income for fiscal 2021 was $34.3 million, as compared to $58.0 million in fiscal 2020.
Monro Names New President, CEO
Monro says Michael Broderick brings over 25 years of experience executing profitable growth and business transformation strategies in the aftermarket parts and tire service industry.
Monro to Acquire Mountain View Tire & Service, Inc.
The transaction is expected to add approximately $45 million in annualized sales, representing a sales mix of 70% service and 30% tires.
Monro Reports 13.6% Q3 Sales Decrease YoY
Monro says comparable store sales were down approximately 8% for tires, 16% for alignments, 17% for front end/shocks, 19% for maintenance services and 21% for brakes compared to the prior year period.
Monro Reports 11% Q2 Loss in Sales
The decline in comparable-store sales was primarily driven by reduced store traffic related to the ongoing COVID-19 pandemic and its negative impact on vehicle miles traveled in the second quarter.
Monro CEO Brett Ponton Resigns
Robert Mellor, chairman of Monro’s board, has been named interim CEO while the company engages with a leading executive search firm to identify a successor.
Monro Reports Ongoing COVID-19 Challenges in Q1 Results
Despite COVID-19 challenges, Monro will continue with its M&A strategy and gradually pick up its store rebrand and reimage initiative in Q2 of fiscal year 2021.
Monro Will Install Tires for Amazon Customers at All Locations
Monro’s tire installation services are now available to Amazon customers who select the “Ship-to-Store” option.
COVID-19 Affects Monro Inc. Q4 Results, Long-Term Strategy
Despite strong sales in fiscal 2020, sales for the fourth quarter decreased 0.4% due to decreased traffic related to the COVID-19 pandemic.
Monro, Inc. Gives Business Update Due to COVID-19
The company’s preliminary estimate of sales for the fourth quarter of the fiscal year is approximately $286.1 million, a decrease of 0.4% compared to $287.2 million in the prior-year quarter.