Monro reports Q1 adjsuted EPS 22c, consensus 15c

Reports Q1 revenue $301.04M, consensus $296.13M. “The Monro (MNRO) team drove mid-single-digit comparable store sales growth in the first quarter, which has enabled us to report two consecutive quarters of positive comps for the first time in a couple of years. This was driven by the progress we continue to make with our ConfiDrive digital courtesy inspection process, which resulted in sales and unit growth in our tire category and our high-margin service categories, including front-end shocks, brakes, batteries, and maintenance services. We maintained prudent operating cost control, as reflected in lower store direct costs in the quarter. We reduced inventory levels across the system by approximately $10 million, primarily as a result of reducing our store count. Our profitability on an adjusted diluted earnings per share basis was in-line with the prior year first quarter. These results serve as a solid foundation to build upon as we implement our performance improvement plan to enhance Monro’s operations, drive profitability, and increase operating income and total shareholder returns. Encouragingly, our preliminary fiscal July comps are up 2%, which would result in our sixth consecutive month of consistent comparable store sales growth”, said Peter Fitzsimmons, president and CEO.