Monro reports Q1 adjusted EPS 22c, consensus 1c

Reports Q1 revenue $293.18M, consensus $293.59M. Comparable store sales decreased 9.9%, as compared to an increase in comparable store sales of 0.5% in the prior year period. “We drove a significant acceleration in our comparable store sales trends as the first quarter progressed. Importantly, we turned the corner in our tire category with a return to growth in units in the month of June, as we continued to leverage the strength of our manufacturer-funded promotions. The combination of our ConfiDrive digital courtesy inspection process, service coupon and oil change offer allowed us to drive growth in both battery units and sales dollars in the month of June as well as an improvement in our higher-margin service categories as the quarter progressed. Our gross margin expansion in the quarter represents another major step toward restoring our gross margins back to pre-COVID levels”, said Mike Broderick, President and Chief Executive Officer.