Monro drops to near one-year low as Q4 results disappoint
18/05/2023 16:07
** Shares of automotive repair stores operator Monro Inc
MNRO.O fall as much as 15.3% to a near one-year low of $41.44
** Co misses sales and profit expectations in Q4
** Says sales decline in Q4 is due to the divestiture of its
wholesale tire and distribution assets
** Adds despite Q4 gross margin rise to 33.4%, it was offset
by 160 basis point increase in technician labor costs
** Net sales falls 5.2% to $310.8 mln in Q1, missing
estimates of $313.8 mln, according to four analysts on Refinitiv
** MNRO's adjusted EPS of 8 cents, also misses expectations
of 31 cents
** Forecasts Q1 sales in the range of $330 mln to $335 mln;
Also projects Q1 EPS between 26 cents and 42 cents
** Stock last down ~12%, and down ~4% so far in 2023
(Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))