Monro shares crash to lowest since 2009 after results miss expectations
29/01/2025 15:39
** Shares of automotive repair and tire retailer Monro Inc
MNRO.O among biggest S&P 1500 index .SPSUP losers on Weds
after fiscal Q3 results miss consensus
** MNRO shares drop as much as 11.9% to $19.39, lowest since
Dec 2009. Stock last down 8.1% at $20.24
** Fairport, New York-based firm posts adj EPS of 19 cents, down
from 39 cents/sh a yr ago. Analysts on avg expected earnings of
29 cents/sh, according to LSEG data
** Co said the Christmas holiday shift causing fewer selling
days in the qtr negatively impacted EPS by approx 5 cents/sh in
Q3
** Rev in qtr decreased about nearly 4% y/y to $305.8 mln,
below avg analysts' estimate of $311.1 mln, as same-store sales
(SSS) declined 0.8%
** Preliminary Jan SSS are down 1%, adjusted for one
additional selling day, driven by weakness in tire category
sales that were impacted by extreme weather, resulting in
temporary store closures and reduced store traffic, co said
** "We believe the extreme weather in January will benefit
us in the coming months,” CEO Mike Broderick said in statement
** Of 6 analysts covering MNRO, 1 rates "strong buy", rest
rate "hold" and their median PT is $29 - LSEG
** With move on the session, shares off ~18% YTD and down
~37% over the past 12 months
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))