Monro Inc Stock Price, News & Analysis

Monro, Inc. (NASDAQ: MNRO) has secured a new $600 million revolving line of credit, amending its existing credit facility. This amendment alters the interest rate calculation from LIBOR to 0.10% over SOFR and extends the facility's expiration from 2024 to 2027. The funds will be used for refinancing debt, acquisitions, and general corporate purposes. Citizens Bank led the nine-bank group facilitating this extension, reflecting confidence in Monro's financial stability and growth strategy.

Monro, Inc. (NASDAQ: MNRO), a top automotive service provider, will participate in a Fireside Chat at the Stephens Annual Investment Conference on November 16, 2022, at 12:00 PM CT. Key executives, including CEO Michael T. Broderick and CFO Brian D’Ambrosia, will represent the company. A live webcast of the event can be accessed through the Investors section of Monro's corporate website.

In fiscal 2022, Monro achieved approximately $1.4 billion in sales and operates around 1,300 stores nationwide.

Monro, Inc. (NASDAQ: MNRO), a top automotive service provider, will have its executives, including CEO Michael T. Broderick and CFO Brian D’Ambrosia, participate in a Fireside Chat at the Gabelli & Co. Conference on November 1, 2022, at 10:30 AM PT. A live webcast will be accessible on the company’s corporate website. Monro generated approximately $1.4 billion in sales in fiscal 2022 and operates around 1,300 stores with 9,000 service bays nationwide, focusing on delivering high-quality auto care and sustainable growth.

Monro, Inc. (MNRO) reported a 5.1% decline in second-quarter sales to $329.8 million, primarily due to the divestiture of wholesale tire assets. Comparable store sales showed a 1.3% increase, supported by ~10% growth in underperforming stores. The diluted EPS dropped to $0.40, down from $0.62 in the prior year. Gross margin decreased 220 basis points to 35.4%, driven by higher tire sales and inflation impacts. The company repurchased ~1.2 million shares, maintaining a strong cash position with $120 million generated from operations.

Monro, Inc. (NASDAQ: MNRO) will announce its fiscal 2023 second quarter earnings on October 26, 2022. The company will host a conference call and audio webcast at 8:30 a.m. Eastern Time on the same day. Investors can access the call by dialing 1-833-927-1758 using access code 740974. A replay will be available shortly after, and a recording can also be accessed via the company’s website. Monro is a leading provider of auto care and tire services with over 1,300 stores and $1.4 billion in sales reported for fiscal 2022.

Monro, Inc. (NASDAQ: MNRO) reports that six Tire Choice Auto Service Center locations in Florida are closed due to Hurricane Ian, while 102 stores remain operational to assist affected residents. The closed stores include four in Cape Coral, Port Charlotte, and Venice due to power outages and two in Fort Myers and Naples that sustained significant storm damage. Monro emphasizes the safety of its employees and the community, urging customers to verify store hours following adverse weather. The company generates approximately $1.4 billion in sales, with over 1,300 stores nationwide.

Ides Capital Management, a significant shareholder in Monro (NASDAQ: MNRO), has urged for immediate board changes after directors Donald Glickman and Lindsay Hyde failed to secure majority support in recent votes. The firm advocates for a recapitalization of the company's stock structure, new board member recruitment with automotive experience, and the formation of a strategic review committee. This follows a strong shareholder message for change, evidenced by a previous 88% vote in favor of recapitalization. Ides emphasizes the urgency for Monro's board to align with shareholder interests.

Monro, Inc. (NASDAQ: MNRO) held its 2022 Annual Meeting of Shareholders, where a majority of its director slate was approved. Notably, two directors failed to secure majority votes but will remain until the 2023 meeting. The board is committed to exploring recapitalization options, aiming for one vote per share among all stock classes. They plan to expand the board to include candidates with skills aligned with shareholder interests. The company reports strong performance with $1.4 billion in sales in fiscal 2022 and continues to focus on sustainable growth across its 1,300+ locations.

Monro, Inc. (NASDAQ: MNRO) has declared a quarterly cash dividend of $.28 per share on its outstanding common stock, including Class C Convertible Preferred Stock. This dividend is scheduled for payment on September 6, 2022, to shareholders on record by the close of business on August 23, 2022. The company reported $1.4 billion in sales during fiscal 2022 and maintains over 1,300 stores and 9,000 service bays across the country, emphasizing its commitment to sustainable growth and customer service.