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Monro sales climb but closing of 145 stores results in $8.1M loss
Monro, Inc. will be undergo a "strategic review" and may be open to a sale of the company, management said in a conference call with investors. (File photo courtesy Monro, Inc.)
Monro, Inc. will be undergo a "strategic review" and may be open to a sale of the company, management said in a conference call with investors. (File photo courtesy Monro, Inc.)
Monro sales climb but closing of 145 stores results in $8.1M loss
Monro, Inc. reported an increase in first quarter sales and comparable sales but still sustained an $8.1 million loss, largely associated with the strategic closing of nearly 12 percent of its locations nationwide.
First quarter sales for Fiscal Year 2026 grew by 2.7 percent to $301 million, driven by a 5.7 percent increase in comparable store sales, according to the financial report released Thursday by the Perinton-based company.
Losses, however, totaled $8.1 million in the quarter compared to net income of $5.9 million in the first quarter of Fiscal Year 2025.
Total operating expenses were $113 million (37.5 percent of sales) compared to $95.9 million (32.7 percent of sales) the previous year period. Monro reported that the increase was “principally due to $14.8 million in store closing costs.”
Monroe announced in the spring that it would close 145 under-performing locations and concentrate on ensuring the remaining 1,115 stores continue to thrive. There also were $4.7 million in costs associated with third-party consultants hired to advise on an operational improvement plan.
“The Monro team drove mid-single-digit comparable stores 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,” Peter Fitzsimmons, who took over as president and CEO on March 31, said in a news release.
Fitzsimmons attributed the sales growth to the company’s courtesy digital inspection process, which led to increased purchases of tires and high-margin services such as shocks, brakes, batteries and maintenance services.
“The 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,” Fitzsimmons said.
The company issued a dividend of .28 per share.
Monro operates 20 stores in the Greater Rochester area.
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