Monro Muffler (MNRO) Misses Q4 EPS by 14c

Monro Muffler (NASDAQ: MNRO) reported Q4 EPS of $0.08, $0.14 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $286.1 million versus the consensus estimate of $286.1 million.

“Promoting health and safety across all aspects of our business remains our top priority as we work to continue to serve our customers, and I would like to thank all our teammates for their incredible work during these unprecedented times. Our fourth quarter performance was challenged by mild winter weather conditions in January and February, and while we saw improved comparable store sales performance with the onset of spring weather in early March, we experienced a substantial drop in traffic due to the impact of the COVID-19 restrictions in the second half of the month. In response to COVID-19, we took a number of proactive steps to mitigate near-term headwinds and maximize our financial flexibility, which we believe position us well to drive business continuity through the pandemic. Further, we are focused on streamlining our operations and implementing our investments in technology, which we believe will support our broader strategy and allow us to drive a stronger operating performance moving forward,” said Brett Ponton, President and Chief Executive Officer.

Ponton continued, “Overall, while our operations continue to be significantly impacted by COVID-19, with comparable store sales declines in April and May month-to-date of approximately 41% and 24%, respectively, we are encouraged by the gradual improvement in traffic we have seen towards the end of May as stay-at-home orders are lifted across the nation. While we navigate this uncertain environment, we are focused on the elements of the business within our control, including advancing our Monro.Forward initiatives as we look forward to continuing to deliver long-term, sustainable value once the pandemic subsides.”

Company Outlook

Due to the uncertainty of the duration and magnitude of the COVID-19 pandemic impact, Monro is not providing fiscal 2021 guidance at this time. The Company currently anticipates the greatest impact from COVID-19 in fiscal 2021 will occur in the first quarter.

For earnings history and earnings-related data on Monro Muffler (MNRO) click here.

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