ROCHESTER, N.Y. — Monro Inc. reported double-digit gains in operating income and sales for the quarter ended Sept. 25, based on business rebounding at the firm's existing stores and first-time contributions of stores acquired earlier this year.
Monro also disclosed it is buying 17 more stores — 11 in Iowa and six in California — that represent up to $25 million in annualized sales, but did not identify the dealerships being acquired.
Operating income for the company's fiscal 2022 second quarter jumped 41.4% to $34.5 million on 20.5% higher sales of $347.7 million. As a result, the operating ratio increased over a full point to 9.9%. Net income was up 64% to $21 million.
Monro President and CEO Mike Broderick credited the firm's strong second quarter performance to the dedication of its employees and leadership of its "seasoned" management team.
"We delivered double-digit comparable store sales growth across all of our regions bolstered by strength in our services categories and continued growth in tires," Mr. Broderick said, noting that management is "encouraged" to see comparable store sales up approximately 14% thus far in October.