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Q3 results disappoint for Monro, but business is trending up
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ROCHESTER, N.Y. Downsizing at Monro Inc. stores helped the tire and auto repair retailer weather the impacts of COVID-19, but their lingering effects also are impacting earnings.
For the quarter ended Dec. 26, Monro s operating income fell 40.8% to $15.7 million on 13.6% lower sales of $284.6 million. That lowered the operating income ratio four points to 5.5%. Net income fell 64.5% to $6.7 million.
While there are a number of reasons for this, including general market conditions, the principal reason was our earlier success in downsizing our store staff levels to align effectively our operations with the impact that the COVID-19 pandemic had on our revenues, Chairman and Interim CEO Rob Mellor told analysts on a conference call. ....

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