© Reuters. By Sam Boughedda
Investing.com — Monro Inc (NASDAQ:MNRO) announced its fourth-quarter and fiscal 2022 earnings on Thursday, missing quarterly profit expectations.
The automotive repair company reported weaker than expected revenue and earnings per share. Monro posted revenue of $328 million, up 7.4% compared to the prior year’s quarter, but below analysts’ forecasts of $328.43 million.
Meanwhile, earnings per share came in at $0.2, missing estimates of $0.46 for the quarter.
As a result, Monro stock has tumbled 7% Thursday.
The company pointed to Covid-19-related challenges impacting its fiscal fourth quarter.
“After 20% comparable store sales growth in the first nine months of fiscal 2022, the fourth quarter was severely impacted by the surge in COVID-19,” said Mike Broderick, President, and CEO.
Broderick added that they were working on a strategy to fix underperforming stores, and the company was showing signs of “evidence that our efforts are already working.”
Monro approved a cash dividend increase to $0.28 per share in the first quarter. In addition, the company said it is not providing fiscal 2023 financial guidance but will provide its view on fiscal 2023 during its earnings call.
