Why Monro Stock Is Down Today
Auto care specialist Monro (NASDAQ: MNRO) reported quarterly results that came in below expectations, and the company issued lackluster guidance about the current three months. Investors were not pleased, sending shares down 11.5% as of 11:12 a.m. ET.
Monro operates more than 1,300 auto repair shops in 32 states under brands including Mr. Tire, Tire Warehouse, and Tire Barn. The company hit a speed bump in the fiscal fourth quarter, reporting earnings of $0.08 per share on revenue of $310.84 million. Analysts had been expecting $0.31 per share in earnings on sales of $313 million.
Sales were down year over year, but that is in part due to the divestiture of Monro's wholesale tire and distribution assets. Same-store sales were up 4.5% in the quarter.
Source Fool.com
