Monro Inc. has announced financial results for its fiscal third quarter, which ended on Dec. 25, 2021. The company posted sales of $341.8 million during that period, a year-over-year increase of 20.1%.
Monro's comparable store sales during the same period increased by 13.8%.
Gross margin grew by 150 points to 35.3% versus the same, previous-year period thanks to "higher comparable store sales," which resulted in lower fixed distribution and occupancy costs, as well as a bigger sales mix of "higher-margin service categories," according to Monro officials.
During its third quarter, Monro gained 17 locations through acquisition and closed two stores.
The company's results "reflect significant progress on our journey to transform this great organization and unleash its full potential," says Monro President and CEO Mike Broderick.
"Led by growth in our key service categories, we posted our third consecutive quarter of double-digit comparable store sales growth across all regions and categories, as well as year-over-year margin expansion."
Broderick adds that "incremental investments in high-quality technicians were critical to delivering improved topline results in the quarter and have allowed us to navigate through staffing challenges" posed by the COVID-19 pandemic.
"Looking ahead, we will continue to invest in our teammates as we execute on our Monro.Forward strategy and build a best-in-class service model. This will position us for outsized sales growth as we capitalize on robust demand and multi-year industry tailwinds."
