In its recently published financials. Monro Inc. said that it “has executed a definitive asset purchase agreement to acquire four additional stores in Iowa and one additional store in Illinois, further expanding the company’s reach in the Midwest region.”
Monro officials reported that the locations are expected to add $6 million in annualized sales.
“This acquisition is expected to close” during the fourth quarter of Monro’s fiscal 2023 year.
Monro’s third-quarter sales fell 1.9% to $335.2 million due to the divestiture of its “wholesale tire and distribution assets.”
However, the company’s comparable store sales increased by 5.6%.
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