Monro Reports Sales Declines

Tire sales at Monro Inc.'s stores declined by 8% on a year-over-year basis during the company's first quarter.

Monro's overall net income during the period totaled $5.9 million, down from $8.8 million during the same prior-year period.

The company's operating income totaled $13.2 million versus $17.3 million during the same period last year.

Within Monro's stores, year-over-year, sales of batteries declined by 6%, sales of alignments fell by 9%, brake service sales dropped by 13% and front end/shock service sales fell by 15%.

Monro closed four stores during the period and now has 1,284 total, company-owned outlets, plus 51 franchised locations.

Commenting on Monro's results, Michael Broderick, the company's president and CEO, mentioned that the Rochester, N.Y.-based firm "turned the corner in our tire category with a return to growth in units" during June 2024 "as we continued to leverage the strength of our manufacturer-funded promotions."