Monro earnings rebound late in challenging year
ROCHESTER, N.Y. Monro Inc. saw a healthy rebound in tire sales during the latest financial quarter, helping push quarterly profits higher for the year ended March 27. Despite the rebound, the company''s overall profitability fell for the year. The Rochester-based tire services and vehicle repair company posted operating income of $20.7 million during the fiscal 2021 fourth quarter, up from $400,000 during the prior-year fiscal fourth quarter. Operating income a measure of profitability that represents revenue after deduction of both direct and indirect operational costs for fiscal 2021 was $72.2 million, down 28.6% from $101.7 million for the previous fiscal year. "Monro''s solid fourth quarter results capped an unprecedented and challenging year," President and CEO Mike Broderick said in a statement. "As we enter fiscal 2022, we look forward to continuing to build on the momentum we experienced during our fourth quarter. "We are well positioned to capitalize on the strengthening demand environment, as reflected in our comparable store sales growth of approximately 53% in the fiscal 2022 first quarter-to-date." Mr.
Monro earnings rebound late in challenging year
ROCHESTER, N.Y. Monro Inc. saw a healthy rebound in tire sales during the latest financial quarter, helping push quarterly profits higher for the year ended March 27. Despite the rebound, the company''s overall profitability fell for the year. The Rochester-based tire services and vehicle repair company posted operating income of $20.7 million during the fiscal 2021 fourth quarter, up from $400,000 during the prior-year fiscal fourth quarter. Operating income a measure of profitability that represents revenue after deduction of both direct and indirect operational costs for fiscal 2021 was $72.2 million, down 28.6% from $101.7 million for the previous fiscal year. "Monro''s solid fourth quarter results capped an unprecedented and challenging year," President and CEO Mike Broderick said in a statement. "As we enter fiscal 2022, we look forward to continuing to build on the momentum we experienced during our fourth quarter. "We are well positioned to capitalize on the strengthening demand environment, as reflected in our comparable store sales growth of approximately 53% in the fiscal 2022 first quarter-to-date." Mr.