By Rob Curran
Monro shares fell premarket after the auto-service chain posted a drop in fiscal third-quarter earnings and sales, and warned of weather-related weakness in January.
Shares of Monro fell 6.4% to $20.60 premarket.
The provider of oil changes, tires, brake repairs and other mechanical services said earnings fell to $4.6 million, or 15 cents a share, from $12.2 million, or 38 cents a share, a year earlier.
That was well shy of the average Wall Street target of 25 cents a share, according to FactSet.
On an adjusted basis, Monro logged earnings of 19 cents a share.
Sales fell 3.7% to $305.8 million.
Comparable-store sales, or sales in stores open a year or more, fell 1.9%, adjusted for the number of selling days. A surge in battery sales was offset by declines in tire, general service and brake sales.
The preliminary January comparable-store sales tally was down 1%, which the company said was related to extreme weather.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
January 29, 2025 08:24 ET (13:24 GMT)
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