Monro (MNRO) 10-Q 8 Aug 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 29, 2019	Jul. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 29, 2019
Entity File Number	0-19357
Entity Registrant Name	MONRO, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0838627
Entity Address, Address Line One	200 Holleder Parkway
Entity Address, City or Town	Rochester
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14615
City Area Code	585
Local Phone Number	647-6400
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MNRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		33,224,179
Entity Central Index Key	0000876427
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--03-28

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Current assets:
Cash and equivalents	$ 8,513	$ 6,214
Trade receivables	17,380	14,617
Federal and state income taxes receivable		5,586
Inventories	173,655	171,038
Other current assets	46,733	42,452
Total current assets	246,281	239,907
Property, plant and equipment	647,015	640,421
Less - Accumulated depreciation and amortization	(335,997)	(327,869)
Net property, plant and equipment	311,018	312,552
Finance lease and financing obligation assets, net	142,066	128,029
Operating lease assets, net	201,401
Goodwill	626,108	565,503
Intangible assets	32,085	51,107
Other non-current assets	13,779	13,024
Long-term deferred income tax assets	5,716	2,166
Total assets	1,578,454	1,312,288
Current liabilities:
Current portion of long-term debt, finance leases and financing obligations	25,745	22,229
Current portion of operating lease liabilities	28,804
Trade payables	104,828	103,602
Federal and state income taxes payable	3,191
Accrued payroll, payroll taxes and other payroll benefits	26,054	20,231
Accrued insurance	39,574	38,742
Deferred revenue	13,163	12,059
Other current liabilities	22,438	21,584
Total current liabilities	263,797	218,447
Long-term debt	160,000	137,682
Long-term finance leases and financing obligations	260,818	238,089
Long-term operating lease liabilities	160,163
Accrued rent expense		4,053
Other long-term liabilities	11,308	12,724
Long-term deferred income tax liabilities	1,738
Long-term income taxes payable	2,042	1,783
Total liabilities	859,866	612,778
Commitments and contingencies
Shareholders' equity:
Class C Convertible Preferred Stock, $1.50 par value, $0.064 conversion value, 150,000 shares authorized; 21,802 shares issued and outstanding	33	33
Common Stock, $0.01 par value, 65,000,000 shares authorized; 39,581,865 and 39,510,932 shares issued at June 29, 2019 and March 30, 2019, respectively	396	395
Treasury Stock, 6,359,871 shares at June 29, 2019 and March 30, 2019, at cost	(108,729)	(108,729)
Additional paid-in capital	224,742	220,173
Accumulated other comprehensive loss	(4,625)	(4,536)
Retained earnings	606,771	592,174
Total shareholders' equity	718,588	699,510
Total liabilities and shareholders' equity	$ 1,578,454	$ 1,312,288

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 29, 2019	Mar. 30, 2019
Consolidated Balance Sheets [Abstract]
Class C convertible preferred stock par value	$ 1.50	$ 1.50
Class C convertible preferred stock, conversion value	$ 0.064	$ 0.064
Class C convertible preferred stock shares authorized	150,000	150,000
Class C convertible preferred stock shares issued	21,802	21,802
Class C convertible preferred stock shares outstanding	21,802	21,802
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	65,000,000	65,000,000
Common stock shares issued	39,581,865	39,510,932
Treasury stock shares	6,359,871	6,359,871

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Consolidated Statements Of Comprehensive Income [Abstract]
Sales	$ 317,063	$ 295,811
Cost of sales, including distribution and occupancy costs	188,916	178,573
Gross profit	128,147	117,238
Operating, selling, general and administrative expenses	91,776	84,166
Operating income	36,371	33,072
Interest expense, net of interest income	7,157	6,580
Other income, net	(175)	(227)
Income before provision for income taxes	29,389	26,719
Provision for income taxes	6,783	6,075
Net income	22,606	20,644
Other comprehensive loss, net of tax:
Changes in pension, net of tax benefit	(89)	(77)
Comprehensive income	$ 22,517	$ 20,567
Earnings per share:
Basic	$ 0.68	$ 0.63
Diluted	$ 0.67	$ 0.62
Weighted average number of common shares outstanding used in computing earnings per share:
Basic	33,183	32,853
Diluted	33,964	33,457

Consolidated Statements Of Chan

Consolidated Statements Of Changes in Shareholders' Equity - USD ($) $ in Thousands		Class C Convertible Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Total
Balance beginning at Mar. 31, 2018		$ 33	$ 392	$ (106,563)	$ 199,576	$ (4,248)	$ 539,286	$ 628,476
Beginning balance, preferred shares at Mar. 31, 2018		22,000
Beginning balance, common shares at Mar. 31, 2018			39,166,000	6,330,000
Net income							20,644	20,644
Other comprehensive loss:
Pension liability adjustment						(77)		(77)
Dividends:
Preferred dividends							(102)	(102)
Common dividends							(6,572)	(6,572)
Dividend payable							(12)	(12)
Activity related to equity-based plans				$ (445)	1,223			778
Activity related to equity-based plans, shares			38,000	8,000
Stock-based compensation					1,084			1,084
Balance ending at Jun. 30, 2018		$ 33	$ 392	$ (107,008)	201,883	(4,325)	553,244	644,219
Ending balance, preferred shares at Jun. 30, 2018		22,000
Ending balance, common shares at Jun. 30, 2018			39,204,000	6,338,000
Balance beginning at Mar. 30, 2019		$ 33	$ 395	$ (108,729)	220,173	(4,536)	592,174	699,510
Accounting change - cumulative effect at Mar. 30, 2019							(582)	(582)
Adjusted balance at Mar. 30, 2019		$ 33	$ 395	$ (108,729)	220,173	(4,536)	591,592	$ 698,928
Beginning balance, preferred shares at Mar. 30, 2019		22,000						21,802
Beginning balance, common shares at Mar. 30, 2019			39,511,000	6,360,000
Net income							22,606	$ 22,606
Other comprehensive loss:
Pension liability adjustment						(89)		(89)
Dividends:
Preferred dividends	[1]						(112)	(112)
Common dividends	[1]						(7,305)	(7,305)
Dividend payable							(10)	(10)
Activity related to equity-based plans			$ 1		3,644			3,645
Activity related to equity-based plans, shares			71,000
Stock-based compensation					925			925
Balance ending at Jun. 29, 2019		$ 33	$ 396	$ (108,729)	$ 224,742	$ (4,625)	$ 606,771	$ 718,588
Ending balance, preferred shares at Jun. 29, 2019		22,000						21,802
Ending balance, common shares at Jun. 29, 2019			39,582,000	6,360,000
[1]	First quarter fiscal year dividend payment of $ 0.22 and $ 0.20 per common share or common share equivalent paid on June 17, 2019 and June 14, 2018, respectively.

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Consolidated Statements Of Changes In Shareholders' Equity [Abstract]
Common stock cash dividends per share	$ 0.22	$ 0.20
Pension liability adjustment - pre-tax	$ (118)	$ (101)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 22,606	$ 20,644
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	14,839	13,227
Loss on disposal of assets	122	397
Stock-based compensation expense	925	1,084
Net change in deferred income taxes	2,223	2,082
Change in operating assets and liabilities (excluding acquisitions)
Trade receivables	(2,763)	(3,562)
Inventories	51	2,275
Other current assets	(3,966)	(1,465)
Other non-current assets	6,573	887
Trade payables	1,226	6,115
Accrued expenses	14,250	5,756
Federal and state income taxes payable	5,586	3,457
Other long-term liabilities	(6,903)	(924)
Long-term income taxes payable	3,450	198
Total adjustments	35,613	29,527
Net cash provided by operating activities	58,219	50,171
Cash flows from investing activities:
Capital expenditures	(13,996)	(11,440)
Acquisitions, net of cash acquired	(54,720)	(27,518)
Proceeds from the disposal of assets	103	303
Other	34
Net cash used for investing activities	(68,579)	(38,655)
Cash flows from financing activities:
Proceeds from borrowings	119,603	108,668
Principal payments on long-term debt, finance leases and financing obligations	(103,257)	(103,535)
Exercise of stock options	3,730	778
Dividends paid	(7,417)	(6,674)
Net cash provided by (used for) financing activities	12,659	(763)
Increase in cash	2,299	10,753
Cash at beginning of period	6,214	1,909
Cash at end of period	$ 8,513	$ 12,662

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	3 Months Ended
	Jun. 29, 2019
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Note 1 – Condensed Consolidated Financial Statements The consolidated balance sheets as of June 29, 2019 and March 30, 2019, the consolidated statements of comprehensive income for the quarters ended June 29, 2019 and June 30, 2018, the consolidated statements of changes in shareholders’ equity for the quarters ended June 29, 2019 and June 30, 2018 and the consolidated statements of cash flows for the quarters ended June 29, 2019 and June 30, 2018, include financial information for Monro, Inc. and its wholly-owned subsidiaries, Monro Service Corporation; Car-X, LLC; MNRO Holdings, LLC and MNRO Service Holdings, LLC (collectively, “Monro,” “we,” “us,” “our,” the “Company”). These unaudited, condensed consolidated financial statements have been prepared by Monro. We believe all known adjustments (consisting of normal recurring accruals or adjustments) have been made to fairly state the financial position, results of operations and cash flows for the unaudited periods presented. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 30, 2019. We report our results on a 52/53 week fiscal year with the fiscal year ending on the last Saturday in March of each year. The following are the dates represented by each fiscal period reported in these condensed financial statements: “Quarter Ended Fiscal June 2019” March 31, 2019 – June 29, 2019 (13 weeks) “Quarter Ended Fiscal June 2018” April 1, 2018 – June 30, 2018 (13 weeks) Fiscal 2020, ending March 28, 2020, is a 52 week year. Monro’s operations are organized and managed in one operating segment. The internal management financial reporting that is the basis for evaluation in order to assess performance and allocate resources by our chief operating decision maker consists of consolidated data that includes the results of our retail, commercial and wholesale locations. As such, our one operating segment reflects how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management and the structure of our internal financial reporting. Recent Accounting Pronouncements In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. We adopted this standard as of March 31, 2019 using the modified retrospective approach and elected the optional transition relief amendment that allows for a cumulative-effect adjustment in the period of adoption and did not restate prior periods. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification and provided relief from reviewing existing contracts to determine if they contain leases. We did not elect to use hindsight in determining the lease term. The adoption of this guidance resulted in a $ 165.3 million increase to total assets and a $ 165.9 million increase to total liabilities as of March 31, 2019. The Company recognized $ 186.9 million of operating lease ROU assets, $ 174.4 million of operating lease obligations, and a $ 0.7 million finance lease asset and liability related to embedded leases. The difference between the operating lease ROU assets and operating lease liabilities primarily represents the existing favorable lease intangibles of $ 19.6 million and unfavorable lease intangibles and deferred rent accruals of $ 7.2 million resulting from historical operating lease accounting. These were reclassified as operating ROU assets upon adoption. In addition, we recognized $ 8.4 million and $ 16.6 million of finance lease assets and liabilities, respectively, and removed $ 11.1 million and $ 18.6 million of assets and liabilities related to financial obligations connected with the construction of leased stores that are no longer considered a failed sale leaseback. As a result of using the modified retrospective approach, the adoption resulted in a cumulative-effect adjustment to retained earnings, net of tax, of approximately $ 0.6 million. The adoption of this guidance did not have a material impact to our Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. At adoption, we reclassified prior year capital lease and financing obligation assets from the Net property, plant and equipment line to the Finance lease and financing obligation assets, net line of our Consolidated Balance Sheet. See Note 8 for additional lease disclosures. In June 2018, the FASB issued new accounting guidance that amends the accounting for nonemployee share-based awards. Under the new guidance, the existing guidance related to the accounting for employee share-based awards will apply to nonemployee share-based transactions, with certain exceptions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2018. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued new accounting guidance which eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on our Consolidated Financial Statements. Financing In April 2019, we entered into a new five year $ 600 million revolving credit facility agreement currently with eight banks (the “Credit Facility”). The Credit Facility amended and restated our previous revolving credit facility which would have expired in January 2021. Interest only is payable monthly throughout the Credit Facility’s term. The borrowing capacity for the Credit Facility of $ 600 million includes an accordion feature permitting us to request an increase in availability of up to an additional $ 250 million. The Credit Facility bears interest at 75 to 200 basis points over LIBOR or at the prime rate, depending on the type of borrowing and the rates then in effect. The Credit Facility requires fees payable quarterly throughout the term between 0.125 % and 0.35 % of the amount of the average net availability under the Credit Facility during the preceding quarter.  Within the Credit Facility, we have a sub-facility of $ 80 million available for the purpose of issuing standby letters of credit. The line requires fees aggregating 87.5 to 212.5 basis points over LIBOR annually of the face amount of each standby letter of credit, payable quarterly in arrears.  Specific terms of the Credit Facility permit the payment of cash dividends (with certain limitations), and permit mortgages and specific lease financing arrangements with other parties (with certain limitations). Other specific terms and the maintenance of specified ratios are generally consistent with our prior financing agreement. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with certain permissible exceptions. Commitments and Contingencies As of the date of this report, other than changes related to adoption of the new lease accounting standard as described in Note 8 to the Consolidated Financial Statements, there were no material changes to our commitments and contingencies outside those related to business acquisitions since March 30, 2019, as reported in our Form 10-K.

Acquisitions

Acquisitions	3 Months Ended
	Jun. 29, 2019
Acquisitions [Abstract]
Acquisitions	Note 2 – Acquisitions Monro’s acquisitions are strategic moves in our plan to fill in and expand our presence in existing and contiguous markets, expand in to new markets and leverage fixed operating costs such as distribution, advertising and administration. Acquisitions in this footnote include acquisitions of five or more locations as well as acquisitions of one to four locations that are part of our greenfield store growth strategy. Subsequent Events Subsequent to June 29, 2019, we signed definitive asset purchase agreements to complete the acquisition of eight retail tire and automotive repair stores located in Louisiana. These transactions are expected to close during the second quarter of fiscal 2020 and are expected to be financed through our existing credit facility. Fiscal 2020 During the first quarter of fiscal 2020, we acquired the following businesses for an aggregate purchase price of $ 54.5 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in our financial results from the respective acquisition dates.  On June 23, 2019 , we acquired two retail tire and automotive repair stores located in California from BAW LLC. These stores operate under the Tire Choice name.  On May 19, 2019 , we acquired 40 retail tire and automotive repair stores and one distribution center located in California from Certified Tire & Service Centers, Inc. These stores operate under the Tire Choice name.  On March 31, 2019 , we acquired 12 retail tire and automotive repair stores located in Louisiana from Allied Discount Tire & Brake, Inc. These stores operate under the Tire Choice name. These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, as well as unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer lists. We expensed all costs related to acquisitions in the quarter ended June 29, 2019. The total costs related to completed acquisitions were $ 0.5 million for the quarter ended June 29, 2019. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2020 acquired entities for the quarter ended June 29, 2019 totaled $ 7.1 million for the period from acquisition date through June 29, 2019. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. The preliminary fair values of identifiable assets acquired and liabilities assumed were based on preliminary valuations and estimates. The consideration transferred and net identifiable liabilities assumed were recorded as goodwill. The preliminary allocation of the aggregate purchase price as of June 29, 2019 was as follows: As of Acquisition Date (Dollars in thousands) Inventories $ 2,856 Other current assets 300 Property, plant and equipment 456 Finance lease and financing obligation assets, net 17,977 Operating lease assets, net 18,757 Intangible assets 1,523 Other non-current assets 103 Long-term deferred income tax assets 4,223 Total assets acquired 46,195 Current portion of long-term debt, finance leases and financing obligations 2,445 Current portion of operating lease liabilities 1,684 Deferred revenue 1,047 Other current liabilities 214 Long-term finance leases and financing obligations 30,720 Long-term operating lease liabilities 15,688 Other long-term liabilities 1,155 Total liabilities assumed 52,953 Total net identifiable liabilities assumed $ ( 6,758 ) Total consideration transferred $ 54,505 Less: total net identifiable liabilities assumed ( 6,758 ) Goodwill $ 61,263 The following are the intangible assets acquired and their respective fair values and weighted average useful lives: As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 1,523 7 years Fiscal 2019 During the first quarter of fiscal 2019, we acquired the following businesses for an aggregate purchase price of $ 27.2 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in our financial results from the respective acquisition dates.  On May 13, 2018 , we acquired 12 retail/commercial tire and automotive repair stores and one retread facility located in Tennessee, as well as four wholesale locations in North Carolina, Tennessee and Virginia, from Free Service Tire Company, Incorporated. These locations operate under the Free Service Tire name.  On April 1, 2018 , we acquired four retail tire and automotive repair stores located in Minnesota from Liberty Auto Group, Inc. These stores operate under the Car-X name. These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, as well as unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer lists, favorable leases and a trade name. We expensed all costs related to acquisitions in the quarter ended June 30, 2018. The total costs related to completed acquisitions were $ 0.2 million for the quarter ended June 30, 2018. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2019 acquired entities for the quarter ended June 30, 2018 totaled $ 5.4 million for the period from acquisition date through June 30, 2018. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. We have recorded the identifiable assets acquired and liabilities assumed at their fair values as of their respective acquisition dates (including any measurement period adjustments), with the remainder recorded as goodwill as follows: As of Acquisition Date (Dollars in thousands) Trade receivables $ 1,674 Inventories 7,594 Other current assets 192 Property, plant and equipment 2,342 Finance lease and financing obligation assets, net 2,893 Intangible assets 6,812 Long-term deferred income tax assets 1,051 Total assets acquired 22,558 Current portion of long-term debt, finance leases and financing obligations 557 Deferred revenue 115 Other current liabilities 419 Long-term finance leases and financing obligations 6,320 Other long-term liabilities 274 Total liabilities assumed 7,685 Total net identifiable assets acquired $ 14,873 Total consideration transferred $ 27,167 Less: total net identifiable assets acquired 14,873 Goodwill $ 12,294 The following are the intangible assets acquired and their respective fair values and weighted average useful lives: As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 5,247 13 years Favorable leases 1,165 10 years Trade name 400 2 years Total $ 6,812 12 years As a result of the updated purchase price allocations for the entities acquired during the fiscal year ended March 30, 2019, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments resulted from updated valuation reports and appraisals received from our external valuation specialists, as well as revisions to internal estimates . The changes in estimates include a decrease in inventories of $ 0.3 million; an increase in other current assets of $ 0.1 million; an increase in property, plant and equipment of $ 0.1 million; a decrease in finance lease and financing obligation assets, net of $ 0.8 million; a decrease in intangible assets of $ 0.3 million; a decrease in long-term deferred income tax assets of $ 0.3 million; an increase in current portion of long-term debt, finance leases and financing obligations of $ 0.2 million and a decrease in long-term finance leases and financing obligations of $ 2.4 million. The measurement period adjustments resulted in a decrease of goodwill of $ 0.7 million. The measurement period adjustments were not material to the Consolidated Statement of Comprehensive Income for the quarter ended June 29, 2019. We continue to refine the valuation data and estimates primarily related to inventory, warranty reserves, intangible assets, real estate, and real property leases for fiscal 2019 acquisitions which closed subsequent to June 30, 2018 and the fiscal 2020 acquisitions, and expect to complete the valuations no later than the first anniversary date of the respective acquisition. We anticipate that adjustments will continue to be made to the fair values of identifiable assets acquired and liabilities assumed and those adjustments may or may not be material.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Jun. 29, 2019
Earnings Per Common Share [Abstract]
Earnings Per Common Share	Note 3 – Earnings per Common Share Basic earnings per common share amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted earnings per common share amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding. The following is a reconciliation of basic and diluted earnings per common share for the respective periods: Quarter Ended Fiscal June 2019 2018 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 22,606 $ 20,644 Less: Preferred stock dividends ( 112 ) ( 102 ) Income available to common shareholders $ 22,494 $ 20,542 Denominator for earnings per common share calculation: Weighted average common shares, basic 33,183 32,853 Effect of dilutive securities: Preferred stock 510 510 Stock options 231 68 Restricted stock 40 26 Weighted average common shares, diluted 33,964 33,457 Basic earnings per common share: $ 0.68 $ 0.63 Diluted earnings per common share: $ 0.67 $ 0.62 The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 59,000 and 486,000 stock options for the quarters ended June 29, 2019 and June 30, 2018, respectively. Such amounts were excluded as the exercise price of these stock options was greater than the average market value of our common stock for those periods, resulting in an anti-dilutive effect on diluted earnings per common share.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 29, 2019
Income Taxes [Abstract]
Income Taxes	Note 4 – Income Taxes In the normal course of business, we provide for uncertain tax positions and the related interest and penalties, and adjust our unrecognized tax benefits and accrued interest and penalties accordingly. The total amount of unrecognized tax benefits was $ 6.7 million and $ 6.4 million at June 29, 2019 and March 30, 2019, respectively, the majority of which, if recognized, would affect our effective tax rate. Additionally, we have accrued interest and penalties related to unrecognized tax benefits of approximately $ 0.4 million as of June 29, 2019 and March 30, 2019. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our fiscal 2018 U.S. federal tax year and various state tax years remain subject to income tax examinations by tax authorities.

Fair Value

Fair Value	3 Months Ended
	Jun. 29, 2019
Fair Value [Abstract]
Fair Value	Note 5 – Fair Value Long-term debt had a carrying amount that approximates a fair value of $ 160.0 million as of June 29, 2019, as compared to a carrying amount and a fair value of $ 137.7 million as of March 30, 2019. The fair value of long-term debt was estimated based on discounted cash flow analyses using either quoted market prices for the same or similar issues, or the current interest rates offered to Monro for debt with similar maturities.

Cash Dividend

Cash Dividend	3 Months Ended
	Jun. 29, 2019
Cash Dividend [Abstract]
Cash Dividend	Note 6 – Cash Dividend In May 2019, our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal 2020 of $ 0.22 per common share or common share equivalent beginning with the first quarter of fiscal 2020. We paid dividends of $ 7.4 million during the quarter ended June 29, 2019. However, the declaration of and any determination as to the payment of future dividends will be at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with charter and credit facility restrictions, and such other factors as the Board of Directors deems relevant.

Revenue

Revenue	3 Months Ended
	Jun. 29, 2019
Revenue [Abstract]
Revenue	Note 7 – Revenues Automotive undercar repair, tire sales and tire services represent the vast majority of our revenues. We also earn revenue from the sale of tire road hazard warranty agreements as well as commissions earned from the delivery of tires on behalf of certain tire vendors. Revenue from automotive undercar repair, tire sales and tire services is recognized at the time the customers take possession of their vehicle or merchandise. For sales to certain customers that are financed through the offering of credit on account, payment terms are established for customers based on our pre-established credit requirements. Payment terms vary depending on the customer and generally range from 15 to 45 days. Based on the nature of receivables, no significant financing components exist. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. Such amounts are immaterial to our Consolidated Financial Statements. Revenue from the sale of tire road hazard warranty agreements (included in the Tires product group in the table below) is initially deferred and is recognized over the contract period as costs are expected to be incurred in performing such services, typically 21 to 36 months. The amounts recorded for deferred revenue balances at June 29, 2019 and March 30, 2019 were $ 19.0 million and $ 17.2 million, respectively, of which $ 13.2 million and $ 12.1 million, respectively, are reported in Deferred revenue and $ 5.8 million and $ 5.1 million, respectively, are reported in Other long-term liabilities in our Consolidated Balance Sheets. The following table summarizes deferred revenue related to road hazard warranty agreements from March 30, 2019 to June 29, 2019: Dollars in thousands Balance at March 30, 2019 $ 17,150 Deferral of revenue 4,496 Deferral of revenue from acquisitions 1,909 Recognition of revenue ( 4,598 ) Balance at June 29, 2019 $ 18,957 We expect to recognize $ 10.9 million of deferred revenue related to road hazard warranty agreements in the remainder of fiscal 2020, $ 6.5 million of such deferred revenue during our fiscal year ending March 27, 2021, and $ 1.6 million of such deferred revenue thereafter. Under various arrangements, we receive from certain tire vendors a delivery commission and reimbursement for the cost of the tire that we may deliver to customers on behalf of the tire vendor. The commission we earn from these transactions is as an agent and the net amount retained is recorded as sales. (Included in the Tires product group in the following table.) The following table summarizes disaggregated revenue by product group: Quarter Ended Fiscal June 2019 2018 (Dollars in thousands) Revenues: Brakes $ 46,776 $ 42,748 Exhaust 6,953 7,076 Steering 26,232 25,059 Tires 154,065 141,103 Maintenance 82,174 79,010 Other 863 815 Total $ 317,063 $ 295,811

Leasing

Leasing	3 Months Ended
	Jun. 29, 2019
Leasing [Abstract]
Leasing	Note 8 – Leasing We enter into lease agreements for certain retail stores, warehouses, distribution centers, office space and land as well as service contracts that are considered leases. We determine if an arrangement is or contains a lease at inception. We record ROU assets and lease obligations for our finance and operating leases, which are initially based on the discounted future minimum lease payments over the term of the lease. As the rate implicit in our leases is not easily determinable, our applicable incremental borrowing rate is used in calculating the present value of the lease payments. We estimate our incremental borrowing rate considering the market rates of our outstanding collateralized borrowings and comparisons to comparable borrowings of similar terms. Our leases have remaining lease terms of less than one year to approximately 39 years. Most of our leases include one or more options to extend the lease, for periods ranging from one year to 69 years or more. If it is reasonably certain that an option to extend will be exercised, that option is considered in the lease term at inception. For leases with an initial term of 12 months or less, no ROU assets or lease obligations are recorded on the balance sheet and we recognize short-term lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include rental payments based on a percentage of retail sales over specified levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the majority of all classes of underlying assets, we have elected to separate lease from non-lease components. We have elected to combine lease and non-lease components for certain classes of equipment. We sublease excess space to third parties. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Amortization expense for finance leases is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Interest expense for finance leases is recognized using the effective interest method. Variable payments, short-term rentals and payments associated with non-lease components are expensed as incurred. Historical failed sale leasebacks that were assumed through acquisitions and do not qualify for sale leaseback accounting continue to be accounted for as financing obligations. As of June 29, 2019, net assets of $ 4.6 million and liabilities of $ 7.7 million due to failed sale leaseback arrangements were included with finance lease assets and liabilities, respectively, on the Consolidated Balance Sheet. The components of operating and finance lease cost were as follows: Quarter Ended Fiscal June 2019 (Dollars in thousands) Operating lease cost $ 9,228 Finance lease/financing obligations cost: Amortization of assets 4,247 Interest on liabilities 5,278 Short term and variable lease cost 565 Sublease income ( 33 ) Total lease cost $ 19,285 Supplemental cash flow information related to leases was as follows: Quarter Ended Fiscal June 2019 (Dollars in thousands) Cash paid for amounts included in measurement of lease obligations: Operating cash flows from operating leases $ 8,669 Operating cash flows from finance leases/financing obligations 5,268 Financing cash flows from finance leases/financing obligations 5,942 Assets obtained in exchange for operating lease obligations 6,730 Assets obtained in exchange for finance lease obligations 6,220 The following table summarizes weighted average remaining lease term and discount rates: Operating Leases Finance Leases and Financing Obligations Weighted average remaining lease term, in years 9.4 10.1 Weighted average discount rate 3.67 % 10.31 % Future maturities of our lease liabilities, excluding subleases, as of June 29, 2019 are as follows: Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) Remainder 2020 $ 26,526 $ 34,894 2021 33,404 46,962 2022 29,922 46,679 2023 25,652 46,456 2024 20,594 39,749 Thereafter 90,251 211,637 Total undiscounted lease obligations $ 226,349 $ 426,377 Less: imputed interest ( 37,382 ) ( 139,834 ) Net lease obligation $ 188,967 $ 286,543 Total lease payments include $ 68 million related to options to extend operating leases that are reasonably certain of being exercised, include $ 106 million related to options to extend finance leases that are reasonably certain of being exercised and exclude $ 15 million of legally binding lease payments for leases signed but not yet commenced as of June 29, 2019. The aggregate minimum annual lease rentals at March 30, 2019 for the remaining contractual term of non-cancelable leases were as follows: Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) 2020 $ 33,225 $ 43,034 2021 28,819 43,791 2022 23,552 43,459 2023 17,949 42,981 2024 11,488 37,733 Thereafter 33,614 191,366 Total minimum rentals before sublease income $ 148,647 $ 402,364 Less: minimum sublease rentals ( 488 ) — Total minimum rentals $ 148,159 $ 402,364 Less: imputed interest ( 142,086 ) Present value of minimum lease payments $ 260,278

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 29, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 9 – Subsequent Events See Note 2 for a discussion of acquisitions subsequent to June 29, 2019.

Condensed Consolidated Financ_2

Condensed Consolidated Financial Statements (Policy)	3 Months Ended
	Jun. 29, 2019
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. We adopted this standard as of March 31, 2019 using the modified retrospective approach and elected the optional transition relief amendment that allows for a cumulative-effect adjustment in the period of adoption and did not restate prior periods. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification and provided relief from reviewing existing contracts to determine if they contain leases. We did not elect to use hindsight in determining the lease term. The adoption of this guidance resulted in a $ 165.3 million increase to total assets and a $ 165.9 million increase to total liabilities as of March 31, 2019. The Company recognized $ 186.9 million of operating lease ROU assets, $ 174.4 million of operating lease obligations, and a $ 0.7 million finance lease asset and liability related to embedded leases. The difference between the operating lease ROU assets and operating lease liabilities primarily represents the existing favorable lease intangibles of $ 19.6 million and unfavorable lease intangibles and deferred rent accruals of $ 7.2 million resulting from historical operating lease accounting. These were reclassified as operating ROU assets upon adoption. In addition, we recognized $ 8.4 million and $ 16.6 million of finance lease assets and liabilities, respectively, and removed $ 11.1 million and $ 18.6 million of assets and liabilities related to financial obligations connected with the construction of leased stores that are no longer considered a failed sale leaseback. As a result of using the modified retrospective approach, the adoption resulted in a cumulative-effect adjustment to retained earnings, net of tax, of approximately $ 0.6 million. The adoption of this guidance did not have a material impact to our Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. At adoption, we reclassified prior year capital lease and financing obligation assets from the Net property, plant and equipment line to the Finance lease and financing obligation assets, net line of our Consolidated Balance Sheet. See Note 8 for additional lease disclosures. In June 2018, the FASB issued new accounting guidance that amends the accounting for nonemployee share-based awards. Under the new guidance, the existing guidance related to the accounting for employee share-based awards will apply to nonemployee share-based transactions, with certain exceptions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2018. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued new accounting guidance which eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on our Consolidated Financial Statements.
Financing	Financing In April 2019, we entered into a new five year $ 600 million revolving credit facility agreement currently with eight banks (the “Credit Facility”). The Credit Facility amended and restated our previous revolving credit facility which would have expired in January 2021. Interest only is payable monthly throughout the Credit Facility’s term. The borrowing capacity for the Credit Facility of $ 600 million includes an accordion feature permitting us to request an increase in availability of up to an additional $ 250 million. The Credit Facility bears interest at 75 to 200 basis points over LIBOR or at the prime rate, depending on the type of borrowing and the rates then in effect. The Credit Facility requires fees payable quarterly throughout the term between 0.125 % and 0.35 % of the amount of the average net availability under the Credit Facility during the preceding quarter.  Within the Credit Facility, we have a sub-facility of $ 80 million available for the purpose of issuing standby letters of credit. The line requires fees aggregating 87.5 to 212.5 basis points over LIBOR annually of the face amount of each standby letter of credit, payable quarterly in arrears.  Specific terms of the Credit Facility permit the payment of cash dividends (with certain limitations), and permit mortgages and specific lease financing arrangements with other parties (with certain limitations). Other specific terms and the maintenance of specified ratios are generally consistent with our prior financing agreement. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with certain permissible exceptions.
Commitments And Contingencies	Commitments and Contingencies As of the date of this report, other than changes related to adoption of the new lease accounting standard as described in Note 8 to the Consolidated Financial Statements, there were no material changes to our commitments and contingencies outside those related to business acquisitions since March 30, 2019, as reported in our Form 10-K.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Jun. 29, 2019
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	As of Acquisition Date (Dollars in thousands) Inventories $ 2,856 Other current assets 300 Property, plant and equipment 456 Finance lease and financing obligation assets, net 17,977 Operating lease assets, net 18,757 Intangible assets 1,523 Other non-current assets 103 Long-term deferred income tax assets 4,223 Total assets acquired 46,195 Current portion of long-term debt, finance leases and financing obligations 2,445 Current portion of operating lease liabilities 1,684 Deferred revenue 1,047 Other current liabilities 214 Long-term finance leases and financing obligations 30,720 Long-term operating lease liabilities 15,688 Other long-term liabilities 1,155 Total liabilities assumed 52,953 Total net identifiable liabilities assumed $ ( 6,758 ) Total consideration transferred $ 54,505 Less: total net identifiable liabilities assumed ( 6,758 ) Goodwill $ 61,263
Schedule Of Intangible Assets Acquired	As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 1,523 7 years
Fiscal 2019 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	As of Acquisition Date (Dollars in thousands) Trade receivables $ 1,674 Inventories 7,594 Other current assets 192 Property, plant and equipment 2,342 Finance lease and financing obligation assets, net 2,893 Intangible assets 6,812 Long-term deferred income tax assets 1,051 Total assets acquired 22,558 Current portion of long-term debt, finance leases and financing obligations 557 Deferred revenue 115 Other current liabilities 419 Long-term finance leases and financing obligations 6,320 Other long-term liabilities 274 Total liabilities assumed 7,685 Total net identifiable assets acquired $ 14,873 Total consideration transferred $ 27,167 Less: total net identifiable assets acquired 14,873 Goodwill $ 12,294
Schedule Of Intangible Assets Acquired	As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 5,247 13 years Favorable leases 1,165 10 years Trade name 400 2 years Total $ 6,812 12 years

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Jun. 29, 2019
Earnings Per Common Share [Abstract]
Reconciliation Of Basic And Diluted Earnings Per Share	Quarter Ended Fiscal June 2019 2018 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 22,606 $ 20,644 Less: Preferred stock dividends ( 112 ) ( 102 ) Income available to common shareholders $ 22,494 $ 20,542 Denominator for earnings per common share calculation: Weighted average common shares, basic 33,183 32,853 Effect of dilutive securities: Preferred stock 510 510 Stock options 231 68 Restricted stock 40 26 Weighted average common shares, diluted 33,964 33,457 Basic earnings per common share: $ 0.68 $ 0.63 Diluted earnings per common share: $ 0.67 $ 0.62

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jun. 29, 2019
Revenue [Abstract]
Schedule Of Changes In Deferred Revenue	Dollars in thousands Balance at March 30, 2019 $ 17,150 Deferral of revenue 4,496 Deferral of revenue from acquisitions 1,909 Recognition of revenue ( 4,598 ) Balance at June 29, 2019 $ 18,957
Schedule Of Disaggregated Revenue By Product Group	Quarter Ended Fiscal June 2019 2018 (Dollars in thousands) Revenues: Brakes $ 46,776 $ 42,748 Exhaust 6,953 7,076 Steering 26,232 25,059 Tires 154,065 141,103 Maintenance 82,174 79,010 Other 863 815 Total $ 317,063 $ 295,811

Leasing (Tables)

Leasing (Tables)	3 Months Ended
	Jun. 29, 2019
Leasing [Abstract]
Schedule Of Operating And Finance Lease Costs	Quarter Ended Fiscal June 2019 (Dollars in thousands) Operating lease cost $ 9,228 Finance lease/financing obligations cost: Amortization of assets 4,247 Interest on liabilities 5,278 Short term and variable lease cost 565 Sublease income ( 33 ) Total lease cost $ 19,285
Schedule Of Supplemental Cash Flow Information Related To Leases	Quarter Ended Fiscal June 2019 (Dollars in thousands) Cash paid for amounts included in measurement of lease obligations: Operating cash flows from operating leases $ 8,669 Operating cash flows from finance leases/financing obligations 5,268 Financing cash flows from finance leases/financing obligations 5,942 Assets obtained in exchange for operating lease obligations 6,730 Assets obtained in exchange for finance lease obligations 6,220
Schedule Of Weighted Average Remaining Lease Terms And Discount Rates	Operating Leases Finance Leases and Financing Obligations Weighted average remaining lease term, in years 9.4 10.1 Weighted average discount rate 3.67 % 10.31 %
Schedule Of Future Maturities of Lease Liabilities	Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) Remainder 2020 $ 26,526 $ 34,894 2021 33,404 46,962 2022 29,922 46,679 2023 25,652 46,456 2024 20,594 39,749 Thereafter 90,251 211,637 Total undiscounted lease obligations $ 226,349 $ 426,377 Less: imputed interest ( 37,382 ) ( 139,834 ) Net lease obligation $ 188,967 $ 286,543
Schedule Of Minimum Annual Lease Rentals	Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) 2020 $ 33,225 $ 43,034 2021 28,819 43,791 2022 23,552 43,459 2023 17,949 42,981 2024 11,488 37,733 Thereafter 33,614 191,366 Total minimum rentals before sublease income $ 148,647 $ 402,364 Less: minimum sublease rentals ( 488 ) — Total minimum rentals $ 148,159 $ 402,364 Less: imputed interest ( 142,086 ) Present value of minimum lease payments $ 260,278

Condensed Consolidated Financ_3

Condensed Consolidated Financial Statements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 29, 2019USD ($)segment	Mar. 30, 2019USD ($)
Financial Statement [Line Items]
Number of operating segments | segment	1
Total assets	$ 1,578,454	$ 1,312,288
Total liabilities	859,866	612,778
Operating lease right-of-use assets	201,401
Operating lease obligations	188,967
Finance lease asset	142,066	128,029
Finance lease liability	$ 286,543
Accounting change - cumulative effect		(582)
Accounting Standards Update 2016-02 [Member]
Financial Statement [Line Items]
Total assets		165,300
Total liabilities		165,900
Operating lease right-of-use assets		186,900
Operating lease obligations		174,400
Finance lease asset		700
Finance lease liability		700
Operating lease, asset (liability), difference in assets resulting from favorable leases		19,600
Operating lease, asset (liability), difference in assets resulting from unfavorable lease intangibles and deferred rent		7,200
Lease financial obligations		18,600
Assets related to finance lease construction		11,100
Leased Stores [Member] | Accounting Standards Update 2016-02 [Member]
Financial Statement [Line Items]
Finance lease asset		8,400
Finance lease liability		$ 16,600

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details)	1 Months Ended	3 Months Ended
	Aug. 07, 2019entity	Jun. 29, 2019USD ($)warehousepropertystoreentity	Jun. 30, 2018USD ($)
Business Acquisition [Line Items]
Store acquisitions related to acquisition growth strategy | property		5
Costs related to completed acquisitions		$ 500,000	$ 200,000
Sales for acquired entities		7,100,000	5,400,000
Total consideration transferred		54,500,000	$ 27,167,000
Change in estimates, inventories		(300,000)
Change in estimates, property, plant and equipment		100,000
Change in estimates, finance lease assets		(800,000)
Change in estimates, intangible assets		(300,000)
Change in estimates, other current assets		100,000
Change in estimates, long-term deferred income tax assets		300,000
Change in estimates, current portion of finance leases and financing obligations		(200,000)
Change in estimates, long-term finance leases and financing obligations		(2,400,000)
Adjustments to goodwill related to purchase accounting		$ (700,000)
Subsequent Event [Member]
Business Acquisition [Line Items]
Number of acquisitions | entity	8
Maximum [Member]
Business Acquisition [Line Items]
Store acquisitions related to greenfield store growth strategy | property		4
Minimum [Member]
Business Acquisition [Line Items]
Store acquisitions related to greenfield store growth strategy | property		1
BAW LLC [Member]
Business Acquisition [Line Items]
Acquisition date		Jun. 23, 2019
Number of stores acquired | store		2
Certified Tire And Service Centers, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date		May 19, 2019
Number of stores acquired | store		40
Number of distribution center | warehouse		1
Allied Discount Tire And Brake, Inc [Member]
Business Acquisition [Line Items]
Acquisition date		Mar. 31, 2019
Number of stores acquired | store		12
Free Service Tire Company, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date		May 13, 2018
Number of stores acquired | store		12
Liberty Auto Group, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date		Apr. 1, 2018
Number of stores acquired | store		4
Fiscal 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred		$ 54,505,000
Standby Letters of Credit [Member]
Business Acquisition [Line Items]
Revolving credit facility agreement		$ 80,000,000
Standby Letters of Credit [Member] | Maximum [Member] | LIBOR [Member]
Business Acquisition [Line Items]
Interest rate over LIBOR on the facility		2.125%
Standby Letters of Credit [Member] | Minimum [Member] | LIBOR [Member]
Business Acquisition [Line Items]
Interest rate over LIBOR on the facility		0.875%
Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Credit facility term		5 years
Revolving credit facility agreement		$ 600,000,000
Number of banks involved in credit facility | entity		8
Credit facility, Potential increased availability		$ 250,000,000
Revolving Credit Facility [Member] | Maximum [Member]
Business Acquisition [Line Items]
Percentage of face amount of standby letter of credit payable as fees		0.35%
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Business Acquisition [Line Items]
Interest rate over LIBOR on the facility		2.00%
Revolving Credit Facility [Member] | Minimum [Member]
Business Acquisition [Line Items]
Percentage of face amount of standby letter of credit payable as fees		0.125%
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Business Acquisition [Line Items]
Interest rate over LIBOR on the facility		0.75%

Acquisitions (Schedule Of Purch

Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Mar. 30, 2019
Purchase price of acquisitions allocation
Trade receivables		$ 1,674
Inventories		7,594
Other current assets		192
Property, plant and equipment		2,342
Finance lease and financing obligation assets, net		2,893
Intangible assets		6,812
Long-term deferred income tax assets		1,051
Total assets acquired		22,558
Current portion of long-term debt, finance leases and financing obligations		557
Deferred revenue		115
Other current liabilities		419
Long-term finance leases and financing obligations		6,320
Other long-term liabilities		274
Total liabilities assumed		7,685
Total net identifiable assets acquired (liabilities assumed)		14,873
Total consideration transferred	$ 54,500	27,167
Less: total net identifiable assets acquired (liabilities assumed)		14,873
Goodwill	626,108	$ 12,294	$ 565,503
Fiscal 2020 Acquisitions [Member]
Purchase price of acquisitions allocation
Inventories	2,856
Other current assets	300
Property, plant and equipment	456
Finance lease and financing obligation assets, net	17,977
Operating lease assets, net	18,757
Intangible assets	1,523
Other non-current assets	103
Long-term deferred income tax assets	4,223
Total assets acquired	46,195
Current portion of long-term debt, finance leases and financing obligations	2,445
Current portion of operating lease liabilities	1,684
Deferred revenue	1,047
Other current liabilities	214
Long-term finance leases and financing obligations	30,720
Long-term operating lease liabilities	15,688
Other long-term liabilities	1,155
Total liabilities assumed	52,953
Total net identifiable assets acquired (liabilities assumed)	(6,758)
Total consideration transferred	54,505
Less: total net identifiable assets acquired (liabilities assumed)	(6,758)
Goodwill	$ 61,263

Acquisitions (Schedule Of Intan

Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,523
Weighted average useful life	7 years
Fiscal 2019 Acquisitions [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 6,812
Weighted average useful life	12 years
Fiscal 2019 Acquisitions [Member] | Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		5,247
Weighted average useful life	13 years
Fiscal 2019 Acquisitions [Member] | Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		1,165
Weighted average useful life	10 years
Fiscal 2019 Acquisitions [Member] | Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 400
Weighted average useful life	2 years

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details) - shares	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Earnings Per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	59,000	486,000

Earnings Per Common Share (Reco

Earnings Per Common Share (Reconciliation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 29, 2019		Jun. 30, 2018
Numerator for earnings per common share calculation:
Net income	$ 22,606		$ 20,644
Less: Preferred stock dividends	(112)	[1]	(102)
Income available to common shareholders	$ 22,494		$ 20,542
Denominator for earnings per common share calculation:
Weighted average common shares, basic	33,183		32,853
Effect of dilutive securities:
Preferred stock	510		510
Weighted average common shares, diluted	33,964		33,457
Basic earnings per common share:	$ 0.68		$ 0.63
Diluted earnings per common share:	$ 0.67		$ 0.62
Stock Options [Member]
Effect of dilutive securities:
Share based payment arrangements (in shares)	231		68
Restricted Stock [Member]
Effect of dilutive securities:
Share based payment arrangements (in shares)	40		26
[1]	First quarter fiscal year dividend payment of $ 0.22 and $ 0.20 per common share or common share equivalent paid on June 17, 2019 and June 14, 2018, respectively.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 29, 2019	Mar. 30, 2019
Income Taxes [Abstract]
Unrecognized tax benefits	$ 6.7	$ 6.4
Interest and penalties accrued related to unrecognized tax benefits	$ 0.4	$ 0.4

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Jun. 29, 2019	Mar. 30, 2019
Fair Value [Abstract]
Carrying amount of long-term debt ( including current portion)	$ 160	$ 137.7

Cash Dividend (Details)

Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2019	Jun. 29, 2019	Jun. 30, 2018
Cash Dividend [Abstract]
Common stock cash dividends per share declared	$ 0.22
Dividends to shareholders		$ 7,417	$ 6,674

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Mar. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 18,957	$ 17,150
Deferred revenue, current	13,163	12,059
Deferred revenue, noncurrent	$ 5,800	$ 5,100
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment term	15 days
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment term	45 days
Tire Road Hazard Warranty [Member] | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognition, contract term	21 months
Tire Road Hazard Warranty [Member] | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognition, contract term	36 months

Revenue (Narrative) (Performanc

Revenue (Narrative) (Performance Obligation) (Details) $ in Millions	Jun. 29, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	$ 10.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	6.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	$ 1.6

Revenue (Schedule Of Changes In

Revenue (Schedule Of Changes In Deferred Revenue) (Details) $ in Thousands	3 Months Ended
	Jun. 29, 2019USD ($)
Revenue [Abstract]
Balance at March 30, 2019	$ 17,150
Deferral of revenue	4,496
Deferral of revenue from acquisitions	1,909
Recognition of revenue	(4,598)
Balance at June 29, 2019	$ 18,957

Revenue (Schedule Of Disaggrega

Revenue (Schedule Of Disaggregated Revenue By Product Group) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 317,063	$ 295,811
Brakes [Member]
Disaggregation of Revenue [Line Items]
Revenue	46,776	42,748
Exhaust [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,953	7,076
Steering [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,232	25,059
Tires [Member]
Disaggregation of Revenue [Line Items]
Revenue	154,065	141,103
Maintenance [Member]
Disaggregation of Revenue [Line Items]
Revenue	82,174	79,010
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 863	$ 815

Leasing (Narrative) (Details)

Leasing (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Mar. 30, 2019
Sale Leaseback Transaction [Line Items]
Finance lease and financing obligation assets, net	$ 142,066	$ 128,029
Long-term finance leases and financing obligations	260,818	$ 238,089
Operating lease payments, related to options to extend, reasonably certain of being exercised	68,000
Finance lease payments, related to options to extend, reasonable certain of being exercised	106,000
Lease payments, leases signed but not yet commenced	15,000
Failed Sale Leasebacks That Were Assumed Through Acquisitions [Member]
Sale Leaseback Transaction [Line Items]
Finance lease and financing obligation assets, net	4,600
Long-term finance leases and financing obligations	$ 7,700
Minimum [Member]
Sale Leaseback Transaction [Line Items]
Remaining lease term	1 year
Option to extend, term of option	1 year
Maximum [Member]
Sale Leaseback Transaction [Line Items]
Remaining lease term	39 years
Option to extend, term of option	69 years

Leasing (Schedule Of Operating

Leasing (Schedule Of Operating And Finance Lease Costs) (Details) $ in Thousands	3 Months Ended
	Jun. 29, 2019USD ($)
Leasing [Abstract]
Operating lease cost	$ 9,228
Amortization of assets	4,247
Interest on liabilities	5,278
Short term and variable lease cost	565
Sublease income	(33)
Total lease cost	$ 19,285

Leasing (Schedule Of Supplement

Leasing (Schedule Of Supplemental Cash Flow Information Related To Leases) (Details) $ in Thousands	3 Months Ended
	Jun. 29, 2019USD ($)
Leasing [Abstract]
Operating cash flows from operating leases	$ 8,669
Operating cash flows from finance leases/financing obligations	5,268
Financing cash flows from finance leases/financing obligations	5,942
Assets obtained in exchange for operating lease obligations	6,730
Assets obtained in exchange for finance lease obligations	$ 6,220

Leasing (Schedule Of Weighted A

Leasing (Schedule Of Weighted Average Remaining Lease Terms) (Details)	Jun. 29, 2019
Operating Leases
Weighted average remaining lease term, in years	9 years 4 months 24 days
Weighted average discount rate	3.67%
Finance Leases and Financing Obligations
Weighted average remaining lease term, in years	10 years 1 month 6 days
Weighted average discount rate	10.31%

Leasing (Schedule Of Future Mat

Leasing (Schedule Of Future Maturities of Lease Liabilities) (Details) $ in Thousands	Jun. 29, 2019USD ($)
Operating Leases:
Remainder 2020	$ 26,526
2021	33,404
2022	29,922
2023	25,652
2024	20,594
Thereafter	90,251
Total undiscounted lease obligations	226,349
Less: imputed interest	(37,382)
Net lease obligation	188,967
Finance Leases and Financing Obligations:
Remainder 2020	34,894
2021	46,962
2022	46,679
2023	46,456
2024	39,749
Thereafter	211,637
Total undiscounted lease obligations	426,377
Less: imputed interest	(139,834)
Net lease obligation	$ 286,543

Leasing (Schedule Of Minimum An

Leasing (Schedule Of Minimum Annual Lease Rentals) (Details) $ in Thousands	Mar. 30, 2019USD ($)
Leasing [Abstract]
Operating leases, 2020	$ 33,225
Operating, 2021	28,819
Operating, 2022	23,552
Operating, 2023	17,949
Operating, 2024	11,488
Operating, Thereafter	33,614
Operating Leases, Total	148,647
Less: minimum sublease rentals	(488)
Total	148,159
Finance Leases and Financing Obligations, 2020	43,034
Finance Leases and Financing Obligations, 2021	43,791
Finance Leases and Financing Obligations, 2022	43,459
Finance Leases and Financing Obligations, 2023	42,981
Finance Leases and Financing Obligations, 2024	37,733
Finance Leases and Financing Obligations, Thereafter	191,366
Total minimum rentals	402,364
Less: imputed interest	(142,086)
Present value of minimum lease payments	$ 260,278