Monro (MNRO) 10-Q 31 Jul 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 29, 2024	Jul. 20, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Current Fiscal Year End Date	--03-29
Document Fiscal Year Focus	2025
Document Transition Report	false
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		29,920,866
Entity Central Index Key	0000876427
Amendment Flag	false
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2024	Mar. 30, 2024
Current assets
Cash and equivalents	$ 18,665	$ 6,561
Accounts receivable	12,054	11,738
Inventory	162,251	154,085
Other current assets	85,113	80,905
Total current assets	278,083	253,289
Property and equipment, net	276,121	280,154
Finance lease and financing obligation assets, net	182,860	180,803
Operating lease assets, net	200,169	202,718
Goodwill	736,435	736,435
Intangible assets, net	12,521	13,298
Assets held for sale	6,961	6,961
Other non-current assets	19,086	19,156
Total assets	1,712,236	1,692,814
Current liabilities
Current portion of finance leases and financing obligations	37,921	38,233
Current portion of operating lease liabilities	39,566	39,442
Accounts payable	278,903	251,940
Federal and state income taxes payable	1,539	880
Accrued payroll, payroll taxes and other payroll benefits	14,307	21,205
Accrued insurance	53,374	55,547
Deferred revenue	14,867	15,155
Other current liabilities	28,177	32,754
Total current liabilities	468,654	455,156
Long-term debt	112,000	102,000
Long-term finance leases and financing obligations	248,862	249,484
Long-term operating lease liabilities	179,187	181,852
Other long-term liabilities	10,485	10,553
Long-term deferred income tax liabilities	38,595	36,962
Long-term income taxes payable	32	32
Total liabilities	1,057,815	1,036,039
Commitments and contingencies - Note 9
Shareholders' equity:
Class C Convertible Preferred stock	29	29
Common stock	400	400
Treasury stock	(250,111)	(250,115)
Additional paid-in capital	255,039	254,484
Accumulated other comprehensive loss	(3,417)	(3,451)
Retained earnings	652,481	655,428
Total shareholders' equity	654,421	656,775
Total liabilities and shareholders' equity	$ 1,712,236	$ 1,692,814

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Jun. 29, 2024 $ / shares shares	Mar. 30, 2024 $ / shares shares
Consolidated Balance Sheets [Abstract]
Class C convertible preferred stock shares authorized	150,000	150,000
Class C convertible preferred stock par value | $ / shares	$ 1.50	$ 1.50
Class C convertible preferred stock, conversion ratio	61.275	61.275
Class C convertible preferred stock shares issued	19,664	19,664
Class C convertible preferred stock shares outstanding	19,664	19,664
Common stock shares authorized	65,000,000	65,000,000
Common stock par value | $ / shares	$ 0.01	$ 0.01
Common stock shares issued	40,025,554	40,017,264
Treasury stock shares	10,104,688	10,104,688

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 29, 2024	Jun. 24, 2023
Consolidated Statements of Income and Comprehensive Income [Abstract]
Sales	$ 293,182	$ 326,968
Cost of sales, including occupancy costs	183,997	212,572
Gross profit	109,185	114,396
Operating, selling, general and administrative expenses	95,939	97,047
Operating income	13,246	17,349
Interest expense, net of interest income	5,144	5,208
Other income, net	(93)	(58)
Income before income taxes	8,195	12,199
Provision for income taxes	2,332	3,370
Net income	5,863	8,829
Other comprehensive income
Changes in pension, net of tax	34	94
Other comprehensive income	34	94
Comprehensive income	$ 5,897	$ 8,923
Earnings per share
Basic	$ 0.19	$ 0.28
Diluted	$ 0.19	$ 0.28
Weighted average common shares outstanding
Basic	29,916	31,415
Diluted	31,219	31,954

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. 25, 2023	$ 29	$ 400	$ (205,648)	$ 250,702	$ (4,115)	$ 653,554	$ 694,922
Beginning balance, preferred shares at Mar. 25, 2023	20,000
Beginning balance, common shares at Mar. 25, 2023		39,966,000	8,561,000
Net income						8,829	8,829
Other comprehensive income
Pension liability adjustment					94		94
Dividends declared
Preferred						(129)	(129)
Common						(8,797)	(8,797)
Dividend payable						(30)	(30)
Stock options and restricted stock				(260)			(260)
Stock options and restricted stock, shares		13,000
Stock-based compensation				539			539
Balance ending at Jun. 24, 2023	$ 29	$ 400	$ (205,648)	250,981	(4,021)	653,427	695,168
Ending balance, preferred shares at Jun. 24, 2023	20,000
Ending balance, common shares at Jun. 24, 2023		39,979,000	8,561,000
Balance beginning at Mar. 30, 2024	$ 29	$ 400	$ (250,115)	254,484	(3,451)	655,428	$ 656,775
Beginning balance, preferred shares at Mar. 30, 2024	20,000						19,664
Beginning balance, common shares at Mar. 30, 2024		40,017,000	10,105,000
Net income						5,863	$ 5,863
Other comprehensive income
Pension liability adjustment					34		34
Dividends declared
Preferred						(337)	(337)
Common						(8,377)	(8,377)
Dividend payable						(96)	(96)
Stock options and restricted stock			$ 4	(109)			(105)
Stock options and restricted stock, shares		9,000
Stock-based compensation				664			664
Balance ending at Jun. 29, 2024	$ 29	$ 400	$ (250,111)	$ 255,039	$ (3,417)	$ 652,481	$ 654,421
Ending balance, preferred shares at Jun. 29, 2024	20,000						19,664
Ending balance, common shares at Jun. 29, 2024		40,026,000	10,105,000

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 29, 2024	Jun. 24, 2023
Consolidated Statements of Changes in Shareholders’ Equity [Abstract]
Common stock cash dividends per share	$ 0.28	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2024	Jun. 24, 2023
Operating activities
Net income	$ 5,863	$ 8,829
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	17,742	18,390
Share-based compensation expense	664	539
Loss (gain) on disposal of assets	319	(896)
Impairment of long-lived assets	520
Deferred income tax expense	1,621	1,866
Change in operating assets and liabilities
Accounts receivable	(316)	(826)
Inventory	(8,083)	6,334
Other current assets	(8,344)	13,990
Other non-current assets	10,053	129
Accounts payable	26,963	13,902
Accrued expenses	(12,166)	17,306
Federal and state income taxes payable	659	1,464
Other long-term liabilities	(9,857)	(9,296)
Cash provided by operating activities	25,638	71,731
Investing activities
Capital expenditures	(8,882)	(7,680)
Deferred proceeds received from divestiture	4,369	3,942
Proceeds from the disposal of assets	281	1,108
Cash used for investing activities	(4,232)	(2,630)
Financing activities
Proceeds from borrowings	64,143	16,754
Principal payments on long-term debt, finance leases and financing obligations	(64,061)	(66,514)
Exercise of stock options		17
Dividends paid	(8,714)	(8,926)
Deferred financing costs	(670)
Cash used for financing activities	(9,302)	(58,669)
Increase in cash and equivalents	12,104	10,432
Cash and equivalents at beginning of period	6,561	4,884
Cash and equivalents at end of period	18,665	15,316
Supplemental information
Leased assets obtained (reduced) in exchange for new (reduced) finance lease liabilities	9,382	(2,158)
Leased assets obtained in exchange for new operating lease liabilities	$ 7,520	$ 6,436

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Jun. 29, 2024
Description of Business and Basis of Presentation [Abstract]
Description of Business and Basis of Presentation	Note 1 – Description of Business and Basis of Presentation Description of business Monro, Inc. and its direct and indirect subsidiaries (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire replacement sales and tire related services in the United States. Monro had 1,284 Company-operated retail stores located in 32 states and 50 Car-X franchised locations as of June 29, 2024. A certain number of our retail locations also service commercial customers. Our locations that serve commercial customers generally operate consistently with our other retail locations, except that the sales mix for these locations includes a higher number of commercial tires. Monro’s operations are organized and managed as one single segment designed to offer to our customers replacement tires and tire related services, automotive undercar repair services as well as a broad range of routine maintenance services, primarily on passenger cars, light trucks and vans. We also provide other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statements reflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statement presentation. The consolidated financial statements should be read in conjunction with the financial statement disclosures in our Form 10-K for the fiscal year ended March 30, 2024. We use the same significant accounting policies in preparing quarterly and annual financial statements. For a description of our significant accounting policies followed in the preparation of the financial statements, see Note 1 of our Form 10-K for the fiscal year ended March 30, 2024. Due to the seasonal nature of our business, quarterly operating results and cash flows are not necessarily indicative of the results that may be expected for other interim periods or the full year. Fiscal year We operate on a 52 / 53 week fiscal year ending on the last Saturday in March. Fiscal year 2025 covers 52 weeks and fiscal year 2024 covered 53 weeks. Unless specifically indicated otherwise, any references to “2025” or “fiscal 2025” and “2024” or “fiscal 2024” relate to the years ending March 29, 2025 and March 30, 2024, respectively. Recent accounting pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which requires buyers in a supplier finance program to disclose sufficient qualitative and quantitative information about the program to allow a reader of the financial statements to understand the program’s nature, activity during the period, changes from period to period and the program’s potential magnitude. We retrospectively adopted this guidance during the first quarter of fiscal 2024, other than the roll forward information disclosure, which the Company will adopt with our fiscal 2025 annual filing. The adoption of this guidance does not have a material impact on our consolidated financial statements. In November 2023, the FASB issued new accounting guidance which requires expanding disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early application permitted. We are currently evaluating the impact of adopting this guidance. In December 2023, the FASB issued new accounting guidance which requires income tax disclosure updates, primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2024. Early adoption of this guidance is permitted. We are currently evaluating the impact of adopting this guidance. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification (“ASC”)) and the SEC did not or are not expected to have a material effect on our consolidated financial statements. Supplemental information Property and equipment, net : Property and equipment balances are shown on the Consolidated Balance Sheets net of accumulated depreciation of $ 449.1 million and $ 444.9 million as of June 29, 2024 and March 30, 2024, respectively. Assets held for sale We classify long-lived assets to be sold as held for sale in the period in which all of the required criteria are met. We initially measure a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset until the date of sale. Upon determining that a long-lived asset meets the criteria to be classified as held for sale, we cease depreciation and report long-lived assets, if material, as Assets held for sale in our Consolidated Balance Sheets. On June 1, 2023, we announced the planned sale of our corporate headquarters at 200 Holleder Parkway in Rochester, New York and our plan to relocate our corporate headquarters to another location in the greater Rochester area. We determined that the related assets met the criteria to be classified as held for sale as of June 29, 2024 and March 30, 2024. On July 3, 2024, we completed the sale of our corporate headquarters. We received proceeds of approximately $ 9.1 million and will record an immaterial net gain in the second quarter of fiscal 2025.

Divestiture

Divestiture	3 Months Ended
	Jun. 29, 2024
Divestiture [Abstract]
Divestiture	Note 2 – Divestiture On June 17, 2022, we completed the divestiture of assets relating to our wholesale tire operations ( seven locations) and internal tire distribution operations to American Tire Distributors, Inc. (“ATD”). We received $ 62 million from ATD at the closing of the transaction, of which $ 5 million was held in escrow and subsequently paid in December 2023. The remaining $ 40 million (“Earnout”) of the total consideration of $ 102 million is being paid quarterly over approximately three years and is based on our tire purchases from or through ATD pursuant to a distribution and fulfillment agreement with ATD. We received $ 4.4 million of the Earnout during the first quarter of fiscal 2025 and the remaining $ 10.9 million of the Earnout outstanding is recorded in Other current assets in our Consolidated Balance sheets as of June 29, 2024. Under a distribution agreement between us and ATD, ATD agreed to supply and sell tires to retail locations we own. After ATD satisfies the Earnout payments, our company-owned retail stores will be required to purchase at least 90 percent of their forecasted requirements for certain passenger car tires, light truck replacement tires, and medium truck tires from or through ATD. Any tires that ATD is unable to supply or fulfill from those categories will be excluded from the calculation of our requirements for tires. The initial term of the distribution agreement is five years after the completion of the Earnout Period, with automatic 12 -month renewal periods thereafter. See Note 2 of our Form 10-K for the fiscal year ended March 30, 2024 for additional information.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Jun. 29, 2024
Earnings per Common Share [Abstract]
Earnings per Common Share	Note 3 – Earnings per Common Share Basic earnings per common share amounts are calculated by dividing income available to common shareholders, after deducting preferred stock dividends, by the weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Earnings per Common Share Three Months Ended (thousands, except per share data) June 29, 2024 June 24, 2023 Numerator for earnings per common share calculation: Net income $ 5,863 $ 8,829 Less: Preferred stock dividends ( 337 ) ( 129 ) Income available to common shareholders $ 5,526 $ 8,700 Denominator for earnings per common share calculation: Weighted average common shares - basic 29,916 31,415 Effect of dilutive securities: Preferred stock 1,205 460 Stock options — 1 Restricted stock 98 78 Weighted average common shares - diluted 31,219 31,954 Basic earnings per common share $ 0.19 $ 0.28 Diluted earnings per common share $ 0.19 $ 0.28 Weighted average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 29, 2024
Income Taxes [Abstract]
Income Taxes	Note 4 – Income Taxes For the three months ended June 29, 2024, our effective income tax rate was 28.5 percent, compared to 27.6 percent for the three months ended June 24, 202 3. The difference from the statutory rate is primarily due to state taxes and the discrete tax impact related to share-based awards.

Fair Value

Fair Value	3 Months Ended
	Jun. 29, 2024
Fair Value [Abstract]
Fair Value	Note 5 – Fair Value Long-term debt had a carrying amount that approximates a fair value of $ 112.0 million as of June 29, 2024, as compared to a carrying amount and a fair value of $ 102.0 million as of March 30, 2024. The carrying value of our debt approximated its fair value due to the variable interest nature of the debt.

Cash Dividend

Cash Dividend	3 Months Ended
	Jun. 29, 2024
Cash Dividend [Abstract]
Cash Dividend	Note 6 – Cash Dividend We paid dividends of $ 8.7 million during the three months ended June 29, 2024. The declaration 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 contractual restrictions, and such other factors as the Board of Directors deems relevant. O ur Credit Facility contains covenants that may limit, subject to certain exemptions, our ability to declare dividends and other distributions. For additional information regarding our Credit Facility, see Note 8 .

Revenues

Revenues	3 Months Ended
	Jun. 29, 2024
Revenues [Abstract]
Revenues	Note 7 – Revenues Automotive undercar repair, tire replacement sales and tire related services represent the vast majority of our revenues. We also earn revenue from the sale of tire road hazard warranty agreements, commissions earned from the delivery of tires on behalf of certain tire vendors as well as franchise royalties. Revenue from automotive undercar repair, tire replacement sales and tire related 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 may vary depending on the customer and generally are 30 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. Revenues Three Months Ended (thousands) June 29, 2024 June 24, 2023 Tires (a) $ 139,215 $ 152,128 Maintenance 83,060 92,913 Brakes 41,237 47,598 Steering 24,859 28,363 Exhaust 4,387 5,216 Franchise royalties 424 750 Total $ 293,182 $ 326,968 (a) Includes the sale of tire road hazard warranty agreements and tire delivery commissions. Revenue from the sale of tire road hazard warranty agreements 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 deferred revenue balances at June 29, 2024 and March 30, 2024 were $ 21.2 million and $ 21.7 million, respectively, of which $ 14.9 million and $ 15.2 million, respectively, are reported in Deferred revenue and $ 6.3 million and $ 6.5 million, respectively, are reported in Other long-term liabilities in our Consolidated Balance Sheets. Changes in Deferred Revenue (thousands) Balance at March 30, 2024 $ 21,687 Deferral of revenue 5,019 Recognition of revenue ( 5,475 ) Balance at June 29, 2024 $ 21,231 As of June 29, 2024 , we expect to recognize $ 12.3 million of deferred revenue related to road hazard warranty agreements in the remainder of fiscal 2025, $ 7.1 million of deferred revenue during our fiscal year ending March 28, 202 6, and $ 1.8 million of 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.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jun. 29, 2024
Long-Term Debt [Abstract]
Long-Term Debt	Note 8 – Long-term Debt Credit Facility In April 2019, we entered into a five-year $ 600 million revolving credit facility agreement with eight banks (the “Credit Facility”) that includes an accordion feature permitting us to request an increase in availability of up to an additional $ 250 million. I n November 2022, we entered into a Third Amendment to the Credit Facility (the “Third Amendment”). The Third Amendment, among other things, extended the term of the Credit Facility to November 10, 2027, and amended certain of the financial terms in the Credit Facility . The Third Amendment amended the interest rate charged on borrowings to be based on 0.10 percent over the Secured Overnight Financing Rate (“SOFR”), replacing the previously used LIBOR. In addition, one additional bank was added to the bank syndicate for a total of nine banks now within the syndicate. See Note 6 of our Form 10-K for the fiscal year ended March 30, 2024 for additional information. We are required to maintain an interest coverage ratio, as defined in the Credit Facility, of at least 1.55 to 1. In addition, our ratio of adjusted debt to EBITDAR, as defined in the Credit Facility, cannot exceed 4.75 to 1, subject to certain exceptions under the Credit Facility. On May 23, 2024, we entered into an amendment (the “Fourth Amendment”) to our Credit Facility. The Fourth Amendment amends the terms of certain of the financial and restrictive covenants in the Credit Facility to provide us with additional flexibility to operate our business from the first quarter of fiscal 2025 through the fourth quarter of fiscal 2026 (the “Covenant Relief Period”). We may voluntarily exit the Covenant Relief Period at any time, which would revert the terms of the Credit Facility to the terms existing before the Fourth Amendment, with the exception of the modified definition of “EBITDAR,” described below. During the Covenant Relief Period, the minimum interest coverage ratio will be reduced from 1.55 x to 1.00x to: (a) 1.25 x to 1.00x from the first quarter of fiscal 2025 through the first quarter of fiscal 2026; (b) 1.35 x to 1.00x from the second quarter of fiscal 2026 through the fourth quarter of fiscal 2026; and (c) 1.55 x to 1.00x for the first quarter of fiscal 2027 and thereafter. During the Covenant Relief Period, the maximum ratio of adjusted debt to EBITDAR remains at 4.75 x to 1.00x, except that, if we completed a qualified acquisition during the Covenant Relief Period, the maximum ratio would increase to 5.00 x to 1.00x for a certain 12-month period after the qualified acquisition. In addition, the Fourth Amendment modifies the definition of “EBITDAR” to permit add-backs relating to expenses, and restrict add-backs related to gains, associated with store closures of (a) all non-cash items and (b) cash items up to 20 % of EBITDA from the first quarter of fiscal 2025 through the fourth quarter of fiscal 2026 and up to 15 % of EBITDA from the first quarter of fiscal 2027 and thereafter. During the Covenant Relief Period, the interest rate spread charged on borrowings increases by 25 basis points. During the Covenant Relief Period, the restrictions on our ability to declare dividends were modified to reduce the cushion inside the threshold required for us to be able to declare dividends without restriction from 0.50 x to 0.25 x. In addition, during the Covenant Relief Period, we must have minimum liquidity of at least $ 400 million to declare dividends. We are prohibited from repurchasing our securities during the Covenant Relief Period if there are outstanding amounts under the Credit Facility immediately before or after giving effect to the repurchase. During the Covenant Relief Period, we may acquire stores or other businesses as long as we have minimum liquidity of at least $ 400 million after completing the acquisition. We were in compliance with all debt covenants at June 29, 2024. Except as amended by the First Amendment, Second Amendment, Third Amendment and Fourth Amendment, the remaining terms of the credit agreement remain in full force and effect. Within the Credit Facility, we have a sub-facility of $ 80 million available for the purpose of issuing standby letters of credit. The sub-facility requires fees aggregating 87.5 to 212.5 basis points annually of the face amount of each standby letter of credit, payable quarterly in arrears. There was a $ 30.1 million outstanding letter of credit at June 29, 2024. There was $ 112.0 million outstanding and $ 457.9 million available under the Credit Facility at June 29, 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 29, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies Commitments Commitments Due by Period Within Within 2 to Within 4 to After (thousands) Total 1 Year 3 Years 5 Years 5 Years Principal payments on long-term debt $ 112,000 — — $ 112,000 — Finance lease commitments/financing obligations (a) 350,314 $ 49,718 $ 93,769 75,768 $ 131,059 Operating lease commitments (a) 253,686 47,129 83,597 56,136 66,824 Total $ 716,000 $ 96,847 $ 177,366 $ 243,904 $ 197,883 (a) Finance and operating lease commitments represent future undiscounted lease payments and include $ 68.3 million and $ 47.7 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. Contingencies We are currently a party to various claims and legal proceedings incidental to the conduct of our business. If management believes that a loss arising from any of these matters is probable and can reasonably be estimated, we will record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Litigation is subject to inherent uncertainties, and unfavorable rulings could occur and may include monetary damages. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which any such ruling occurs, or in future periods.

Supplier Finance Program

Supplier Finance Program	3 Months Ended
	Jun. 29, 2024
Supplier Finance Program [Abstract]
Supplier Finance Program	Note 10 – Supplier Finance Program We facilitate a voluntary supply chain financing program to provide our suppliers with the opportunity to sell receivables due from us (our accounts payable) to a participating financial institution at the sole discretion of both the supplier and the financial institution. Should a supplier choose to participate in the program, it may receive payment from the financial institution in advance of agreed payment terms; our responsibility is limited to making payments to the respective financial institution on the terms originally negotiated with our supplier, which are generally for a term of 360 days. We have concluded that the program is a trade payable program and not indicative of a borrowing arrangement. Our outstanding supplier obligations eligible for advance payment under the program totaled $ 195.6 million, $ 167.2 million, and $ 194.9 million as of June 29, 2024, March 30, 2024, and June 24, 2023, respectively, and are included within Accounts Payable on our Consolidated Balance Sheets. Our outstanding supplier obligations do not represent actual receivables sold by our suppliers to the financial institutions, which may be lower.

Equity Capital Structure Reclas

Equity Capital Structure Reclassification	3 Months Ended
	Jun. 29, 2024
Equity Capital Structure Reclassification [Abstract]
Equity Capital Structure Reclassification	Note 11 – Equity Capital Structure Reclassification On May 12, 2023, we entered into a reclassification agreement (the “Reclassification Agreement”) with the holders (the “Class C Holders”) of our Class C Convertible Preferred Stock (the “Class C Preferred Stock”) to reclassify our equity capital structure to eliminate the Class C Preferred Stock. Under the Reclassification Agreement, after receiving shareholder approval on August 15, 2023, we filed amendments to our certificate of incorporation (the “Certificate of Incorporation”) to create a mandatory conversion of any outstanding shares of Class C Preferred Stock prior to an agreed sunset date of the earliest of (i) August 15, 2026; (ii) the first business day immediately prior to the record date established for the determination of the shareholders of the Company entitled to vote at the Company’s 2026 annual meeting of shareholders; and (iii) the date on which the Class C Holders, in the aggregate, cease to beneficially own at least 50 % of all shares of the Class C Preferred Stock issued and outstanding as of May 12, 2023. In exchange for this sunset of the Class C Preferred Stock, the conversion rate of Class C Preferred Stock was adjusted so that each share of Class C Preferred Stock will convert into 61.275 shares of common stock (the “adjusted conversion rate”), an increase from the prior conversion rate of 23.389 shares of common stock for each share of Class C Preferred Stock under the Certificate of Incorporation. At the end of the sunset period, all shares of Class C Preferred Stock remaining outstanding will be automatically converted into shares of common stock at the adjusted conversion rate. In addition, the liquidation preference for the Class C Preferred Stock was amended to provide that, upon a liquidation event, each holder of Class C Preferred Stock would be entitled to receive, for each share of Class C Preferred Stock held by the holder upon a liquidation, dissolution, or winding up of the affairs of the Company, an amount equal to the greater of $ 1.50 per share and the amount the holder would have received had each share of Class C Preferred Stock been converted to shares of common stock immediately prior to the liquidation, dissolution, or winding up. There was no Class C Preferred Stock converted during fiscal 2025 or 2024. The Reclassification Agreement also provides that, during the sunset period, the Class C Holders will have the right to appoint one member of the Board of Directors. This designee is expected to be Peter J. Solomon, who is one of the Company’s current directors and one of the Class C Holders. We have determined the amendments to the Class C Preferred Stock, because of the Reclassification Agreement, should be accounted for as a modification.

Description of Business and B_2

Description of Business and Basis of Presentation (Policy)	3 Months Ended
	Jun. 29, 2024
Description of Business and Basis of Presentation [Abstract]
Description of Business	Description of business Monro, Inc. and its direct and indirect subsidiaries (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire replacement sales and tire related services in the United States. Monro had 1,284 Company-operated retail stores located in 32 states and 50 Car-X franchised locations as of June 29, 2024. A certain number of our retail locations also service commercial customers. Our locations that serve commercial customers generally operate consistently with our other retail locations, except that the sales mix for these locations includes a higher number of commercial tires. Monro’s operations are organized and managed as one single segment designed to offer to our customers replacement tires and tire related services, automotive undercar repair services as well as a broad range of routine maintenance services, primarily on passenger cars, light trucks and vans. We also provide other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment.
Basis of Presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statements reflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statement presentation. The consolidated financial statements should be read in conjunction with the financial statement disclosures in our Form 10-K for the fiscal year ended March 30, 2024. We use the same significant accounting policies in preparing quarterly and annual financial statements. For a description of our significant accounting policies followed in the preparation of the financial statements, see Note 1 of our Form 10-K for the fiscal year ended March 30, 2024. Due to the seasonal nature of our business, quarterly operating results and cash flows are not necessarily indicative of the results that may be expected for other interim periods or the full year.
Fiscal Year	Fiscal year We operate on a 52 / 53 week fiscal year ending on the last Saturday in March. Fiscal year 2025 covers 52 weeks and fiscal year 2024 covered 53 weeks. Unless specifically indicated otherwise, any references to “2025” or “fiscal 2025” and “2024” or “fiscal 2024” relate to the years ending March 29, 2025 and March 30, 2024, respectively.
Recent Accounting Pronouncements	Recent accounting pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which requires buyers in a supplier finance program to disclose sufficient qualitative and quantitative information about the program to allow a reader of the financial statements to understand the program’s nature, activity during the period, changes from period to period and the program’s potential magnitude. We retrospectively adopted this guidance during the first quarter of fiscal 2024, other than the roll forward information disclosure, which the Company will adopt with our fiscal 2025 annual filing. The adoption of this guidance does not have a material impact on our consolidated financial statements. In November 2023, the FASB issued new accounting guidance which requires expanding disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early application permitted. We are currently evaluating the impact of adopting this guidance. In December 2023, the FASB issued new accounting guidance which requires income tax disclosure updates, primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2024. Early adoption of this guidance is permitted. We are currently evaluating the impact of adopting this guidance. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification (“ASC”)) and the SEC did not or are not expected to have a material effect on our consolidated financial statements.
Property and Equipment, Net	Property and equipment, net : Property and equipment balances are shown on the Consolidated Balance Sheets net of accumulated depreciation of $ 449.1 million and $ 444.9 million as of June 29, 2024 and March 30, 2024, respectively.
Assets Held for Sale	Assets held for sale We classify long-lived assets to be sold as held for sale in the period in which all of the required criteria are met. We initially measure a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset until the date of sale. Upon determining that a long-lived asset meets the criteria to be classified as held for sale, we cease depreciation and report long-lived assets, if material, as Assets held for sale in our Consolidated Balance Sheets. On June 1, 2023, we announced the planned sale of our corporate headquarters at 200 Holleder Parkway in Rochester, New York and our plan to relocate our corporate headquarters to another location in the greater Rochester area. We determined that the related assets met the criteria to be classified as held for sale as of June 29, 2024 and March 30, 2024. On July 3, 2024, we completed the sale of our corporate headquarters. We received proceeds of approximately $ 9.1 million and will record an immaterial net gain in the second quarter of fiscal 2025.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Jun. 29, 2024
Earnings per Common Share [Abstract]
Reconciliation of Basic and Diluted Earnings per Share	Earnings per Common Share Three Months Ended (thousands, except per share data) June 29, 2024 June 24, 2023 Numerator for earnings per common share calculation: Net income $ 5,863 $ 8,829 Less: Preferred stock dividends ( 337 ) ( 129 ) Income available to common shareholders $ 5,526 $ 8,700 Denominator for earnings per common share calculation: Weighted average common shares - basic 29,916 31,415 Effect of dilutive securities: Preferred stock 1,205 460 Stock options — 1 Restricted stock 98 78 Weighted average common shares - diluted 31,219 31,954 Basic earnings per common share $ 0.19 $ 0.28 Diluted earnings per common share $ 0.19 $ 0.28

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Jun. 29, 2024
Revenues [Abstract]
Schedule of Disaggregated Revenue by Product Group	Revenues Three Months Ended (thousands) June 29, 2024 June 24, 2023 Tires (a) $ 139,215 $ 152,128 Maintenance 83,060 92,913 Brakes 41,237 47,598 Steering 24,859 28,363 Exhaust 4,387 5,216 Franchise royalties 424 750 Total $ 293,182 $ 326,968 (a) Includes the sale of tire road hazard warranty agreements and tire delivery commissions.
Schedule of Changes in Deferred Revenue	Changes in Deferred Revenue (thousands) Balance at March 30, 2024 $ 21,687 Deferral of revenue 5,019 Recognition of revenue ( 5,475 ) Balance at June 29, 2024 $ 21,231

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 29, 2024
Commitments and Contingencies [Abstract]
Schedule of Payments Due by Period	Commitments Due by Period Within Within 2 to Within 4 to After (thousands) Total 1 Year 3 Years 5 Years 5 Years Principal payments on long-term debt $ 112,000 — — $ 112,000 — Finance lease commitments/financing obligations (a) 350,314 $ 49,718 $ 93,769 75,768 $ 131,059 Operating lease commitments (a) 253,686 47,129 83,597 56,136 66,824 Total $ 716,000 $ 96,847 $ 177,366 $ 243,904 $ 197,883 (a) Finance and operating lease commitments represent future undiscounted lease payments and include $ 68.3 million and $ 47.7 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised.

Description of Business and B_3

Description of Business and Basis of Presentation (Narrative) (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Jul. 03, 2024 USD ($)	Jun. 29, 2024 USD ($) segment item state store	Jun. 24, 2023 USD ($)	Mar. 29, 2025	Mar. 30, 2024 USD ($)
Significant Accounting Policies [Line Items]
Company operated retail stores | store		1,284
Number of states in which entity operates | state		32
Number of franchised locations | item		50
Number of operating segments | segment		1
Fiscal period duration					371 days
Property and equipment accumulated depreciation		$ 449,100			$ 444,900
Proceeds from sale of corporate headquarters		$ 281	$ 1,108
Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Proceeds from sale of corporate headquarters	$ 9,100
Forecast [Member]
Significant Accounting Policies [Line Items]
Fiscal period duration				364 days
Minimum [Member]
Significant Accounting Policies [Line Items]
Fiscal period duration		364 days
Maximum [Member]
Significant Accounting Policies [Line Items]
Fiscal period duration		371 days

Divestiture (Narrative) (Detail

Divestiture (Narrative) (Details) $ in Thousands		3 Months Ended
	Jun. 17, 2022 USD ($) item	Jun. 29, 2024 USD ($)	Jun. 24, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred proceeds received from divestiture		$ 4,369	$ 3,942
American Tire Distributors [Member] | Disposal Group, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of wholesale locations | item	7
Amount received at closing of transaction	$ 62,000
Amount held in escrow	5,000
Total consideration amount	102,000
Term of quarterly payments		3 years
Deferred proceeds received from divestiture		$ 4,400
Percentage of forecasted requirements required to purchase after satisfaction of earnout		90%
Distribution agreement, term, after completion of Earnout Period		5 years
Distribution agreement, automatic renewal term		12 months
Remaining Consideration [Member] | American Tire Distributors [Member] | Disposal Group, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration amount	$ 40,000	$ 10,900

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, 2024	Jun. 24, 2023
Numerator for earnings per common share calculation:
Net income	$ 5,863	$ 8,829
Less: Preferred stock dividends	(337)	(129)
Income available to common shareholders	$ 5,526	$ 8,700
Denominator for earnings per common share calculation:
Weighted average common shares - basic	29,916	31,415
Effect of dilutive securities:
Preferred stock	1,205	460
Weighted average common shares - diluted	31,219	31,954
Basic earnings per common share	$ 0.19	$ 0.28
Diluted earnings per common share	$ 0.19	$ 0.28
Stock Options [Member]
Effect of dilutive securities:
Restricted stock/Stock options		1
Restricted Stock [Member]
Effect of dilutive securities:
Restricted stock/Stock options	98	78

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Jun. 29, 2024	Jun. 24, 2023
Income Taxes [Abstract]
Effective income tax rate	28.50%	27.60%

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024
Fair Value [Abstract]
Carrying amount of long-term debt (including current portion)	$ 112	$ 102

Cash Dividend (Narrative) (Deta

Cash Dividend (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2024	Jun. 24, 2023
Cash Dividend [Abstract]
Dividends to shareholders	$ 8,714	$ 8,926

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2024	Mar. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment term	30 days
Deferred revenue	$ 21,231	$ 21,687
Deferred revenue, current	14,867	15,155
Deferred revenue, noncurrent	$ 6,300	$ 6,500
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

Revenues (Performance Obligatio

Revenues (Performance Obligation) (Narrative) (Details) $ in Millions	Jun. 29, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	$ 12.3
Deferred revenue, timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	$ 7.1
Deferred revenue, timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	$ 1.8
Deferred revenue, timing of satisfaction	1 year

Revenues (Schedule of Disaggreg

Revenues (Schedule of Disaggregated Revenue by Product Group) (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 29, 2024	Jun. 24, 2023
Disaggregation of Revenue [Line Items]
Revenues		$ 293,182	$ 326,968
Tires [Member]
Disaggregation of Revenue [Line Items]
Revenues	[1]	139,215	152,128
Maintenance [Member]
Disaggregation of Revenue [Line Items]
Revenues		83,060	92,913
Brakes [Member]
Disaggregation of Revenue [Line Items]
Revenues		41,237	47,598
Steering [Member]
Disaggregation of Revenue [Line Items]
Revenues		24,859	28,363
Exhaust [Member]
Disaggregation of Revenue [Line Items]
Revenues		4,387	5,216
Franchise Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenues		$ 424	$ 750
[1] Includes the sale of tire road hazard warranty agreements and tire delivery commissions.

Revenues (Schedule of Changes i

Revenues (Schedule of Changes in Deferred Revenue) (Details) $ in Thousands	3 Months Ended
	Jun. 29, 2024 USD ($)
Revenues [Abstract]
Balance beginning	$ 21,687
Deferral of revenue	5,019
Recognition of revenue	(5,475)
Balance end	$ 21,231

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) $ in Millions		3 Months Ended
	May 23, 2024 USD ($)	Jun. 29, 2024 USD ($) entity
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility term		5 years
Revolving credit facility agreement		$ 600
Credit facility, Potential increased availability		250
Net availability under the credit facility		457.9
Amount outstanding under credit facility		$ 112
Initial Credit Facility [Member]
Debt Instrument [Line Items]
Number of banks involved in credit facility | entity		8
Third Amendment To Credit Facility Member
Debt Instrument [Line Items]
Number of banks involved in credit facility | entity		9
Number of additional banks added to the bank syndicate | entity		1
Basis spread		0.10%
Fourth Amendment To Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate basis point increase	25%
Interest coverage ratio	1.55
Minimum liquidity require to declare dividends	$ 400
Minimum liquidity requirement after completing acquisition	$ 400
Ratio of adjusted debt to EBITDAR	4.75
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Revolving credit facility agreement		$ 80
Letters of credit outstanding		$ 30.1
Minimum [Member] | Fourth Amendment To Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of dividend declare	0.25
Minimum [Member] | Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Percentage of fees on amount available		0.875%
Maximum [Member] | Fourth Amendment To Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	5
Ratio of dividend declare	0.50
Maximum [Member] | Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Percentage of fees on amount available		2.125%
First Quarter of Fiscal 2025 Through the First Quarter of Fiscal 2026 [Member] | Fourth Amendment To Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.25
Percent of adjusted debt to EBITDAR	20%
Second Quarter Of Fiscal 2026 Through The Fourth Quarter Of Fiscal 2026 [Member] | Fourth Amendment To Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.35
First Quarter of Fiscal 2027 and Thereafter [Member] | Fourth Amendment To Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.55
Percent of adjusted debt to EBITDAR	15%

Commitments and Contingencies_2

Commitments and Contingencies (Schedule of Payments Due by Period) (Details) $ in Thousands	3 Months Ended
	Jun. 29, 2024 USD ($)
Commitments and Contingencies [Abstract]
Principal payments on long-term debt, Total	$ 112,000
Principal payments on long-term debt, 4 to 5 years	112,000
Finance lease commitments/financing obligations, Total	350,314	[1]
Finance lease commitments/financing obligations, Within 1 Year	49,718	[1]
Finance lease commitments/financing obligations, Within 2 to 3 Years	93,769	[1]
Finance lease commitments/financing obligations, Within 4 to 5 Years	75,768	[1]
Finance lease commitments/financing obligations, Within After 5 Years	131,059	[1]
Operating lease commitments, Total	253,686	[1]
Operating lease commitments, Within 1 year	47,129	[1]
Operating lease commitments, Within 2 to 3 years	83,597	[1]
Operating lease commitments, Within 4 to 5 years	56,136	[1]
Operating lease commitments, Within After 5 years	66,824	[1]
Contractual commitments, Total	716,000
Contractual commitments, Within 1 year	96,847
Contractual commitments, Within 2 to 3 years	177,366
Contractual commitments, Within 4 to 5 years	243,904
Contractual commitments, Within After 5 years	197,883
Finance lease payments, related to options to extend, reasonable certain of being exercised	68,300
Operating lease payments, related to options to extend, reasonably certain of being exercised	$ 47,700
[1] Finance and operating lease commitments represent future undiscounted lease payments and include $ 68.3 million and $ 47.7 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised.

Supplier Finance Program (Narra

Supplier Finance Program (Narrative) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024	Jun. 24, 2023
Supplier Finance Program [Abstract]
Payment terms, period	360 days
Outstanding supplier obligations	$ 195.6	$ 167.2	$ 194.9

Equity Capital Structure Recl_2

Equity Capital Structure Reclassification (Narrative) (Details)		3 Months Ended
	May 12, 2023 item	Jun. 29, 2024 shares	Jun. 24, 2023 shares	Mar. 30, 2024	Aug. 15, 2023 $ / shares
Equity Capital Structure Reclassification [Abstract]
Percentage of interest ownership the holders will cease to beneficially own	50%
Class C convertible preferred stock, conversion ratio		61.275	23.389	61.275
Number of members that can be appointed to the Board of Directors | item	1
Per share liquidation preference | $ / shares					$ 1.50
Class C convertible preferred stock, converted to common stock, shares | shares		0	0