MNRO - Earnings call transcript Q4 2022

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Operator

Good morning ladies and gentlemen and welcome to Monro Inc. earnings conference call for the fourth quarter and full year fiscal 2022. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session and instructions will follow at that time. If anyone should require assistance during the call, please press star followed by the number zero on your touchtone phone.

conference in being without whole the this not and permission reminder, company. reproduced be or a call recorded is may from As in part Investor Felix now Senior to would Monro. introduce I Director like of Relations at Veksler, Please go ahead.

Felix Veksler

for everyone call. this you us on Thank you. thank joining Hello and morning’s

draw of If of presentation customers, attention Before available that your we part on get or I are our SEC with results and will we COVID-XX the any executive result and information, Monro’s note officers please call, could started, section and website is corporate.monro.com/investors/investorresources. otherwise, at be could its as Investors the that this referencing to obligation a Safe that on the today. related release, Actual future comments as by events those Slide earnings Monro’s forward-looking remind the on affect and any except our the of and our statements Harbor revise from X, outlined statement the our performance. I’d to significant our include statements a new The law. uncertainty to most pandemic like results future or impact duration to disclaims whether future some materially or filings by participants may in of intention in required significant forward-looking differ presentation factors includes as employees. scope suggested The about company that update

that, over like our of President Michael to part substitutes Chief to discussion comparable earnings Executive the information to management’s included turn a comparable to release. measures statements GAAP will of call of be and are call today’s Additionally, include Reconciliations such GAAP supplement for presentation non-GAAP today’s measures be and certain Broderick. intended Officer, and on which Monro’s the measures. in not I’d supplemental With financial as

Michael Broderick

the January, to the to thanking expectations and shareholders overall produce growth have put all into had to rationale divestiture the for their and I’d months; this fits of areas: good initiatives our the fourth to current continued Thank tire assets principally see our start everyone. it for and This results. contributions our was trends, customers next like but our we of few support. and like of it strategy; fourth and Felix and quarter, take announced have impact our company a We you teammates begun hold our our wholesale morning, our played cover the how we distribution and I’d their for how in place off and look a morning prosperity allocation plans. tough results initiatives morning four and that the our at capital today, quarter of and out; by

many before strategy, few growing for into Before which we a our but about in the our get repeating. you services. bear words and have heard business We with demand products operate which details, of a

We leading are player in industry. this a

and quarter producing store to We improve majority of sales base. are stores our underperforming a our which The of solid a strategy represent about have developed overall growing stores margins. our

plan, $XX our XX% sales COVID-XX the evidence or impacted the have XX% technicians added This In of the first initiative, first store XXX since staffing the XXX share. $X.XX working. XXX approximately working. of per was start Nonetheless, growth having in We increase. This surge. to us months, to ’XX. now versus technicians this quarter added than are is quarter, earnings strategy of impact the million the severely by our quarter that addition shortfall has strategy $X.XX After a felt the we which our fiscal technicians more resulted fourth at to nine our in was The fourth is comparable across sales amounted in industry. internal

course, cost. carried Of a this

and technician costs store sales XXX increased X% In sales. our but in substantial fiscal medium in also resulted stores labor in XXXX. XXXX, to improvement comparable fiscal basis Our larger increased points the about compared

our sales was time the XXX so or about same comparable by X%. in Understaffing stores small this declined During underperforming principal and period, store reason.

make this able staffing their We started different. the prompt comp just healthy In Let the convert in the smaller average, that would their necessary provide percent been point ended clear of - at me inquiries received these April a to of fiscal very X%, point Had increased inquiries. service stores their new they XXXX, sales in sales have initiatives XXX swing XX over staff implementing level require. these not stores. did three have of They customers number company our been the a months performance. to quite the

to subject to the tight demand of have working. Our to is properly meet staffing end XXXX, We strategy underperforming latent stores the staffed XXX all calendar hope by market. year labor

been done while expect the material of our all results We and even better maintaining has year as this margins. progresses,

fiscal XXXX, trends encouraging. forward in move sales we As are

higher and particularly to and higher our starting sales large service margins. and While new were April’s X% on year, summarize, our technicians, X% investments medium April May than now in are deploying a comparable and produce as to record These To higher results in technicians last base. larger trending XXXX fiscal training material lower tire measured larger is recruiting, sales stores. store we by sales made

believe We productivity stores. the now meeting the are improve our as is numbers early we sales show. and and it, demand and The of XXX small we working to are there underperforming now

a business. an after Now too small today, assets Tire we morning our had wholesale turning that locations in It were exhaustive we an clear divest be competitor. to agreement Distributors, tire an American that effective distribution this become announced we and player to our review of very to the announced major divestiture to wholesale

that In it a addition, could large we get we doing could from distributor much provide by found service better national ourselves. than we

strength business customers with to Our services. products superior a as and core is retail provide automotive

retail our resources energies We on and operations. will focus all our

are much The that transaction with will $XXX delivery, close the generate excess in continue shareholders. pricing. proceeds of from share better to approved our us about retail will American allow board per in XXXX at is share. with our cash much our with expected sharing valued dividend Tire fiscal better a relationship directors of quicker a of million cash operations Our The results $X.XX the our to this along give the The to and quarter increase has transaction, us policy tires, June. Distributors to of expanding per longstanding $X.XX first for expected availability

times since $X.XX $X.XX per a per increased share. have to five our dividend years increased have cash issued. years, the quarterly cash dividend share from In we the We past during XX first dividend was XX cash our

major authorized investments to integrate plan. board of possible We program by discipline in for all, overall decide recent new concurrently In sales acquisitions In a off. made about demand $XXX teammates. This and to we to of is multiples. producing has large, in approach sized repurchase medium of investigate common Acquisitions particularly on repurchase have into fit addition, or expectations. the our headcount how pays the services. the and strategic We share ’XX, new California into we believe for ahead fiscal ample expand small are thoroughly, are strategy. a a of stock. careful This maintain productivity products robust technician strive million which capacity Above much and successful In earnings. our for our our price our transaction, businesses as to there summary, this our part up our team, results company in the results high significant and which as era shown as of learn company’s we

it well resolving a as has assets has share sustainable through to and retail we This and our strong are healthy fourth will While wholesale drive this of Brian comparable fiscal understaffing in that margin, I’ll smaller on put additional We generation. continued regarding stores, fiscal color positioned that, programs, contribution of to call to divestiture as sales way gross per XXXX. overview well to and who our non-core medium share Along over focus capital us performance, on and us earnings an our deliver stores. to growth sales the our comparable pressure shareholders with significant Monro’s growth store the will impacted tire flow on cash our allow our With repurchase on and from position, well The to believe capitalize Brian? expect for store now we larger operations. acquisitions. dividend financial XXXX. return will quarter sharper as turn allow our provide as distribution

Brian D’Ambrosia

Mike morning Thank and everyone. you good

This last in to principally or million was period interest The due incremental costs the to future a costs million, incremental expenses non-GAAP share, a of or to a diluted mix been as XXX The or year-over-year last integration and as per tax $X.XX to decreased related higher investment sales, Lower this was net X.X% per Material and million million and of to same primarily same related to last support compared million sales period new basis or of of was same decreased flat million margin due of million the increased tax and occupancy to in income period X.X% year resulted benefit debt. earnings in million. expense comparable to sales income acquisition, back. estimate the in to earnings towards to XX in income loss due benefit Diluted which Same sales the points year. a which due integration increase $X.X margin impacted was decrease prior compares the tax diluted $X.X in were share in Adjusted related higher of benefit Income shift categories. investment new expense than store completed charges primarily This for to distribution million growth $XX.X period. costs average XXXX. Total line as million quarter. of and gross million year the impacts compared operating period excluded sales costs, $X.X X, impairment excluded store prices basis $X.X losses year-over-year which increased of of Slide $XX.X fiscal sales to sales driven to $XX.X $X.X were years costs operating was lower by Monro.Forward This year the This measure, costs costs, by from gross of related percentage in $X.XX period. weighted to closure. year $X.XX declined net in sales per costs to a quarter X.X% the quarter year-over-year transition operating prior the to diligence initiatives, distribution higher center of to by compared compared period. growth. $X.XX and increased the material inflationary have XXX service $XXX Operating and store principally a prior in We due carried for were and from an margin share is XX.X%. net last and as carry-backs. per Gross having stores differences selling earnings as million prior Net XX.X% our approximately benefit $X.XX a while our $XX $X.XX XX.X% management was to offset as to a compared headcount to sales as same to sales. statutory $XX.X year. also X.X% was wages loss decrease in fourth top in fourth due the as margin. of stores Net points year, tax included the $XX.X expected the share share acquisitions $X.X of tax technician from compares and fixed diligence and higher adjusted per well year. million Turning in current evaluated for rates in percentage $X.XX that quarter.

principal expenditures, highlighted XX, invested million to generated in continue acquisitions, on very fiscal leases. million We for We As payments financial $XX maintain solid capital and $XX paid spent of in during Slide $XXX million financing million XXXX. we $XX for cash position. a operations from

bank of we quarter, bank net fourth cash and Lastly, At EBITDA equivalents of we of debt debt in times. distributed cash the million a the ratio end to $X $XX of dividends. million, $XXX X.X had million, and

tire assist color are XXXX the modeling. in exclude comments fiscal we XXXX, providing are and the we distribution for your impacts providing from divestiture our P&L that the to not While fiscal assets. of wholesale Note guidance

to are one-time to earnings we impact share. the per or still gain neutral While to accretive gross and operating the loss to on working we finalize ongoing and be divestiture, overall the margins expect

drive sales and sales pricing fixed costs. distribution to sales which on as fiscal labor by make XXXX, slightly margins should year-over-year service largely sales, costs be expected to basis. of expenses As lower in gross offset and percentage be investments we we a pressure percentage of continue lower of higher put sales, percentage store higher a occupancy higher as this in will actions, operating against leverage to on year-over-year as are Total a a our

expenditures, $XX call to With $XX fiscal I Regarding million we in back turn to will our XXXX. spend the over Mike capital that, remarks. to for closing some approximately expect now million

Michael Broderick

Thanks Brian.

now for We’re encouraged XXXX growth With it about capitalize believe optimistic our having term shareholders. and while we for momentum and turn to on we Operator flexibility Overall, outlook strong execute strategy I’ll in well demand to fiscal remain deliver and value the that, positioned the creation the questions. by our business long our beyond. for over our to financial

Operator

from first over instructions] you. BMO Capital to Jonathan, question [Operator Lamers Our today Markets. Jonathan of comes

Jonathan Lamers

Good morning.

Michael Broderick

morning. Good

Jonathan Lamers

I’m not and the give comp you how us stores, you how but color improved swung much to gross how maybe margins the for XXX much negative positive here, sales X%? the sure to below underperforming average are tell from want margins X% as could far those

Michael Broderick

to the is marry is in of sales stores. supply is XXX need has prepared get customers a the on and that retailer to initiative big bottom those a our sales just would very so the most can there’s behalf level similar my we Monro. past teammates. have under able line, to up gross perspective, were we fact when demand say our line not--they’re every line. sales most marrying capacity and it all I’ve really that about stores, supply, tell do of our to really and from bottom and productivity you that centered Jonathan, control talked can remarks the are--we where around profit the I the they’re demand and we to to of drive I fall it’s about a bottom and the

Jonathan Lamers

need year into much how do technician headcount and end to any Okay, increase on the further have update you progress and fiscal the does fiscal QX? XXXX, by

Michael Broderick

to labor on across kind of our continue our and really optimize work re-assorting all really We stores.

as I where demand significant in in the us we put a big to but we other really marketplace, us we’ve filling mean, innings can those demand. that’s in where the additional the made have in, for amount to ’XX now but small take stores demand, it’s think going keeping situation care with on I opportunity of later in right continue a are of the a focused opportunistically forward, stores up we of how significant as investment many in ’XX a really well headcount. just in

Jonathan Lamers

the and for What one were that will sale assets I gross Okay, it margin? say before accretive detail over. sales distribution question trailing were be the the that sold, turn did tire to you Brian,

Brian D’Ambrosia

accretive million margins assets and on gross be first. will about I’ll for those in They and to XX. take basis, trailing earnings generate per neutral share an part and $XXX second Yes Jonathan, sales the operating

Jonathan Lamers

pass line. thanks. the Okay, I’ll

Michael Broderick

Thank you.

Operator

you Thank Jonathan.

today to Brett, Our question Jefferies. Jordan from next over comes Brett of you.

Brett Jordan

guys. morning good Hey,

Michael Broderick

Brett. Hey

Brett Jordan

physical On carve-out from corporate the of you standpoint, have the follow-up them your here business, to physical or do parts that guess almost there--I import the operate might since going divestiture challenged? of like do put be guess tire all think truck sourcing of the on ability Monro some the within external your distribution they to sort be of--I Rochester parts direct infrastructure. sort on infrastructure? attached second of is I DC much and the to was now to is the Do sort infrastructure

Michael Broderick

in to a When out, party are quality all business all More come details on I the I’m is manage laying that. Brett, that it’s I third address on organization for but relationships DCs as and we’re party partners partners years, me the third better availability, where it’s how exactly about this organization. and my I’ve about going now using very let price. XX make on past have been about partners. to to side, much ATD, an Yes, reliant our the relying on the parts us and in look at talked tire

customer, be that’s teammates retail focus. on focused commercial our customer, going We’re our - our focusing and on our to also

Now forward. to we’re going specifically providers extremely parts our going to around be parts, loyal

We’re going not to or source top movers just XX our our slow the to for us. and preferred retail partners expect items the moving source

to better a going more board our forward. going thing on we’re across us to look to the rely The significant going provide partners party same them the goes third us give going able to the for that’s be marketplace, price We’re I to we’re products. to believe in be to going and tires.

our to service We’re our improve going stores. to

to Carolina our get right going most distribution centered they our day We’re of Remember, and those from of didn’t centers. so now stores. warehouses every which we’re not were getting all reach service North in Kentucky,

bringing we’re Now and class, third party more both best have stores that which to from really in our and looking ATD, so parts using everyday I’m the continue new to can on then assortments forward distribution, going to delivery providers. relevant is our tires evolve to be our we

Brett Jordan

comp you like fiscal comp. where volumes price guess fiscal talk a ’XX, tire of a I as comparable I be Could on was in are Then about have down sort units it just maybe I pre-pandemic we QX what ’XX--well, pricing of on you the guess were units feel you environment. to great. if Okay, a model, it, on pre-COVID, would think said the one tire, the in versus tires the question and QX versus

Brian D’Ambrosia

like that quarter, saw we unit business ticket to the strong continuing ticket certainly our comp tire performance with we increase units I trends parts retail see say our the tire driving category the leading us that take in the the business been and has quarter, all ability for to variable hold say that what we Brian, and throughout performance, as happened that. to continue was really line was QX. quarter, in in the it that would in while the would profit were in think per relative well it’s so for to and gross again industry Yes, I’ll factor our I of

Brett Jordan

you of think or Okay, for the monthly comps, April, I or great, months. quarter? the and Could then last the us two January us given my and the housekeeping, you’ve one monthly give

Brian D’Ambrosia

up February, and up Yes, X down January, in X about X about in in it March. was

Brett Jordan

Thank great. Okay, you.

Operator

Thank you Brett.

comes & Nagel Oppenheimer ahead. next question Our of from Brian go Brian, Co. please

William Dawson

This Dawson for Thanks on taking is Nagel. for question. William Brian our

Michael Broderick

Hi William.

Brian D’Ambrosia

Good morning.

William Dawson

Our lean gross the margin. quarters There made technicians about we the margins XXXX Could should the gross in incremental as improvement you services decision more first with quarter for to and to investments the was of question sales QX into in in was the of in at some regard March? and what mix the in how was to point for fiscal expectation recovered. say impact think magnitude

Michael Broderick

is right, Good Mike. morning. this All William,

gross have through and gross occupancy, pricing fourth when costs in last a We look mix material more moving - us service Just doubt. when example. deliverable we two, clear, about you that so distribution three a give we that units, a business. our then better last our lowered at to margin, at had quarter. margin, were the distribution for was helped quarter D&O, index, there’s to even and Number big talked that a and on under profit in our least D&O fourth look actually categories, the of price control. in great deliver and in material pressures to flat profit without manage a be drove payroll. I is brake and organization year we actually technician us: you that components for but I’ll When we the We not

the number our in technician preferred one every much Looking side. was payroll, become We less for three, rely of there issue Then started parts our we recognized stores. this almost ’XX. services we forward, though, tires our our demand that’s in an we as going to of suppliers on rely on and clearly for on ATD

a extremely invest been demand, able traditionally that ’XX that not have is through performing well; have so our literally it’s best deliberate payroll. Our stores continuing done bottom XXX way in to in are stores understaffed our very what to meet technician been we’ve

XXX be the basis to second points believe is be wage two basis just the there’s the basis incremental that on headcount. inflation, Now to two technicians, XXX - we’re in do points leverage the inflation be to points clear, in quarter. in as I’ll in is fourth and technician to break more more that different wage we going invested payroll, of One investment to productive number actual clear components out clear. into just and quarter go investment. continue I XXX the first seasons we

talked and not more after have exactly separating clarity We lot business. and of going a to out how be look it moving pieces, you forward to there’s the wholesale about and out we breaks the quarter giving first

William Dawson

that’s you, very helpful. Thank

a responsible with down [indiscernible] Our up question was year-over-year next May X% and related the last record should for is puts sales there we comps and with play of or line. to April, or of your the not guidance this ’XX, so how over couple for months? but think X%, regards was factors that’s weeks versus next trending and you’re in fiscal in to weather regard other that recognizing fiscal here top the In about takes year, improvement, also were the balance consumer recent with giving

Michael Broderick

of improvement of our it out we look our teammates in out February, how got adding couple February two March saw when or as week to, Coming coming just you and so January performance, we’re more the remember capacity below the changed step is of really performance, we very we be productivity, do prior we soft with were our carrying January, across so we two and increased sales, type forward, can into that immediately healthier, and having COVID. how were to January, quarters in next was with we to that get of significantly April that’s the consistent back go we were of capacity, even managing pretty we least customers to going quickly. were--it’s positive, mid-teens growth weeks changed. even had we now that’s lot outsized teammates the of then have at I’m all Then were and getting really and expectations, was--although it new we is so at we a a the that first capacity productivity really clear. used when things we so the internal drive and we forward a in get and business have how their up, what healthy technicians, That going May. now really that is do this becomes very equation productivity saw

William Dawson

you. thank it, Got

Michael Broderick

you. Thank

Operator

you Thank William.

is Our from you. Markets. next Jonathan, BMO to Lamers Capital of question follow-up Jonathan question back a

Jonathan Lamers

margin stack improvement at we’re QX, in toward much how calendar do comp need to the I When zero guess fiscal levels, to look start versus zero the in really are staffing levels, May as given percentage is percent seeing versus the it’s levels the April XXXX see now? Thanks. gross and improve question of I historical not you sort returning my so percent where

Michael Broderick

are looking the helps if opportunity focusing. single digits, where’s where we’re identifying mid and We Jonathan, with that generally at

Jonathan Lamers

margin pass-through of comments weeks Yes, recently. and variable you to maintain some help, tire? and whether your have significant tire manufacturers gross per in on Do pretty have The does your you recent any price that that so. months announced increases expect

Michael Broderick

the definitely costs and has recognizing we we I’ve coming are big pass competitor. that. doing job along continue increases and done is team marketplace, them Where said along. can cost We That into lot the of understand the saying, managing a we’re focus. a passing there’s definitely rational I’ll a cost, and past in a great

managing tire lower economic we down holding, that time, to trade promotional into with That’s make line choice. is It’s our what industry trends. Last on margins, We doing be good those like we’re at cost not very to give but in with customers we’re Maybe going forward. seems to into able activity least getting going really our a we’re consistent are they their markdowns, based be keep more door. going our those but we’re on managing customers at least to staying going point continue of are our it still about wellbeing tires. and margins in to we’re

and are We stores. retailers now, drive orders, is ticket can now our that repair for additional a ticket, we’ve most which demonstrated looking driving business, to our balanced additional customers both approach like focus into the we right

Jonathan Lamers

Just last playing out a to mid the given things we just is there turnaround long about think on for stores, you underperforming outlook question the how level? business comps, single or getting the to in almost digit should the get that before

Brian D’Ambrosia

remarks improvement in we are year Yes, I a led I about are think by our continued seeing of expect retail as basis that in progresses. that the plus-X seeing. We we are seeing that being May prepared level, and we momentum the build talked that that consolidated locations, comp to so we definitely we’re also encouraged that business is the on say by the can

Jonathan Lamers

Okay, thanks comments. your for

Michael Broderick

you. Thank

Operator

Jonathan. you Thank

to you. of from Our Imbro Daniel over next Stephens comes question Inc. Daniel,

Daniel Imbro

months? months but expected your follow in margin in just on way, surprise versus leverage. given January, for the you that think it, about knew think gross I the Thanks the noted came hundred given the headcount A last biggest Will’s that, asked the then how that wanted were basis to about on was how to I few January, good Mike Obviously questions, taking a in not fast we belabor quarter just you points so feel provided, expectation we the few in margin. you volatility we mentioned morning. investments, question gross you and changed, gross you another what couple and a your late about ago below if and the January point, weak, my and I do visibility Brian, into guys, late just comps full margin saw in outlook year knew

Brian D’Ambrosia

it’s question, appreciate a great Yes, it.

put so until I not see a our bit you maybe saw business. quarter that we it more the at of some continued lost in we February but, that sales some having to which, we That recovering think look end a percentage expectations costs February that did we than on as moved comments leverage we on there and little January, our the into know, a captured pressure the that as have as few you rebound as third of said, weeks as were puts saw quarter, of did through we January, reflected. coming Mike the where sales, call strengthening of the distribution occupancy so in loss through at the top we of line of pressure was

we QX. through said, service I increases Mike think the those addition, as able in I we labor COVID in that passing last progress in challenging make terms at little a continue in and XXX that inflation where quarter maybe and would into challenging we of to Then a positioned but done schedule a with the were our are I and would the probably team and think labor hires, investment, also, our leverage mix the ahead of built make came bit also QX we great during has In QX. had well to of environment, of environment more this great even bit that that factored price, say material in outlook in offsetting and certainly we little end to in sales just quarter, I maybe job flattish material cost incremental costs highlight, of in shift

Daniel Imbro

it, we that or be margin, you just so sales, discussed part look the the I you the model in move of I’m guess provided, we volatility commentary handicap you the through as can gross you how outlook to at year full could potential given year. volatile around still achieve trying outlook all maybe the the and feel comfortable Got when question, Brian? earlier, second the

Brian D’Ambrosia

think in highlighted to our I made, Yes, key which increased do Mike the investments we what the have really with to labor seeing our ability continued is labor. that we’re and productivity

QX marketplace a into the higher and turn productivity for this that improve to to our continue will and progress into even the ability that as meet margins gross as to more that’s the the just productivity year benefit more There parts continue our climb earlier the in we’ve ultimately sales, added the year the we continue and, our As and progresses. we take like be it what margins progresses. will and will tailwind sales our technicians, pressure demand headwind a through in as for that year to technicians was we move as drive more neutral, year, are with the But improve productive of labor in year. later in as will expectations. Those

Daniel Imbro

from it. just Got Last clarifying maybe point, a one me, Mike.

don’t we to to one think demand, enough was mentioned those just that we seem as obviously Brian, didn’t then guess. headwind comments, a statements? demand much mentioned I’m relative but have They people. that the and says a have you hired table Can on those was we technicians, to square to over-hired you contradictory. gross of expected we ton One labor a You enough square trying comps, I for you so I de-leverage, says be but left headwind two have margin. too of labor. two to because away labor point where sales a we

confusion to on Just any comments. two there those up trying clear

Michael Broderick

lot but in Let when a so me years, COVID. - about of that I our January retailers, I for like in We that. was how pieces, were two did team continue be investments going did. to all well labor, stores, recognizing we I’m keep a for hadn’t were and that everybody, back team, people paying of that managed to by they just the today, recognizing difficult we type crystal seen quarter affected was and the of that my one-third doing the were our around I needed at really stores we look third We service organization in our moving month There moving I overtime. clear had very going that

into and I that leverage stated, we’re through clearing of but Brian of the ’XX. ’XX, pressure through when had the for first as Now look definitely quarter we led quarter really point put actually is that it that quarter have fourth coming seeing the but in off quarter, financials, stated the the P&L, fourth I’ve up. it I’m so on by We jumping can invested first we hope you the does retail. pressure at a and

Daniel Imbro

Best of the luck. color, it. Got Appreciate guys.

Michael Broderick

you. Thank

Operator

back Michael you Thank to our any I That Daniel. to closing Broderick hand final would like was question. for remarks.

Michael Broderick

exciting be Well, continues Monro. thank to be of joining to today. time This part you an us for

value stakeholders. to foundation look upon We long to our our of have a term create forward I strong progress. updated on build great to for all keeping you day. Have a

Operator

the of you. day. all This for your rest joining concludes today. you call Thank great thank you you. and We Thank a wish

Monro (MNRO) 19 May 222022 Q4 Earnings call transcript