Monro, Inc. (NASDAQ:MNRO) Q3 2023 Earnings Call Transcript

Bret Jordan: Okay. And then, I guess, it sounds like the January service has picked up. But did you see anything sort of structural in the demand for the service side of the business? Was it either a feeling that maybe the surge in the prior year or pull forward or lack of weather or anything drove the negative service comp? Or is it just more focused on tires in the quarter, but service picked up in January?

Michael Broderick: I would say that it’s a continuation of our strategy. I mean, we’ve been talking a lot about service over the last years, so having a balanced approach. I’d like to not talk so much about January because it’s only one month, and there’s a lot of things changed. So like when we talked about last quarter, October, had a strong service component. This will be a really important quarter for us as we continue to get this mix right. December was very strong in tires. I would say that we could potentially be going against a soft January from last year. I’m happy to see a double-digit growth in brakes. And that is the expectation going forward is continue to get the balance right. And I like that double-digit number, especially in the service categories.

Bret Jordan: Okay. And then the housekeeping question. Brian, could you give us the monthlies? And is there any regional dispersion to talk about?

Brian D’Ambrosia: Yes. From a regional standpoint, all regions were up, a little bit weaker in the West, but not too meaningful. As it relates to the monthlies, 3.7% in October, 3.5% in November, 10.5% in December as reported, and that gets you to the 5.6%. December would have been 6.5% if you’re looking at the 4.4%.

John Healy: Okay. Great. Thank you.

Michael Broderick: You are welcome.

Operator: We have no further questions for today. So I’ll hand back to CEO, Michael Broderick for any further remarks.

Michael Broderick: All right. Well, thank you for joining us today. This continues to be an exciting time to be part of Monro. We have a strong foundation to build upon to create long-term value for all our stakeholders. I look forward to keeping you updated on our progress. Have a great day.

Operator: Thank you for joining today’s call. You may now disconnect your lines.