Sam Boughedda

Investing.com — Monro Inc (NASDAQ:) announced its fourth-quarter and fiscal 2022 earnings on Thursday, missing quarterly profit expectations.

This automotive company posted a weaker per share than was expected. Monro’s revenue was $328 Million, up 7.4% from the quarter before, but lower than analyst forecasts of $328.43M.

Earnings per share were $0.2, which was $0.46 below the estimates.

Monro stock fell by 7% this Thursday.

Company pointed out Covid-19-related problems impacting the company’s fiscal fourth quarter.

Mike Broderick, president and CEO, stated, “After a 20 percent comparable store sales increase over the first nine months fiscal 2022,” 

Broderick said that the team was working to develop a strategy for fixing underperforming stores and that evidence is already showing that their efforts were paying off.

Monro approved an increase of $0.28 per share for the cash dividend in quarter one. The company also stated that it will not provide fiscal 2023 financial guidance, but will share its views on fiscal 2023 during the earnings call.