Why Monro Stock Was Sliding This Week
A disappointing earnings report and some notable changes in governance were dinging the stock of auto parts retailer Monro (NASDAQ: MNRO). They helped drive the company's shares down by almost 9% as of early morning Friday week to date, according to data compiled by S&P Global Market Intelligence.
It's rare for a stock to get hot after it posts a lackluster set of quarterly figures, and Monro was not an exception. On Thursday it published its earnings results for the fourth quarter of fiscal 2023; despite same-store sales rising at a nearly 5% clip in the face of macroeconomic challenges, net income saw quite a notable drop.
Additionally, the auto parts retailer missed analyst estimates not only on the top and bottom lines, but also with its first-quarter revenue guidance. Investors can absorb misses on trailing earnings, but disappointment with future periods is often far more dispiriting.
Source Fool.com
