Monro, Inc. (MNRO) shares dropped by over 16% in pre-market trading on Thursday, settling at $21.80. This decline followed the release of the company's fourth-quarter results, which fell short of analysts' expectations.
Adjusted earnings for the fourth quarter were reported at $0.21 per share, missing the Thomson Reuters consensus estimate of $0.30 per share.
Despite a rise in net income to $3.7 million or $0.12 per share, compared to $0.4 million or $0.01 per share in the same period the previous year, sales were down by 0.2%, falling to $310.1 million from $310.8 million. The market had anticipated revenues of $320.24 million for the quarter.
Monro's stock had closed at $25.96 on Wednesday, representing a 1.78% decline. Over the past year, the stock has fluctuated between $22.72 and $44.11.
