On this page of StockholderLetter.com we present the latest annual shareholder letter from MONRO, INC. — ticker symbol MNRO. Reading current and past MNRO letters to shareholders can bring important insights into the investment thesis.
Annual Report
Fiscal Year 2024
Foundational Progress with Longer-Term Durability
Our Company
Monro operates 1,288 Company-operated stores, 50 Car-X franchised locations and two retread
facilities, providing automotive undercar repair and tire sales and services. The Company generated
approximately $1.3 billion in sales in Fiscal 2024 and continues to expand its national presence through
strategic acquisitions and the opening of newly constructed stores.
The Company operates in 32 states nation-wide with a strong presence in the Northeast, Great Lakes
and Mid-Atlantic regions and a growing presence in the Southern and Western markets. With a focus
RQ VXVWDLQDEOH JURZWK  GXULQJ WKH ODVW   YH \HDUV  ZH KDYH FRPSOHWHG    DFTXLVLWLRQV  DGGLQJ     VWRUH 
locations and approximately $224 million in annualized revenue.
'XULQJ RXU QHDUO\    \HDU KLVWRU\  0RQUR KDV WUDQVIRUPHG IURP DQ H[KDXVW IRFXV WR D ODUJHU R  HULQJ 
of auto repair, and tire sales and service, adapting our business to stay relevant. Now, as we again face
industry change, we are preparing our workforce to service the next generation of vehicles which will
include electric and battery components.
32 states where Monro operates
Map as of March 30, 2024
Monro, Inc.
FY 2024 Annual Report 2
Representative
Brand Portfolio
What We
Offer
One of the nation   s leading automotive
service and tire providers, delivering
best-in-class auto care to communities
across the country, from oil changes,
tires and parts installation to the most
complex vehicle repairs.
FY 2024 By
The Numbers
1,288
Company-operated
stores
32
States
Professionalism and high-quality service
customers expect from a national
retailer, with the convenience and trust of
a neighborhood garage.
+LJKO\ WUDLQHG 7HDPPDWHV DQG FHUWL  HG 
technicians bring together hands
on experience and state-of-the-art
technology to diagnose and address
automotive needs every day to get
customers back on the road safely.
Monro, Inc.
50
Car-X Franchised
locations
2
Retread facilities
FY 2024 Annual Report 3
Our Vision
To be America   s leading auto and
tire service centers, trusted by
consumers as the best place in
their neighborhoods for quality
automotive service and tires. We
do this by exceeding our Guests   
expectations with consistent
value provided by a committed,
knowledgeable organization
of friendly and professional
Teammates.
Our Values
At Monro, our core values serve as the foundation of our decision-making, with health, safety,
environmental, and social responsibility considerations playing an important role in our strategic
planning. We are committed to responsible business practices and continuous improvement of
our operations and our relationships with our Guests, Teammates, investors, vendors, suppliers,
and the communities we serve in order to build long-term sustainable value.
LEADERSHIP
DIVERSITY
INTEGRITY
QUALITY
Having a vision and
the courage to shape
a better future.
We represent the
communities and
Guests we serve.
We are open, honest,
and trustworthy in all
our actions.
What we do, we
do well.
COLLABORATION
OWNERSHIP
URGENCY
SHAREHOLDER VALUE
Teamwork brings
out our best.
A culture that instills
accountability and
empowerment.
We cherish the
truth, initiative, and
winning.
A balanced horizon
and steward of our
people and capital.
Monro, Inc.
FY 2024 Annual Report 4
Our Proven M&A Track Record
0RQUR  V GLVFLSOLQHG DFTXLVLWLRQ DSSURDFK KDV GHOLYHUHG VLJQL  FDQW JURZWK RYHU WKH \HDUV DQG UHPDLQV D 
cornerstone of the Company   s strategy.
Number of Retail Stores
Geographic Presence
Monro has grown over the years
through strategic acquisitions.
Expanded presence in
attractive Western region
with a total of
1,283 1,263
1,306 1,299
1,288
1,197
Since 2015:
32
Acquisitions
DGGLQJ     ORFDWLRQV DQG     0 
revenue (includes wholesale and
retread locations)
121
Retail Stores*
9
New states entered
solidifying presence in our
Southern markets, expanding
into the Western region
2019 2020 2021 2022 2023 2024*
* As of March 30, 2024
Historical Acquisition Activity
Annualized Sales Growth from Acquired Locations
Average acquisition size: 13 stores / ~$19 million
Number of Locations Acquired During Fiscal Year
~$150M
~$120M
~$90M
2016
~$70M
~$70M
47
43
~$35M 35
2015
89
84
80
~$20M 28
2017
2018
~$20M 17
2019
2020
2021
~$6M
2022
5
2023
Monro did not complete any aquisitions in Fiscal 2024
Monro, Inc.
FY 2024 Annual Report 5
 • shareholder letter icon 7/3/2024 Letter Continued (Full PDF)
 • stockholder letter icon 7/6/2023 MNRO Stockholder Letter
 • stockholder letter icon More "Consumer Services" Category Stockholder Letters
 • Benford's Law Stocks icon MNRO Benford's Law Stock Score = 93


MNRO Shareholder/Stockholder Letter Transcript:

Annual Report
Fiscal Year 2024
Foundational Progress with Longer-Term Durability

Our Company
Monro operates 1,288 Company-operated stores, 50 Car-X franchised locations and two retread
facilities, providing automotive undercar repair and tire sales and services. The Company generated
approximately $1.3 billion in sales in Fiscal 2024 and continues to expand its national presence through
strategic acquisitions and the opening of newly constructed stores.
The Company operates in 32 states nation-wide with a strong presence in the Northeast, Great Lakes
and Mid-Atlantic regions and a growing presence in the Southern and Western markets. With a focus
RQ VXVWDLQDEOH JURZWK  GXULQJ WKH ODVW   YH \HDUV  ZH KDYH FRPSOHWHG    DFTXLVLWLRQV  DGGLQJ     VWRUH 
locations and approximately $224 million in annualized revenue.
'XULQJ RXU QHDUO\    \HDU KLVWRU\  0RQUR KDV WUDQVIRUPHG IURP DQ H[KDXVW IRFXV WR D ODUJHU R  HULQJ 
of auto repair, and tire sales and service, adapting our business to stay relevant. Now, as we again face
industry change, we are preparing our workforce to service the next generation of vehicles which will
include electric and battery components.
32 states where Monro operates
Map as of March 30, 2024
Monro, Inc.
FY 2024 Annual Report 2

Representative
Brand Portfolio
What We
Offer
One of the nation   s leading automotive
service and tire providers, delivering
best-in-class auto care to communities
across the country, from oil changes,
tires and parts installation to the most
complex vehicle repairs.
FY 2024 By
The Numbers
1,288
Company-operated
stores
32
States
Professionalism and high-quality service
customers expect from a national
retailer, with the convenience and trust of
a neighborhood garage.
+LJKO\ WUDLQHG 7HDPPDWHV DQG FHUWL  HG 
technicians bring together hands
on experience and state-of-the-art
technology to diagnose and address
automotive needs every day to get
customers back on the road safely.
Monro, Inc.
50
Car-X Franchised
locations
2
Retread facilities
FY 2024 Annual Report 3

Our Vision
To be America   s leading auto and
tire service centers, trusted by
consumers as the best place in
their neighborhoods for quality
automotive service and tires. We
do this by exceeding our Guests   
expectations with consistent
value provided by a committed,
knowledgeable organization
of friendly and professional
Teammates.
Our Values
At Monro, our core values serve as the foundation of our decision-making, with health, safety,
environmental, and social responsibility considerations playing an important role in our strategic
planning. We are committed to responsible business practices and continuous improvement of
our operations and our relationships with our Guests, Teammates, investors, vendors, suppliers,
and the communities we serve in order to build long-term sustainable value.
LEADERSHIP
DIVERSITY
INTEGRITY
QUALITY
Having a vision and
the courage to shape
a better future.
We represent the
communities and
Guests we serve.
We are open, honest,
and trustworthy in all
our actions.
What we do, we
do well.
COLLABORATION
OWNERSHIP
URGENCY
SHAREHOLDER VALUE
Teamwork brings
out our best.
A culture that instills
accountability and
empowerment.
We cherish the
truth, initiative, and
winning.
A balanced horizon
and steward of our
people and capital.
Monro, Inc.
FY 2024 Annual Report 4

Our Proven M&A Track Record
0RQUR  V GLVFLSOLQHG DFTXLVLWLRQ DSSURDFK KDV GHOLYHUHG VLJQL  FDQW JURZWK RYHU WKH \HDUV DQG UHPDLQV D 
cornerstone of the Company   s strategy.
Number of Retail Stores
Geographic Presence
Monro has grown over the years
through strategic acquisitions.
Expanded presence in
attractive Western region
with a total of
1,283 1,263
1,306 1,299
1,288
1,197
Since 2015:
32
Acquisitions
DGGLQJ     ORFDWLRQV DQG     0 
revenue (includes wholesale and
retread locations)
121
Retail Stores*
9
New states entered
solidifying presence in our
Southern markets, expanding
into the Western region
2019 2020 2021 2022 2023 2024*
* As of March 30, 2024
Historical Acquisition Activity
Annualized Sales Growth from Acquired Locations
Average acquisition size: 13 stores / ~$19 million
Number of Locations Acquired During Fiscal Year
~$150M
~$120M
~$90M
2016
~$70M
~$70M
47
43
~$35M 35
2015
89
84
80
~$20M 28
2017
2018
~$20M 17
2019
2020
2021
~$6M
2022
5
2023
Monro did not complete any aquisitions in Fiscal 2024
Monro, Inc.
FY 2024 Annual Report 5



shareholder letter icon 7/3/2024 Letter Continued (Full PDF)
 

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