Monro Inc (MNRO) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to Monro Inc's earnings conference call for the third-quarter of fiscal 2025. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Monro Inc 2025 財年第三季財報電話會議。（操作員指示）

And as a reminder, this conference call is being recorded and may not be reproduced in whole or in part without permission from the company.

需要提醒的是，本次電話會議正在錄音，未經公司許可不得全部或部分複製。

I would now like to introduce Felix Veksler, Senior Director of Investor Relations at Monroe. Please go ahead.

現在我想介紹門羅投資者關係資深總監 Felix Veksler。請繼續。

Thank you. Hello, everyone, and thank you for joining us on this morning's call. Before we get started, please note that as part of this call, we will be referencing a presentation that is available on the investors section of our website at corporate.monro.com/investor.

謝謝。大家好，感謝您參加今天上午的電話會議。在我們開始之前，請注意，作為本次電話會議的一部分，我們將參考我們網站 corporate.monro.com/investor 的投資者部分提供的簡報。

If I could draw your attention to the safe harbor statement on slide 2, I'd like to remind participants that our presentation includes some forward-looking statements about Monro's future performance. Actual results may differ materially from those suggested by our comments today.

如果我可以提請您注意投影片 2 上的安全港聲明，我想提醒參與者，我們的簡報包含一些關於 Monro 未來表現的前瞻性陳述。實際結果可能與我們今天評論所暗示的結果有重大差異。

The most significant factors that could affect future results are outlined in Monro's filings with the SEC and in our earnings release. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

可能影響未來績效的最重要因素已在 Monro 向美國證券交易委員會提交的文件和我們的收益報告中列出。除非法律要求，否則本公司不承擔更新或修改任何前瞻性陳述的意圖或義務，無論其是否由於新資訊、未來事件或其他原因。

Additionally, on today's call, management's statements include a discussion of certain non-GAAP financial measures, which are intended to supplement and not be substitutes for comparable GAAP measures. Reconciliations of such supplemental information to the comparable GAAP measures will be included as part of today's presentation and in our earnings release.

此外，在今天的電話會議上，管理層的聲明包括對某些非 GAAP 財務指標的討論，這些指標旨在補充而不是替代可比較的 GAAP 指標。此類補充資訊與可比較 GAAP 指標的對帳將包含在今天的演示和收益報告中。

Lastly, unless otherwise noted, all references to comparable store sales, category sales and units on today's call will be made on an adjusted for days basis, which adjusts for one fewer selling day in the current year quarter due to a shift in the timing of the Christmas holiday from the fourth quarter in fiscal 2024 to the third quarter in fiscal 2025.

最後，除非另有說明，今天電話會議上提到的可比門市銷售額、類別銷售額和單位數均按天數調整，由於聖誕假期時間從 2024 財年第四季度調整到 2025 財年第三季度，本季度的銷售日數減少了一天。

With that, I'd like to turn the call over to Monro's President and Chief Executive Officer, Michael Broderick.

接下來，我想將電話轉給 Monro 總裁兼執行長 Michael Broderick。

Thank you, Felix, and good morning, everyone. This morning, I'd like to share an update with you on our third quarter accomplishments. After that, I'll outline several objectives that we plan to achieve in the fourth quarter.

謝謝你，菲利克斯，大家早安。今天早上，我想與大家分享我們第三季所取得的成就。之後，我將概述我們計劃在第四季度實現的幾個目標。

Before I begin, I'd like to recognize and thank all of our teammates for their dedication to Monro and our customers. Turning to slide 3, starting with our accomplishments in the third quarter. We drove a sequential improvement in our year-over-year comp store sales percentage change from the second quarter, and returned our business to year-over-year comp store sales growth in the month of December.

在開始之前，我想先感謝我們所有的隊友對 Monro 和客戶的​​奉獻。翻到投影片 3，首先介紹我們在第三季的成就。從第二季度開始，我們的同店銷售額同比變化百分比連續改善，並在 12 月恢復了同比增長。

We believe that our initiatives provide the foundation for continued momentum in our top line performance. Importantly, the year-over-year comp store sales percentage change in both our entire dollar and unit sales improved sequentially from the second quarter, and our entire category sales comp positive in the month of December, with year-over-year growth in unit in the quarter.

我們相信，我們的舉措為我們的營收業績持續成長奠定了基礎。重要的是，我們的整體銷售額和單位銷售額的同比門市銷售額百分比變化從第二季度開始連續改善，並且我們 12 月份的整個類別銷售額同比均呈正增長，本季度單位銷售額同比增長。

We continue to leverage the strength of our manufacturer funded promotions, which allowed us to meet the needs of a value oriented consumer. And now that we've completed the rollout of our ConfiDrive digital courtesy inspection process, we have continued to improve communications and educational selling, that has built trust and further solidified relationships with our customers.

我們繼續利用製造商資助的促銷優勢，這使我們能夠滿足注重價值的消費者的需求。現在，我們已經完成了 ConfiDrive 數位禮貌檢查流程的推出，我們繼續改善溝通和教育銷售，建立了信任並進一步鞏固了與客戶的關係。

ConfiDrive and our oil change offer, as shown on slide 4, allowed us to drive sequential improvement in our year-over-year service category comp store sales percentage change from the second quarter. We drove year-over-year growth in both units and sales dollars for batteries, alignment and front-end shocks.

如投影片 4 所示，ConfiDrive 和我們的換油服務使我們能夠從第二季開始推動同比服務類別同店銷售額百分比變化的連續改善。我們推動了電池、定位和前端減震器的銷售和銷售額的同比增長。

And while we drove sequential improvement from the second quarter in our brake category, we continue to focus on returning this high margin category to unit and sales growth. Consistent with general industry trade down dynamics, our gross margin in the third quarter continued to be impacted by a value oriented consumer that traded down more of their tire purchases to our Tier 3 offerings.

雖然我們從第二季開始推動了煞車類別的連續改善，但我們仍將繼續致力於讓這個高利潤類別恢復單位和銷售額的成長。與一般產業降價趨勢一致，我們第三季的毛利率繼續受到注重價值的消費者的影響，這些消費者將更多的輪胎購買轉向我們的三級產品。

We also increased our level of self-funded promotions to attract value-oriented consumers into our stores. And while this pressured material margins in the quarter, we continue to drive labor optimization and efficiencies through productivity improvements including scheduling, training, and our attachment selling initiatives.

我們也增加了自籌資金的促銷力度，以吸引註重價值的消費者光顧我們的商店。雖然這給本季度的材料利潤率帶來了壓力，但我們仍將繼續透過生產力改進（包括調度、培訓和附件銷售計劃）來推動勞動力優化和效率提升。

We remain committed to sales and unit growth and improving customer accounts, and we are willing to make the necessary price and promotional investments even if it puts pressure on our profitability in the near term.

我們仍然致力於銷售和單位成長以及改善客戶帳戶，並且我們願意進行必要的價格和促銷投資，即使這會在短期內給我們的盈利能力帶來壓力。

Now on to our objectives for the fourth quarter. Our preliminary fiscal January comp store sales are down 1%, adjusted for one additional selling day in the month. This is driven by weakness in tire category sales that were impacted by extreme weather, which resulted in temporary store closures and lower store traffic, partially offset by strength in our service categories, including brakes.

現在來談談我們第四季的目標。我們的 1 月初步財務報告顯示，同店銷售額下降了 1%，這是根據當月增加一個銷售日而做出的調整。這是由於極端天氣影響了輪胎類別的銷售疲軟，導致商店暫時關閉和客流量下降，但包括煞車在內的服務類別的強勁表現部分抵消了這一影響。

We believe the extreme weather in January will benefit us in the coming months. We expect to leverage our initiatives to achieve our fourth quarter objectives, which include improving store traffic trends driven by our value oriented oil change offerings as well as continued growth in tire units, accelerating the performance of our key service categories, utilizing the benefits from ConfiDrive and optimizing labor inefficiencies through continued improvements in productivity and maintaining prudent cost control.

我們相信一月份的極端天氣將對我們未來幾個月有利。我們希望利用我們的措施來實現我們的第四季度目標，其中包括透過以價值為導向的換油服務以及輪胎單位的持續成長來改善商店客流量趨勢，加速我們主要服務類別的表現，利用 ConfiDrive 的優勢並透過持續提高生產力和保持審慎的成本控制來優化勞動力效率低下。

In summary, our initiatives are driving an improvement in our top line results. Our comp store sales trends improved sequentially from the second quarter, and we exited the quarter with year-over-year comp store sales growth in the month of December. This was led by our entire category sales, which comp positive in December, with year-over-year unit growth in the quarter.

總而言之，我們的措施正在推動我們的營業額表現的提升。我們的同店銷售趨勢從第二季開始連續改善，12 月我們實現了同店銷售額年增。這是由我們整個類別的銷售額推動的，12 月份銷售額較去年同期成長，本季銷量較去年同期成長。

While we have more work to do to improve the performance of our high-margin freight category, we drove a sequential improvement in our year-over-year service category comp store sales percentage change from the second quarter, and year-over-year growth in batteries, alignment, and front-end shocks in the quarter.

雖然我們還有很多工作要做，以提高我們高利潤貨運類別的業績，但我們推動了服務類別同店銷售額同比變化百分比從第二季度開始的連續改善，以及電池、校準和前端減震器在本季度的同比增長。

And although our gross margin took a step back in the quarter, we continue to be focused on sales and unit growth and improving customer counts, and are willing to make necessary investments, even if it puts pressure on our profitability in the near term.

儘管本季度我們的毛利率有所下降，但我們仍然專注於銷售和單位增長以及提高客戶數量，並願意進行必要的投資，即使這會在短期內給我們的盈利能力帶來壓力。

We are confident we remain on a path to restore our gross margins back to pre-COVID levels with double-digit operating margins over the longer term, as we return to top line growth. The traction from our initiatives will enable us to achieve our fourth quarter objectives.

我們相信，隨著營收恢復成長，我們將繼續走在恢復毛利率至疫情之前的水平，並在長期內實現兩位數的營業利潤率。我們的舉措將幫助我們實現第四季的目標。

And with that, I'll now turn it over to Brian, who will provide an overview of Monro's third-quarter performance, strong financial position and additional color regarding the remainder of fiscal 2025. Brian?

現在，我將把時間交給 Brian，他將概述 Monro 第三季度的業績、強勁的財務狀況以及有關 2025 財年剩餘時間的更多細節。布賴恩？

Thank you, Mike, and good morning, everyone. Turning to slide 5, our year-over-year comparable store sales percentage change improved 500 basis points sequentially from the second quarter of fiscal 2025. Sales of $305.8 million decreased 3.7% year-over-year, which was primarily driven by a 1.9% decline in comparable store sales, unadjusted for days. Comp store sales decreased 0.8% when adjusted for days.

謝謝你，麥克，大家早安。轉到投影片 5，我們的同比同店銷售額百分比變化與 2025 財年第二季相比連續提高了 500 個基點。銷售額為 3.058 億美元，年減 3.7%，主要原因是未經天數調整的同店銷售額下降 1.9%。以天數調整後，同店銷售額下降了 0.8%。

As Mike just walked through, we returned our business to year-over-year comp store sales growth in the month of December. For reference, comps were down 1% in October, and down 2% in November. We exited the quarter up 1% in December.

正如麥克剛剛介紹的那樣，12 月我們的業務恢復了同比同店銷售額的成長。作為參考，10 月可比銷售額下降了 1%，11 月下降了 2%。12 月份，我們本季的漲幅為 1%。

Tire units were up low single digits in the third quarter, driven by mid-single-digit growth in units during the month of December. We also gained tire market share in our higher margin tiers in the quarter. Comp store sales and approximately 300 of our small or underperforming stores were about 250 basis points higher than our overall comp in the quarter.

第三季輪胎銷售量呈現低個位數成長，主要受 12 月輪胎銷售中個位數成長的推動。本季度，我們還在利潤率較高的輪胎市場中獲得了份額。本季度，我們的同店銷售額和約 300 家小型或業績不佳的商店的銷售額比整體同店銷售額高出約 250 個基點。

Turning to slide 6. Gross margin decreased 120 basis points compared to the prior year, primarily resulting from higher material cost due to mix within tires, and an increased level of self-funded promotions to attract value oriented consumers into our stores, which was partially offset by lower technician labor costs as a percentage of sales.

翻到幻燈片 6。毛利率與上年相比下降了 120 個基點，主要原因是輪胎混合導致材料成本上升，以及為吸引註重價值的消費者進入我們的商店而增加自籌資金的促銷活動，但這被技術人員勞動力成本佔銷售額的百分比下降部分抵消。

Total operating expenses were $94.8 million or 31% of sales as compared to $91.3 million or 28.7% of sales in the prior year period. The increase on a dollar basis was principally due to higher store direct and departmental costs to support our stores.

總營運費用為 9,480 萬美元，佔銷售額的 31%，而去年同期為 9,130​​ 萬美元，佔銷售額的 28.7%。美元金額的成長主要是由於支持我們商店的商店直接成本和部門成本增加所致。

Operating income for the third quarter declined to $10 million or 3.3% of sales. This is compared to $21.4 million or 6.7% of sales in the prior year period. Net interest expense decreased to $4.2 million as compared to $5 million in the same period last year. This was principally due to a decrease in weighted average debt.

第三季營業收入下降至 1,000 萬美元，佔銷售額的 3.3%。相比之下，去年同期的銷售額為 2,140 萬美元，佔 6.7%。淨利息支出從去年同期的500萬美元下降至420萬美元。這主要是由於加權平均債務減少。

Income tax expense was $1.2 million or an effective tax rate of 21.2%, which is compared to $4.2 million or an effective tax rate of 25.8% in the prior year period. The year-over-year difference in effective tax rate is primarily due to state taxes, discrete tax impacts related to share-based awards, and an audit settlement of certain prior year state income tax returns.

所得稅費用為 120 萬美元，有效稅率為 21.2%，而去年同期的所得稅費用為 420 萬美元，有效稅率為 25.8%。有效稅率的同比差異主要歸因於州稅、與股權獎勵相關的單獨稅收影響以及某些前幾年州所得稅申報表的審計結算。

Net income was $4.6 million as compared to $12.2 million in the same period last year. Diluted earnings per share was $0.15. This is compared to $0.38 for the same period last year. Adjusted diluted earnings per share, a non-GAAP measure, was $0.19, and this is compared to adjusted diluted earnings per share of $0.39 in the third quarter of fiscal 2024.

淨收入為 460 萬美元，而去年同期為 1,220 萬美元。每股攤薄收益為 0.15 美元。相比之下，去年同期的價格為 0.38 美元。調整後每股攤薄收益（非 GAAP 指標）為 0.19 美元，而 2024 財年第三季的調整後每股攤薄收益為 0.39 美元。

Please note that the Christmas holiday shift negatively impacted both diluted EPS and adjusted diluted EPS by approximately $0.05 in the third quarter of fiscal 2025. Please refer to our reconciliation of adjusted diluted EPS in this morning's earnings press release and on slide 10 in the appendix to our earnings presentation for further details regarding excluded items in the third quarter of both fiscal years.

請注意，聖誕假期變化對 2025 財年第三季的稀釋每股收益和調整後稀釋每股收益均產生了約 0.05 美元的負面影響。有關兩個財年第三季度排除項目的更多詳細信息，請參閱我們今天上午的收益新聞稿中調整後稀釋每股收益的對賬表以及收益報告附錄中的第 10 張幻燈片。

As highlighted on slide 7, we continue to maintain a strong financial position. We generated $103 million of cash from operations, including $27 million of working capital reductions during the first nine months of fiscal 2025. Our AP to inventory ratio improved to 179% at the end of the third quarter versus 164% at the end of fiscal 2024.

正如幻燈片 7 所強調的，我們繼續保持強勁的財務狀況。我們從營運中產生了 1.03 億美元的現金，其中包括 2025 財年前九個月的 2,700 萬美元營運資金減少。我們的應付帳款與庫存比率在第三季末改善至 179%，而 2024 財年末為 164%。

We received $9 million in divestiture proceeds, as well as $9 million from the sale of our corporate headquarters. We invested $21 million in capital expenditures, spent $30 million in principal payments for financing leases, and distributed $26 million in dividends.

我們獲得了 900 萬美元的資產剝離收益，以及 900 萬美元的公司總部出售收益。我們投資了 2,100 萬美元的資本支出，花費了 3,000 萬美元的融資租賃本金支付，並分配了 2,600 萬美元的股息。

At the end of the third quarter, we had net bank debt of $49 million, a net bank debt to EBITDA ratio of 0.4 times and total liquidity of $521 million. As we have commented earlier and on recent earnings calls, we have made significant progress in several foundational areas, including gross margin expansion in the first nine months of fiscal 2025, inventory optimization by leveraging strong vendor partnerships, and our solid financial position.

第三季末，我們的淨銀行負債為 4,900 萬美元，淨銀行負債與 EBITDA 比率為 0.4 倍，總流動資金為 5.21 億美元。正如我們之前和最近的財報電話會議上所評論的那樣，我們在幾個基礎領域取得了重大進展，包括 2025 財年前九個月的毛利率擴大、通過利用強大的供應商合作夥伴關係進行庫存優化以及穩固的財務狀況。

These foundational improvements, coupled with our market facing initiatives, including our ConfiDrive digital courtesy inspection process, our oil change offer, and focus on approximately 300 of our smaller underperforming stores, as well as our relentless focus on improving the guest experience are setting us up for improved financial performance.

這些基礎性改進，加上我們以市場為導向的舉措，包括我們的 ConfiDrive 數位禮賓檢查流程、我們的換油服務、專注於約 300 家業績不佳的小型商店，以及我們對改善客戶體驗的不懈關注，為我們提高財務業績奠定了基礎。

Now turning to our expectations for the remainder of full year fiscal 2025 on slide 8. Please note that fiscal 2025 is a 52-week year, while fiscal 2024 was a 53-week year that benefited from an extra week of sales in the fourth quarter.

現在轉向投影片 8 中我們對 2025 財年全年剩餘時間的預期。請注意，2025 財年為 52 週，而 2024 財年為 53 週，得益於第四季額外一週的銷售。

We remain focused on sales and unit growth and improving our customer counts, while making the necessary price and promotional investments to do so. We expect to generate at least $120 million of operating cash flow, inclusive of continued working capital reductions in fiscal 2025.

我們將繼續專注於銷售和單位成長以及提高客戶數量，同時進行必要的價格和促銷投資。我們預計將產生至少 1.2 億美元的營運現金流，其中包括 2025 財年持續的營運資本削減。

The strength of our financial position, including our cash flow, positions us to fund all of our capital allocation priorities, including our dividend during the remainder of fiscal 2025. Regarding our capital expenditures, we expect to spend $25 million to $30 million in fiscal 2025.

我們的財務狀況（包括現金流量）強勁，使我們能夠為所有資本配置優先事項提供資金，包括 2025 財年剩餘時間內的股息。關於我們的資本支出，我們預計在 2025 財年支出 2,500 萬至 3,000 萬美元。

And with that, I will now turn the call back over to Mike for some closing remarks.

現在，我將把電話轉回給麥克，請他發表一些結束語。

Thanks, Brian. Our business has long term durability in an industry that remains fundamentally strong. Our initiatives are driving an improvement in our top line results. This along with our cash flow generation will enable Monro to reap benefits as tire volumes continue to recover. We are poised to win with our scale, strategic relationships, and our experienced management team.

謝謝，布萊恩。在一個基本面依然強勁的產業中，我們的業務具有長期的持久性。我們的措施正在推動我們的營業額表現的提升。隨著輪胎銷量的持續回升，這一增長加上我們的現金流產生將使 Monro 獲得收益。憑藉我們的規模、策略關係和經驗豐富的管理團隊，我們已準備好贏得勝利。

With that, I'll now turn it over to the operator for questions.

現在，我將把問題交給接線員。

(Operator Instructions) Seth Basham, Wedbush Securities.

（操作員指示）Seth Basham，Wedbush Securities。

Thanks a lot and good morning. Nice to see the progress on comps and gross profit comps. And we're wondering whether or not we'll continue to see improvement in gross profit comps going forward? Or you plan on accelerating investments in price and promotion, and seeing mix deterioration such that will not be the case. What's the framework to work through?

非常感謝，早安。很高興看到同店銷售額和毛利的進步。我們想知道未來毛利是否會持續改善？或者你計劃加快對價格和促銷的投資，但結果卻不是這樣。要透過什麼樣的框架來運作？

Yeah, related to gross margin. In the quarter, our gross margin declined 120 basis points, that was driven by material cost of 150 basis points, partially offset by a decrease in technician pay of 30 basis points. So the increase in the material costs, as you mentioned, was related to the continued trade down of consumers to our Tier 3 tires as well as our increase of self-funded tire promotions.

是的，與毛利率有關。本季度，我們的毛利率下降了 120 個基點，這是由於材料成本下降了 150 個基點，但技術人員薪資下降了 30 個基點，部分抵消了這一影響。因此，正如您所說，材料成本的增加與消費者對我們的 Tier 3 輪胎的持續降級以及我們自籌資金輪胎促銷活動的增加有關。

Going forward then, we expect similar pressure related to those material costs, given that consumer trade down and higher levels of promotional activity. So we remain committed to sales unit growth and improving our customer counts, and we're going to continue to make necessary price and promotional investments, which we believe this current environment requires.

展望未來，考慮到消費者消費下降和促銷活動水準提高，我們預期這些材料成本也會出現類似的壓力。因此，我們仍然致力於銷售單位的成長和提高客戶數量，並且我們將繼續進行必要的價格和促銷投資，我們相信這是當前環境所需要的。

Got it. Good to hear. And my follow-up question is just around the weather. You mentioned pressure in January because of the weather. Looking back at the full fiscal third quarter, do you think weather was a net benefit or a drag or neutral?

知道了。很高興聽到這個消息。我的後續問題是關於天氣的。您提到一月因天氣原因而出現壓力。回顧整個第三財季，您認為天氣是帶來淨收益、拖累還是中性影響？

Seth, good morning, it's Mike. I would say the third quarter was neutral. And I would say what we experienced in January, the extreme weather, I think it's a good setup going forward, just like it has been. I've been looking for a winter, and we got it. Although we had some disruptions with closed stores that affected our January results mostly focused on tire.

塞斯，早安，我是麥克。我想說第三季是中性的。我想說的是，我們在一月份經歷的極端天氣，我認為這對未來發展是一個很好的開端，就像過去一樣。我一直在尋找一個冬天，現在我們找到了。儘管由於關閉商店而導致了一些混亂，影響了我們一月份的業績，但主要集中在輪胎方面。

We had momentum coming out of December. And our service categories, all our major service categories, including brakes, were actually up and stayed up. So I would say that we have a good setup with winter, and a good set up, really the sequential improvement of our sales. And our team's performance is, obviously, will take us through Q4 and beyond.

我們從 12 月起就一直保持著良好的勢頭。我們的服務類別，包括煞車在內的所有主要服務類別實際上都上漲了，並且保持上漲。所以我想說，我們在冬季有一個良好的準備，而且良好的準備確實使我們的銷售額連續提高。顯然，我們團隊的表現將帶領我們度過第四季及以後。

Got it. Thanks a lot. And great to see the progress.

知道了。多謝。很高興看到進展。

Thanks, Seth.

謝謝，塞思。

Thank you.

謝謝。

David Lantz, Wells Fargo.

富國銀行的戴維‧蘭茨。

Hey, good morning guys, and thanks for taking my questions. So it seems like you're seeing the digital courtesy inspection drive some improvement in service categories. I was curious if you could parse out some of the benefits in a bit more detail and how we should think about the drivers going forward?

嘿，大家早安，感謝你們回答我的問題。因此，您似乎看到數位禮貌檢查推動了服務類別的一些改進。我很好奇，您是否可以更詳細地分析其中的一些好處，以及我們應該如何看待未來的驅動因素？

David, good morning, it's Mike. I've been asked on this call in the past talking about the ConfiDrive and what would be some of the results that we should be looking for. When I look at what ConfiDrive is driven, and I just look at very objectively what the results are.

大衛，早安，我是麥克。過去，有人在這次電話會議上問我有關 ConfiDrive 的問題，以及我們應該尋求哪些結果。當我觀察 ConfiDrive 的驅動力時，我只是非常客觀地觀察其結果。

Our traffic was down, but our average ticket was up, and our average ticket was up. And our average ticket was up driven by our service categories. And so when I look at what we're doing, we're attaching really well. We need more customers, and that's what I'm committed to is driving our customer count, getting low single-digit growth in customers.

我們的客流量下降了，但平均票價卻漲了，平均票價也漲了。我們的平均票價因服務類別而上漲。因此，當我回顧我們所做的事情時，我們發現我們合作得非常好。我們需要更多的客戶，而我致力於推動我們的客戶數量，實現客戶數量的低個位數成長。

But what the team is driving a strong attachment. I see it in batteries. I see it in alignment. I see it in ride control. This is the first time I've talked about this in that specific area. I absolutely -- in Q3, was disappointed in my brake results.

但對團隊的驅動力卻十分強烈。我在電池裡看到了它。我看到它是一致的。我在行駛控制中看到了它。這是我第一次在這個特定領域談論這個問題。我確實——在 Q3 中對我的煞車結果感到失望。

But January, it actually went positive. So all my major service categories are going positive. So from walking away -- ConfiDrive is absolutely delivering what I expected. It's a good process for our customers. It's a good process for Monro and our shareholders.

但一月份，數據其實呈現正成長。所以我所有的主要服務類別都呈現正向態勢。因此從離開開始——ConfiDrive 絕對達到了我的期望。對於我們的客戶來說，這是一個很好的流程。對於 Monro 和我們的股東來說，這是一個很好的過程。

Got it. That's helpful. And then it seems like similar gross margin pressures could continue here near term. Curious if you can help give some color around how we should think about SG&A in the fourth quarter, and if there's any early guardrails for next year?

知道了。這很有幫助。那麼看起來類似的毛利率壓力可能會在短期內持續下去。好奇您是否可以幫助我們了解我們應該如何看待第四季度的銷售、一般和行政費用 (SG&A)，以及明年是否有任何早期的防護措施？

Yeah, as it relates to SG&A, as you saw, we had an increase in SG&A versus the prior year. And the driver of that really was our front shop labor costs, which we also refer to as store manager pay. And the primary driver behind that was just an investment in front shop labor to support that ConfiDrive inspection process.

是的，就銷售、一般及行政費用而言，如您所見，與前一年相比，我們的銷售、一般及行政費用有所增加。而這背後的真正驅動因素是我們店面的勞動成本，我們也稱之為店長薪資。而這背後的主要驅動力只是對前台勞動力的投資，以支持 ConfiDrive 檢查過程。

It's really important as part of the inspection process to have the right resources at the front counter, to deliver the ConfiDrive educational selling process and that guest experience. So we believe we're seeing, obviously, as Mike just commented on the benefits of these investments in our service category sales.

作為檢查過程的一部分，在前台配備合適的資源、提供 ConfiDrive 教育銷售流程和客戶體驗非常重要。因此，我們相信，正如麥克剛才評論的那樣，這些投資對我們服務類別銷售帶來的好處顯然已經顯現。

But going forward, we expect that our G&A expenses will continue to reflect this investment. Of course, we'll continue to find ways to drive productivity improvements in other areas of our G&A spend, but the investment in the front counter will remain.

但展望未來，我們預期我們的一般及行政費用將繼續反映這項投資。當然，我們會繼續尋找方法來提高一般及行政開支中其他領域的生產力，但對前台的投資仍將保留。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Thank you, David.

謝謝你，大衛。

Thank you.

謝謝。

Thomas Wendler, Stephens Inc.

托馬斯溫德勒，史蒂芬斯公司

Hey, good morning, everyone.

嘿，大家早安。

Good morning Thomas.

早上好，湯瑪斯。

You guys saw some continued growth in the Tier 3 tires during the quarter. What does that mix look like now? And then are you still purposely steering customers towards the Tier 3 category with some of the promotions? And is that where your self-fund promotions is focused?

在本季度，你們看到了 Tier 3 輪胎的持續成長。現在這種混合看起來怎麼樣？那麼，您是否仍會透過一些促銷活動有意引導客戶選擇第 3 層類別？這就是你們自籌資金促銷的重點嗎？

Yes. Tom, this is Mike. The mix is in the high 20s on Tier 3. And I would say that we are absolutely driving the customer so they just don't go to Tier 4. There are definitely attributes of Tier 1 through 3 tires that we want to make sure that presenting to the customer.

是的。湯姆，這是麥克。在第 3 層，混合物的含量高達 20 倍以上。我想說的是，我們絕對在推動客戶，所以他們不會選擇 Tier 4。我們肯定希望向客戶展示 Tier 1 至 Tier 3 輪胎的某些屬性。

Just going to cheap tires doesn't feel like the right thing to do for Monro and its customers. What we are -- what I continually emphasize is the fact that when we recommend and we provide strong promotions, the customers see the benefit in that.

對於 Monro 及其客戶來說，僅僅購買廉價輪胎似乎不是正確的選擇。我不斷強調的是，當我們推薦並提供強大的促銷活動時，客戶會看到其中的好處。

And if they're happy with the tires, they live with it for three years, then they come back to us for other services, which are very important to me.

如果他們對輪胎感到滿意，並且使用三年，他們就會回來找我們進行其他服務，這對我來說非常重要。

Perfect. And then for my follow up (multiple speakers) go ahead.

完美的。然後，我的後續問題（多位發言者）請繼續。

It's about when I said high 20s, it's about 30%, just so I -- on the Tier 3.

當我說 20 多歲時，它大約是 30%，所以我 - 在第 3 層。

Okay, perfect. And then for my follow-up, has there been any kind of slowdown in the manufacturer funded promotions?

好的，完美。然後我的後續問題是，製造商資助的促銷活動是否出現了任何放緩？

Not at this point in time. I would say there's nothing changing in the consumer environment, and we have -- we're very focused on making sure the manufacturers come along for this journey, making sure that the industry doesn't (inaudible)

目前還沒有。我想說的是，消費者環境沒有任何變化，我們非常注重確保製造商參與這項進程，確保產業不會（聽不清楚）

All right. Thank you for answering my questions guys.

好的。謝謝你們回答我的問題。

Thank you Tom.

謝謝你，湯姆。

Thank you.

謝謝。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning guys. Could you give us the breakout of traffic comp versus price and the comp in the quarter?

嘿，大家早安。您能否向我們提供本季流量與價格以及價格的對比情況？

Bret, it's Mike. Low single digits down, and up middle single digits, basically up in down traffic, mid-single digits up in ASP, mid-single digits.

布雷特，我是麥克。低個位數下降，中等個位數上升，下行流量基本上升，平均售價中等個位數上升，中等個位數。

Okay, great. And then could you give us an update on where you stand with the ATD? You picked up $9 million of divestiture proceeds. Are they still paying that, I guess what's left to collect? And how is their situation just given liquidity challenges?

好的，太好了。然後您能否向我們介紹一下您在 ATD 方面的進展？您獲得了 900 萬美元的資產剝離收益。他們還在付這些錢嗎？我猜還有什麼要收取的？面對流動性挑戰，他們的處境又如何呢？

Yeah, related to ATD, nothing's changed in terms of our commentary on the last call. We still have $6.8 million of our receivable -- the earnout receivable owed to us. That is going on as part of the current process that they're going through.

是的，與 ATD 相關，就我們對上次通話的評論而言沒有任何改變。我們仍有 680 萬美元的應收帳款——即欠我們的獲利應收帳款。這是他們目前正在經歷的進程的一部分。

And we currently have no reserve against that as our expectation is to collect the full amount. And I would also say that our relationship with ATD remains strong during the restructuring process, and business as usual in terms of operations and deliveries to our stores.

目前我們沒有為此預留任何儲備金，因為我們的期望是收回全部金額。我還要說的是，在重組過程中，我們與 ATD 的關係依然牢固，在營運和向商店發貨方面，業務照常進行。

Okay, great. And then could you talk about regional performance? Obviously, weather has been different across the country, but your west, southeast, northeast and mid-Atlantic, any big dispersion or anything to call out there?

好的，太好了。那麼您能談談地區表現嗎？顯然，全國各地的天氣都有所不同，但是您的西部、東南部、東北部和中大西洋地區有出現大的分散現像或任何值得注意的情況嗎？

Yeah, we were stronger in the south than our consolidated comp. And then in the midwest, northeast and the west were all a little bit weaker than the consolidated comp in the quarter.

是的，我們在南方比我們的合併公司更強大。中西部、東北部和西部地區的經濟表現在本季均略弱於合併後水準。

Okay, great. And I guess oil promotion trends, I think you called out self-funded promotion. I think you talked about oil promotion in the third quarter, going into the fourth quarter. How do you see the broader market there? Is it -- is that category becoming more promotional as peers are trying to drive traffic as well?

好的，太好了。我猜想石油促銷趨勢，我認為你呼籲自籌資金促銷。我想您談到了第三季和第四季的石油促銷。您如何看待那裡的廣大市場？是不是－由於同業也在嘗試增加流量，這個類別的促銷會更強？

I would say that the promotions have always been in place. Most of it has been focused on Monro. We've just gotten more aggressive using our vendor partners, Valvoline, making sure that we are very competitive in the marketplace. And that's what we've been focusing on, starting at the end of really when we announced it in the first quarter of this year.

我想說的是促銷活動一直都在進行。其中大部分內容都集中在 Monro 身上。我們更積極地與我們的供應商合作夥伴 Valvoline 合作，以確保我們在市場上具有強大的競爭力。這正是我們一直關注的重點，從今年第一季末我們宣布這項消息開始。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hey guys, good morning. So my question is maybe a bit repetitive, but I just -- I want to focus on gross margin. So -- and I think this goes back to the question Seth asked initially. But if you look at the progression in gross margin from the fiscal second quarter -- well, like fiscal second quarter, fiscal third quarter, the trend turned more negative or worse.

大家好，早安。所以我的問題可能有點重複，但我只是想專注在毛利率。所以——我認為這又回到了塞思最初提出的問題。但如果你看一下第二財季毛利率的進展——嗯，就像第二財季、第三財季一樣，趨勢變得更加負面或更糟。

So the question out there, I mean, what changed? Is it -- was it just more of an emphasis on this serving this value customer? Or is there something else at play that caused that sort to say, incremental weakness Q2 to Q3? And then I have a follow-up.

所以問題是，什麼改變了？這是不是更強調為這個價值客戶服務？或者是否有其他因素導致第二季至第三季的逐漸疲軟？然後我有一個後續問題。

Brian, what changed was the fact that in May, Monro and I declared on that we were going to get our tires back. Going into that May quarter, we were losing. We were ceding market share Tier 1 through 3 and 4. The customers were shifting down to Tier 4. And we have a strong Tier 4 offering.

布萊恩，改變的是，五月份，蒙羅和我宣布我們要拿回我們的輪胎。進入五月季度，我們陷入了虧損。我們正在失去一至三、四級市場的份額。客戶正在轉向第 4 層。我們有強大的 Tier 4 產品。

So it's not about availability. It's really about price. And we've really leaned into our vendor partners along the way. And it's just a difficult consumer environment. We do see that setup improving, absolutely improving, and we make sure to get the tire business back. And that's a lot of the drag on the gross margin.

所以這與可用性無關。這確實與價格有關。在這過程中，我們確實非常依賴我們的供應商合作夥伴。這確實是一個艱難的消費環境。我們確實看到設置正在改善，絕對在改善，我們確保輪胎業務恢復。這對毛利率造成了很大的拖累。

At the same time, I was not seeing some of our service categories come to life. And I would say now we're starting to see those service categories coming to life. So between the vendors helping us leaning in protecting their brands, and Monro driving a quality inspection process and offering and selling additional services, that's how we're going to restore our margin. And we have that trajectory going back in a healthy place.

同時，我並沒有看到我們的某些服務類別變得活躍起來。我想說，現在我們開始看到這些服務類別變得生動起來。因此，在供應商幫助我們保護他們的品牌，以及 Monro 推動品質檢驗流程並提供和銷售附加服務之間，這就是我們恢復利潤的方式。我們現在的軌跡已經回到了健康的狀態。

Okay. So with that, Mike, and I'm recognizing you haven't really given guidance. But should -- from a gross margin perspective, I recognize there's a lot of moving pieces there. But so should -- is fiscal Q3 the worst of it? I mean do you perceive things getting better from here?

好的。因此，麥克，我認識到你並沒有真正給予指導。但從毛利率的角度來看，我意識到其中有許多變動因素。但應該如此——第三財季是最糟糕的嗎？我的意思是，您是否覺得現在情況會變得更好？

I would say, at this point in time, I like where we came out of our service categories in January, but I don't have a crystal ball, Brian. I would say we're very focused on getting a balanced approach, very focused on getting our vendor partners on board, making sure they protect their brands, making sure that we're growing all our categories and getting our business back, getting our customers back.

我想說，就目前而言，我喜歡我們在一月份的服務類別，但我沒有水晶球，布萊恩。我想說，我們非常注重採取一種平衡的方法，非常注重讓我們的供應商合作夥伴參與進來，確保他們保護自己的品牌，確保我們擴大所有類別，恢復我們的業務，恢復我們的客戶。

And I really do like to see what our brakes are doing right now, and our other -- the attachment strategy that we put in place with ConfiDrive is starting to come to life. Now how that plays on Q4? I look forward to talking about that in a couple of months.

我真的很想看看我們的煞車現在的表現，以及我們與 ConfiDrive 一起實施的其他配件策略開始發揮作用。那麼第四季的情況如何？我期待幾個月後談論這個問題。

Okay. Then my follow -- I guess, my follow-up question. You and Brian, you mentioned this a lot as well, I mean just over time, taking those gross margins back to pre-COVID levels. So I mean the math right now is you're tracking 3 percentage points, maybe 5 percentage points below pre-COVID or historic peaks.

好的。然後是我的後續問題──我想，是我的後續問題。您和 Brian 也多次提到這一點，我的意思是隨著時間的推移，這些毛利率會恢復到疫情之前的水平。所以我的意思是，現在的數字是，你追蹤到的數據比新冠疫情之前或歷史高峰低了 3 個百分點，甚至 5 個百分點。

What are the building blocks to get back there from where we are right now. I mean we talked about this. I mean and there's clearly a cyclical nature with the pressures on the consumer, at least we hope it's cyclical. But we're -- as you think about the bigger building blocks to get back to those historic gross margins.

我們需要哪些基礎才能從現在的位置回到那裡？我的意思是我們討論過這個。我的意思是，消費者面臨的壓力顯然具有周期性，至少我們希望它是週期性的。但是，當您考慮恢復到歷史毛利率的更大基石時。

Yeah, I'll take that, Brian. I think the first thing that we need to see happen is we need to see the pressure on our material costs start to abate. And I think the environment needs to improve for that to occur. So we need to see the trade down impact, the level of promotional activity needs to improve. So that's first.

是的，我接受，布萊恩。我認為我們需要看到的第一件事就是材料成本壓力開始減輕。我認為要實現這一點，環境需要改善。因此，我們需要看到貿易下滑的影響，促銷活動的水平需要提高。這是第一步。

What the second piece is we need top line growth, because really the next leg up in both our technician pay as a percent of sales as well as occupancy cost percent of sales is really related to leverage, fixed cost leverage against the fixed components of both of those lines.

第二點是我們需要實現營收成長，因為實際上，技術人員薪酬佔銷售額的百分比以及佔用成本佔銷售額的百分比的下一步增長實際上與槓桿率有關，即固定成本槓桿率與這兩條線的固定組成部分的槓桿率有關。

So top line growth with some help from the consumer environment on the material costs that would allow us to pull back on promotions or start to see a reversal of the trade down, are really if we get a healthy dose of those two dynamics, we will see our way back to the levels you described.

因此，在消費環境對材料成本的推動下，營收將有所增長，這將使我們能夠減少促銷活動或開始看到貿易下滑的逆轉，如果我們真正獲得這兩種動力的健康作用，我們將會看到回到您所描述的水平。

Got it. Okay, I appreciate all the color. Thanks guys.

知道了。好的，我很欣賞所有的顏色。謝謝大家。

Thanks Brian.

謝謝布萊恩。

Thanks Brian.

謝謝布萊恩。

John Healy, Northcoast Research.

約翰希利 (John Healy)，Northcoast Research。

Thanks for my question. Just wanted to ask a little bit about SG&A levels in the business. I know that posted up a little bit here in Q3. But honestly, you guys have kept those pretty stable over a long period of time. So I was just kind of wondering where we're at in that kind of cycle. And as you drive same-store sales hopefully in fiscal '26, where do you think SG&A grows relative to just that comp store sales number? Thanks.

謝謝你的提問。只是想問一下有關業務中的銷售、一般及行政費用 (SG&A) 等級的問題。我知道這在第三季有所報導。但老實說，你們在很長一段時間內都保持了相當的穩定。所以我只是有點想知道我們處於這種循環的哪個階段。當您希望在 26 財年推動同店銷售額成長時，您認為銷售、一般及行政費用相對於同店銷售額會如何成長？謝謝。

Thanks for the question, John. Yeah, we've talked about the flattish SG&A, as you mentioned over the last few years, really driven by our back office optimization initiatives, which allowed us to completely offset the effects of the inflation had on our G&A costs. They did delever on the lower sales levels, but on an absolute dollar basis, they remain relatively flat.

謝謝你的提問，約翰。是的，正如您在過去幾年中提到的那樣，我們討論了持平的銷售、一般和行政費用 (SG&A)，這實際上是由我們的後台優化舉措推動的，這使我們能夠完全抵消通貨膨脹對我們的 G&A 成本的影響。他們確實在較低的銷售水平上降低了槓桿率，但從絕對美元計算，仍然保持相對穩定。

On a previous question, I talked about the current quarter dynamics really driven by the front shop labor that we've invested in to support the ConfiDrive process. And our expectation for that front shop labor to continue to be in place in order to continue to deliver the benefits that we're seeing in our service category top line.

在先前的問題中，我談到了當前季度的動態，這實際上是由我們為支援 ConfiDrive 流程而投資的前台勞動力所驅動的。我們期望前台勞動力能夠繼續存在，以便繼續為我們的服務類別帶來利益。

I think that's the biggest item that would take G&A up off of a normal inflationary year-over-year growth next year. So ultimately, our goal is to make sure that inflation growth plus the investment we're making in that front shop, it's obviously growing at a lower pace than our top line. And that's how we would plan the business going forward.

我認為這是明年 G&A 費用脫離正常通膨年增率的最大項目。因此，我們最終的目標是確保通貨膨脹的成長加上我們在門市的投資的成長速度明顯低於我們的營業收入的成長速度。這就是我們未來業務的規劃。

Got it. Makes sense. And then I just wanted to ask a little bit about kind of your reference earlier to some of the tire category tiers. You used the phrase Tier 4 a little bit. I was just trying to understand maybe if you look at the different tiers, Tier 1 through 4, maybe what's the difference in price point, kind of high to low? And how does the margin profile from high to low kind of compare for you guys? Thanks.

知道了。有道理。然後我想問一下您之前提到的一些輪胎類別等級。您稍微用到了「Tier 4」這個短語。我只是想了解一下，如果你看一下不同的層級，從 1 層到 4 層，價格點的差異可能是什麼，從高到低？那麼你們的利潤率從高到低的分佈情況是怎麼樣的呢？謝謝。

I'll take that. John, I would say in very simple terms, it's about $20 a difference -- $20 to $30 difference between every tier. But there's a lot of -- just use that as kind of a barometer. And you make -- the margin is stronger, generally in Tier 1, 2, 3.

我會接受的。約翰，我想用非常簡單的話來說，每個層級之間的差異大約是 20 美元——20 到 30 美元。但有很多——只是將其用作一種晴雨表。而且利潤率更高，一般在第 1、2、3 層。

Got it. Thank you guys.

知道了。謝謝你們。

Thank you, John.

謝謝你，約翰。

Thanks.

謝謝。

Thank you. That is now the end of the Q&A session, so I'll hand back over to Michael Broderick for closing remarks.

謝謝。問答環節到此結束，我將把時間交還給邁克爾·布羅德里克 (Michael Broderick) 作結束語。

Thank you for joining us today. This continues to be an exciting time to be part of Monroe. 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.

感謝您今天加入我們。作為門羅的一員，這仍然是一個令人興奮的時刻。我們擁有堅實的基礎，可以為所有利害關係人創造長期價值。我期待向您通報我們的進展。祝你有美好的一天。

This concludes today's call. Thank you for joining everyone. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。