MONRO, INC.
For the period ended Sep 27, 2025. Filed Oct 29, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 27, 2025 · Filed Oct 29, 2025
MNRO$10.95-3.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-28; filed 2025-07-30.
0001562762-25-000184
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-27; filed 2025-10-29.
0000876427-25-000005
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 103 previous paragraphs and 106 current paragraphs.
65 unchanged; 30 reworded; 11 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 23 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Adjusted diluted EPS, a non-GAAP measure, was $0.21.
Current report
Operating income was $12.8 million.
Current report
Net income was $5.7 million.
Current report
Note: Amounts may not foot due to rounding.
Current report
(a)We reopened a store that was temporarily closed in a prior year during the three months ended September 27, 2025.
Current report
Net interest expense of $9.1 million for the six months ended September 27, 2025 decreased $1.1 million compared to the prior year period, and decreased as a percentage of sales from 1.7 percent to 1.5 percent. Weighted average debt outstanding for the six months ended September 27, 2025 decreased by approximately $55.0 million as compared to the prior year period. The weighted average interest rate for the six months ended September 27, 2025 remained relatively flat as compared to the prior year period.
Current report
On July 4, 2025, the “H.R.1: One Big Beautiful Bill Act” (OBBBA) became law. The OBBBA contains a broad range of tax reform provisions with various effective dates affecting business taxpayers. The legislation did not have a material impact on our effective income tax rate for the three and six months ended September 27, 2025, and we do not expect it to have a material impact on our consolidated financial statements for the year ending March 28, 2026.
Current report
(a) Amounts include the closing costs and asset write-offs related to the closure of 145 underperforming stores, in accordance with the Store Closure Plan, net of gains on the sale of closed stores, lease assignments and early lease terminations.
Current report
(a) Amounts include the closing costs and asset write-offs related to the closure of 145 underperforming stores, in accordance with the Store Closure Plan, net of gains on the sale of closed stores, lease assignments and early lease terminations.
Current report
(a) Amounts include the closing costs and asset write-offs related to the closure of 145 underperforming stores, in accordance with the Store Closure Plan, net of gains on the sale of closed stores, lease assignments and early lease terminations.
Current report
Cash provided by operating activities
Removed paragraphs (8)
Previous report
On May 23, 2025, we entered into an amendment (the “Fifth Amendment”) to our Credit Facility, which, among other things, amends the terms of certain of the financial and restrictive covenants in the credit agreement to provide us with additional flexibility to operate our business from the first quarter of fiscal 2026 through the first quarter of fiscal 2027. See additional discussion related to the Fifth Amendment in Note 8 to our consolidated financial statements.
Previous report
Diluted loss per common share was $0.28.
Previous report
Operating loss was $6.1 million.
Previous report
Net loss was $8.1 million.
Previous report
(a) Amount for the three months ended June 28, 2025 includes closing costs and asset write-offs related to the closure of 145 underperforming stores, in accordance with the Store Closure Plan, net of related gains on the sale of owned locations and early lease terminations.
Previous report
(a) Amount for the three months ended June 28, 2025 includes closing costs and asset write-offs related to the closure of 145 underperforming stores, in accordance with the Store Closure Plan, net of related gains on the sale of owned locations and early lease terminations.
Previous report
(a) Amounts, in the periods presented, may be too minor in amount, net of the impact from income taxes, to have an impact on the calculation of adjusted diluted EPS.
Previous report
Cash used for investing activities
Reworded paragraphs (30)
Previous wording
On May 23, 2025, following an evaluation of market segmentation and demographic data specific to geographic areas where our stores are located, our Board of Directors approved a plan to close 145 underperforming stores that we identified to have failed to maintain an acceptable level of profitability (the “Store Closure Plan”). These stores were closed during the first quarter of fiscal 2026. As a result of the store closures, we recorded net store closing costs of $14.8 million during the three months ended June 28, 2025. See additional discussion related to the Store Closure Plan in Note 1 to our consolidated financial statements.
Current wording
On May 23, 2025, following an evaluation of market segmentation and demographic data specific to geographic areas where our stores are located, our Board of Directors approved a plan to close 145 underperforming stores that we identified to have failed to maintain an acceptable level of profitability (the “Store Closure Plan”). These stores were closed during the first quarter of fiscal 2026 and $14.8 million of net store closing costs were recorded during the quarter ended June 28, 2025. During the three months ended September 27, 2025, the Company sold three owned stores, early terminated three leases, and assigned 18 leases to a third party. We received net proceeds of approximately $5.5 million and recorded a net gain of approximately $7.6 million in operating, selling, general and administrative expenses in our Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the quarter ended September 27, 2025. As a result of the store closures, we recorded net store closing costs of $7.2 million during the six months ended September 27, 2025. See additional discussion related to the Store Closure Plan in Note 1 to our consolidated financial statements.
Previous wording
On May 30, 2025, the Company amended its consulting agreement with AlixPartners, LLP (“AlixPartners”), pursuant to which AlixPartners will provide services to implement the plan developed from its detailed assessment of the Company(the “Operational Improvement Plan”). Such services include the previously disclosed Store Closure Plan, improving customer experience and the Company’s selling effectiveness, driving profitable customer acquisition and activation, and increasing merchandising productivity, including mitigating tariff risk. See additional discussion in Note 13 to our consolidated financial statements.
Current wording
On August 18, 2025, the Company entered into Amendment 1 to Addendum 1 of its consulting agreement with AlixPartners, LLP (“AlixPartners”), effective as of July 31, 2025, pursuant to which AlixPartners will continue to provide services to implement the next phase of the plan developed from its detailed assessment of the Company(the “Operational Improvement Plan”) through November 1, 2025. Such services will include store operations and selling effectiveness, marketing and pricing, merchandising and inventory management, customer segmentation and insights. See additional discussion in Note 13 to our consolidated financial statements.
Previous wording
First quarter 2026 included the following notable items:
Current wording
Second quarter 2026 included the following notable items:
Previous wording
Adjusted diluted earnings per common share (“EPS”), a non-GAAP measure, was $0.22.
Current wording
Diluted earnings per common share (“EPS”) was $0.18.
Previous wording
Sales increased 2.7 percent, due to higher overall comparable store sales partially offset by closed stores.
Current wording
Sales decreased 4.1 percent, due to closed stores partially offset by higher overall comparable store sales.
Previous wording
Comparable store sales increased 5.7 percent from the prior year period.
Current wording
Comparable store sales increased 1.1 percent from the prior year period.
Previous wording
Adjusted net income, a non-GAAP measure, was $7.0 million.
Current wording
Adjusted net income, a non-GAAP measure, was $6.6 million.
Previous wording
Adjusted operating income, adjusted net income and adjusted diluted EPS, each of which is a measure not derived in accordance with GAAP, exclude the impact of certain items. Management believes that adjusted operating income, adjusted net income and adjusted diluted EPS are useful in providing period-to-period comparisons of the results of our operations by excluding certain items that are not part of our core operations, such as store closing costs, consulting costs related to the Company’s Operational Improvement Plan, transition costs related to back-office optimization, store impairment charges, corporate headquarters relocation costs and write-off of debt issuance costs. Reconciliations of these non-GAAP financial measures to GAAP measures are provided beginning onpage 18 under “Non-GAAP Financial Measures.”
Current wording
Adjusted operating income, adjusted net income and adjusted diluted EPS, each of which is a measure not derived in accordance with GAAP, exclude the impact of certain items. Management believes that adjusted operating income, adjusted net income and adjusted diluted EPS are useful in providing period-to-period comparisons of the results of our operations by excluding certain items that are not part of our core operations, such as consulting costs related to the Company’s Operational Improvement Plan, store closing costs net of gains on sales of closed stores, lease assignments and early lease terminations, transition costs related to back-office optimization, store impairment charges, write-off of debt issuance costs, and gain on the sale of corporate headquarters net of closing and relocation costs. Reconciliations of these non-GAAP financial measures to GAAP measures are provided beginning onpage 19 under “Non-GAAP Financial Measures.”
Previous wording
Sales include automotive undercar repair, tire replacement and tire related service sales, net of discounts, returns, and revenue from the sale of warranty agreements and commissions earned from the delivery of tires. See Note 7 to our consolidated financial statements for further information. We use comparable store sales to evaluate the performance of our existing stores by measuring the change in sales for a period over the comparable, prior-year period. There were 90 selling days in each of the three months ended June 28, 2025 and June 29, 2024.
Current wording
Sales include automotive undercar repair, tire replacement and tire related service sales, net of discounts, returns, and revenue from the sale of warranty agreements and commissions earned from the delivery of tires. See Note 7 to our consolidated financial statements for further information. We use comparable store sales to evaluate the performance of our existing stores by measuring the change in sales for a period over the comparable, prior-year period. There were 91 selling days in each of the three months ended September 27, 2025 and September 28, 2024, and 181 selling days in each of the six months ended September 27, 2025 and September 28, 2024.
Previous wording
The sales increase was due to an increase in comparable store sales partially offset by a decrease in sales from closed stores. The following table shows the primary drivers of the change in sales for the three months ended June 28, 2025, as compared to the same period ended June 29, 2024.
Current wording
The sales decrease was due to a decrease in sales from closed stores partially offset by an increase in comparable store sales. The following table shows the primary drivers of the change in sales for the three months and six months ended September 27, 2025, as compared to the same periods ended September 28, 2024.
Previous wording
During the three months ended June 28, 2025, comparable store sales increased across our product categories with significant growth in our front end/shocks category, as well as our batteries and brakes categories, each of which experienced significant declines during the three months ended June 29, 2024. The following table shows the primary drivers of the comparable store product category sales change for the three months ended June 28, 2025, as compared to the same period ended June 29, 2024
Current wording
During the three months and six months ended September 27, 2025, comparable store sales increased in our front end/shocks category, as well as our brakes category, each of which experienced declines during the three months and six months ended September 28, 2024. The following table shows the primary drivers of the comparable store product category sales change for the three months and six months ended September 27, 2025, as compared to the same periods ended September 28, 2024.
Previous wording
(a)All 145 stores were closed in the first quarter of fiscal 2026 as a result of the Store Closure Plan.
Current wording
(b)All 145 stores were closed in the first quarter of fiscal 2026 as a result of the Store Closure Plan.
Previous wording
Gross profit, as a percentage of sales, decreased 170 basis points (“bps”) for the three months ended June 28, 2025, as compared to the prior year comparable period. Technician labor costs increased, as a percentage of sales, due primarily to wage inflation. Material costs increased, as a percentage of sales, due primarily to mix within tires and increased levels of self-funded promotions. Partially offsetting these increases was a decrease in occupancy costs, as we gained leverage on these largely fixed costs with higher comparable store sales.
Current wording
Gross profit, as a percentage of sales, increased 40 basis points (“bps”) for the three months ended September 27, 2025, as compared to the prior year comparable period. Occupancy costs decreased, as a percentage of sales, as we gained leverage on these largely fixed costs with higher comparable store sales and benefit from store closures. Material costs decreased, as a percentage of sales, due primarily to better material margin on our service categories. Partially offsetting this was an increase in technician labor costs, as a percentage of sales, due primarily to wage inflation. Gross profit, as a percentage of sales, decreased 70 basis points for the six months ended September 27, 2025, as compared to the prior year comparable period. The decrease in gross profit, as a percentage of sales, was primarily due to increased technician labor, due primarily to wage inflation, and increased material costs, due primarily to mix within tires, partially offset by a decrease in occupancy costs.
Previous wording
The increase of $17.0 million in operating, selling, general and administrative (“OSG&A”) expenses for the three months ended June 28, 2025, from the comparable prior year period is primarily due to store closure costs and consulting costs related to the Operational Improvement Plan. The following table shows the impact of these costs on the change in OSG&A expenses for the three months ended June 28, 2025, as compared to the same periods ended June 29, 2024.
Current wording
The decrease of $2.8 million in operating, selling, general and administrative (“OSG&A”) expenses for the three months ended September 27, 2025, from the comparable prior year period is primarily due to a decrease in store closing costs net of gains on the sales of closed stores, lease assignments and early lease terminations and a decrease in costs from closed stores, partially offset by consulting costs related to our Operational Improvement Plan. The following table shows the impact of these costs on the change in OSG&A expenses for the three months and six months ended September 27, 2025, as compared to the same periods ended September 28, 2024.
Previous wording
Net interest expense of $4.8 million for the three months ended June 28, 2025 decreased $0.4 million as compared to the prior year period, and decreased as a percentage of sales from 1.8 percent to 1.6 percent. Weighted average debt outstanding for the three months ended June 28, 2025 decreased by approximately $62.0 million as compared to the three months ended June 29, 2024. This decrease is primarily related to lower debt outstanding under the Credit Facility as well as lower finance lease debt related to our stores. The weighted average interest rate increased approximately 30 basis pointsas compared to the same period of the prior year.
Current wording
Net interest expense of $4.4 million for the three months ended September 27, 2025 decreased $0.8 million as compared to the prior year period, and decreased as a percentage of sales from 1.7 percent to 1.5 percent. Weighted average debt outstanding for the three months ended September 27, 2025 decreased by approximately $48.9 million as compared to the three months ended September 28, 2024. This decrease is primarily related to lower debt outstanding under the Credit Facility as well as lower finance lease debt related to our stores. The weighted average interest rate decreased approximately 20 basis pointsas compared to the same period of the prior year.
Previous wording
Our effective income tax rate for the three months ended June 28, 2025 was 24.8 percent, compared with 28.5 percent in the comparable prior-year period. The year-over-year difference in effective tax rate is primarily related to the discrete tax impact related to share-based awards and other adjustments, none of which are significant.
Current wording
Our effective income tax rate for the three months and six months ended September 27, 2025 was 32.9 percent and (5.4) percent, respectively, compared with 30.9 percent and 29.7 percent in the comparable prior-year period. The year-over-year difference in effective tax rate is primarily related to the discrete tax expenses impact related to share-based awards and other adjustments, none of which are individually significant.
Previous wording
In addition to reporting operating (loss) income, net (loss) income and diluted (loss) earnings per common share, which are GAAP measures, this Form 10-Q includes adjusted operating income, adjusted net income and adjusted diluted EPS, which are non-GAAP financial measures. We have included reconciliations to adjusted operating income, adjusted net income and adjusted diluted EPS from our most directly comparable GAAP measures, operating (loss) income, net (loss) income, and diluted (loss) earnings per common share, below. Management views these non-GAAP financial measures as indicators to better assess comparability between periods because management believes these non-GAAP financial measures reflect our core business operations while excluding certain items that are not part of our core operations, such as store closing costs, consulting costs related to the Operational Improvement Plan, transition costs related to back-office optimization, store impairment charges, corporate headquarters relocation costs and write-off of debt issuance costs.
Current wording
In addition to reporting operating income, net income (loss) and diluted earnings (loss) per common share, which are GAAP measures, this Form 10-Q includes adjusted operating income, adjusted net income and adjusted diluted EPS, which are non-GAAP financial measures. We have included reconciliations to adjusted operating income, adjusted net income and adjusted diluted EPS from our most directly comparable GAAP measures, operating income, net income (loss), and diluted earnings (loss) per common share, below. Management views these non-GAAP financial measures as indicators to better assess comparability between periods because management believes these non-GAAP financial measures reflect our core business operations while excluding certain items that are not part of our core operations, such as consulting costs related to the Company’s Operational Improvement Plan, store closing costs net of gains on sales of closed stores, lease assignments and early lease terminations, transition costs related to back-office optimization, store impairment charges, write-off of debt issuance costs, and gain on sale of corporate headquarters net of closing and relocation costs.
Previous wording
The other adjustments to diluted EPS reflect estimated annual effective income tax rates of 26.0 percent and 27.2 percent for the three months ended June 28, 2025 and June 29, 2024, respectively. This represents the tax effect of non-GAAP adjustments calculated at an estimated blended statutory tax rate. See adjustments from the Reconciliation of Adjusted Net Income table above for pre-tax amounts.
Current wording
The other adjustments to diluted EPS reflect estimated annual effective income tax rates of 26.0 percent and 27.3 percent for the three months ended September 27, 2025 and September 28, 2024, respectively and 26.0 percent and 27.1 percent for the six months ended September 27, 2025 and September 28, 2024, respectively. This represents the tax effect of non-GAAP adjustments calculated at an estimated blended statutory tax rate. See adjustments from the Reconciliation of Adjusted Net Income table above for pre-tax amounts.
Previous wording
We currently expect our capital expenditures to support our projects, including upgrading our facilities and systems, to be $25 million to $35 million in the aggregate in fiscal 2026. Additionally, we have contractual finance lease and operating lease commitments with landlords through October 2040 for $453.0 million in lease payments, of which $96.1 million is due within one year. For details regarding these lease commitments, see Note 9 to our consolidated financial statements.
Current wording
We currently expect our capital expenditures to support our projects, including upgrading our facilities and systems, to be $25 million to $35 million in the aggregate in fiscal 2026. Additionally, we have contractual finance lease and operating lease commitments with landlords through October 2040 for $442.3 million in lease payments, of which $95.4 million is due within one year. For details regarding these lease commitments, see Note 9 to our consolidated financial statements.
Previous wording
As of June 28, 2025 we had $71.5 million outstanding under the Credit Facility, none of which is due in the succeeding 12 months. For details regarding our indebtedness that is due, see Note 8 to our consolidated financial statements.
Current wording
As of September 27, 2025 we had $60.0 million outstanding under the Credit Facility, none of which is due in the succeeding 12 months. For details regarding our indebtedness that is due, see Note 8 to our consolidated financial statements.
Previous wording
We declared and paid dividends of $0.28 per share totaling $8.7 million for each of the three months ended June 28, 2025 and June 29, 2024.
Current wording
We declared and paid dividends of $0.28 per share totaling $8.7 million for each of the three months ended September 27, 2025 and September 28, 2024 and $0.56 per share totaling $17.5 million and $17.4 million for each of the six months ended September 27, 2025 and September 28, 2024, respectively.
Previous wording
As of June 28, 2025, we had a working capital deficit of $251.2 million, an increase of $4.3 million from a deficit of $246.9 million as of March 29, 2025. The overall working capital deficit is a result of extended payment terms negotiated with certain suppliers. As part of our working capital management, we facilitate a voluntary supply chain finance program to provide our suppliers with the opportunity to sell receivables due from Monro to a participating financial institution subject to the independent discretion of both the supplier and participating financial institution. For details regarding our supply chain finance program, see Note 10 to our consolidated financial statements.
Current wording
As of September 27, 2025, we had a working capital deficit of $268.4 million, an increase of $21.5 million from a deficit of $246.9 million as of March 29, 2025. The overall working capital deficit is a result of extended payment terms negotiated with certain suppliers. As part of our working capital management, we facilitate a voluntary supply chain finance program to provide our suppliers with the opportunity to sell receivables due from Monro to a participating financial institution subject to the independent discretion of both the supplier and participating financial institution. For details regarding our supply chain finance program, see Note 10 to our consolidated financial statements.
Previous wording
As of June 28, 2025, we had $7.8 million of cash and equivalents. In addition, we had $398.4 million available under the Credit Facility as of June 28, 2025, subject to compliance with our covenants.
Current wording
As of September 27, 2025, we had $10.5 million of cash and equivalents. In addition, we had $409.9 million available under the Credit Facility as of September 27, 2025, subject to compliance with our covenants.
Previous wording
For the three months ended June 28, 2025, cash used for operating activities was $1.9 million, which consisted of a net loss of $8.1 million and a change in operating assets and liabilities of $9.2 million, partially offset by non-cash adjustments of $15.4 million. The change in operating assets and liabilities was driven by timing of payments that caused accounts payable to be a use of cash of $21.3 million. This was partially offset by ourinventory being a source of cash of $7.4 millionand accrued expenses being a source of cash of $4.3 million. The non-cash charges were driven by $15.6 million of depreciation and amortization, $1.5 million in loss on disposal of assets and $1.0 million in share-based compensation expense, offset by $2.7 million in deferred income tax expense.
Current wording
For the six months ended September 27, 2025, cash provided by operating activities was $30.4 million, which consisted of a net loss of $2.4 million, offset by non-cash adjustments of $27.1 million, and a change in operating assets and liabilities of $5.7 million. The non-cash charges were largely driven by $30.9 million of depreciation and amortization, as well as $1.2 million in share-based compensation expense, partially offset by a $5.1 million net gain on disposal of assets. The change in operating assets and liabilities was primarily driven by our inventory balance providing a source of cash of $18.0 million. This was partially offset by timing of payments that caused accounts payable and accrued expenses to be a use of cash of $13.4 million.
Previous wording
For the three months ended June 29, 2024, cash provided by operating activities was $25.6 million, which consisted of net income of $5.9 million, increased by non-cash adjustments of $20.9 million, offset by a net change in operating assets and liabilities of $1.1 million. The non-cash charges were largely driven by $17.8 million of depreciation and amortization, as well as $1.6 million in deferred income tax expense. The change in operating assets and liabilities was driven by timing of payments, primarily due to accrued expenses and other current assets being a use of cash of $21.2 million, as well as our inventory balance being a use of cash of $8.1 million. These uses of cash were partially offset by our supply chain finance program being a source of cash as we improved our cash flow by $28.3 million.
Current wording
For the six months ended September 28, 2024, cash provided by operating activities was $88.2 million, which consisted of net income of $11.5 million, increased by non-cash adjustments of $39.0 million and net change in operating assets and liabilities of $37.7 million. The non-cash charges were largely driven by $35.2 million of depreciation and amortization, as well as $3.4 million in deferred income tax expense. The change in operating assets and liabilities was primarily due to our supply chain finance program being a source of cash as we improved our cash flow by $67.5 million. This was partially offset by accrued expenses and other current assets being a use of cash of $17.0 million, as well as our inventory balance being a use of cash of $7.7 million.
Previous wording
Cash (used for) provided by operating activities
Current wording
Cash (used for) provided by investing activities
Previous wording
For the three months ended June 28, 2025, cash used for investing activities was $2.4 million. This was primarily due to cash used for capital expenditures, including property and equipment, of $7.4 million, partially offset by subsequent proceeds from the sale of our wholesale tire locations and distribution assets and proceeds from the disposal of property and equipment of $3.5 million and $1.6 million, respectively.
Current wording
For the six months ended September 27, 2025, cash used for investing activities was $2.4 million. This was primarily due to cash used for capital expenditures, including property and equipment, of $13.1 million, partially offset by subsequent proceeds from the sale of our wholesale tire locations and distribution assets and proceeds from the disposal of property and equipment of $3.5 million and $7.2 million, respectively.
Previous wording
For the three months ended June 29, 2024, cash used for investing activities was $4.2 million. This was primarily due to cash used for capital expenditures, including property and equipment, of $8.9 million, partially offset by subsequent proceeds from the sale of our wholesale tire locations and distribution assets and proceeds from the disposal of property and equipment of $4.4 million and $0.3 million, respectively.
Current wording
For the six months ended September 28, 2024, cash provided by investing activities was $4.6 million. This was primarily due to cash provided by payments from the disposal of property and equipment, including the proceeds related to the sale of our corporate headquarters, for $9.9 million, and cash provided by the earnout payment from the sale of our wholesale tire locations and distribution assets of $8.5 million. This was partially offset by cash used for capital expenditures, including property and equipment, of $13.8 million.
Previous wording
For the three months ended June 28, 2025, cash used for financing activities was $8.7 million. This wasprimarily due to payment of finance lease principal and dividends of $9.8 million and $8.7 million, respectively, as well as deferred financing costs of $0.5 million. These were offset by amounts borrowed on our Credit Facility, net of payments made during the period, of $10.3 million.
Current wording
For the six months ended September 27, 2025, cash used for financing activities was $38.3 million. This wasprimarily due to payment of finance lease principal and dividends of $19.1 million and $17.5 million, respectively, deferred financing costs of $0.5 million, and payments on our Credit Facility, net of amounts borrowed during the period, of $1.2 million.
Previous wording
For the three months ended June 29, 2024, cash used for financing activities was $9.3 million. This was primarily due to payment of finance lease principal and dividends of $9.9 million and $8.7 million, respectively, as well as deferred financing costs of $0.7 million. These were offset by amounts borrowed on our Credit Facility, net of payments made during the period, of $10.0 million.
Current wording
For the six months ended September 28, 2024, cash used for financing activities was $78.5 million, which was primarily due to payments on our Credit Facility, net of amounts borrowed during the period, of $40.0 million, as well as payment of finance lease principal and dividends of $20.0 million and $17.4 million, respectively.