Monro Muffler (NASDAQ: MNRO) reported Q3 EPS of $0.22, $0.16 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $284.6 million versus the consensus estimate of $299.41 million.

Third Quarter Sales of $284.6 Million

• Improved Performance in December Continued into January with a Comparable Store Sales Increase of 3%
• Year-to-Date Operating Cash Flow of $159 Million compared to $126 Million in the Same Period Last Year
• Completes Acquisition of 17 Stores in Southern California, Representing Expected Annualized Sales of $20 Million

“Our results for the third quarter were impacted by general market conditions and lower labor productivity levels, particularly in the first two months of the quarter. After proactively decreasing staffing at the outset of the COVID-19 pandemic, we quickly ramped up staffing in our stores over the past two quarters as demand returned. As a result, we added approximately 700 new teammates since July that required time to fully ramp. Improving market conditions, as well as the successful onboarding and training of our new teammates led to improved top-line performance in December, which posted the best comparable store sales since the beginning of the pandemic. This has continued into January with a comparable store sales increase of 3%,” said Robert Mellor, Chairman of the Board of Directors and Interim Chief Executive Officer.

Mellor continued, “We remain financially strong and well positioned to execute against all of our growth initiatives and made significant progress during the third quarter. Importantly, we substantially completed the transformation of 104 stores and our rebranded and reimaged stores continue to outperform our chain average. Additionally, we completed the rollout of our store staffing and scheduling optimization tool and tire category management and pricing system, both of which are instrumental in driving profitable growth. Our initiatives are working and we look forward with confidence in our business.”

For earnings history and earnings-related data on Monro Muffler (MNRO) click here.