that its third-quarter revenues fell to $251-million compared to $273.8-million in the year-ago quarter. The expectation was for revenue to come in at $268-million, according to S&P Capital IQ. Same-store sales fell 11.1 per cent year over year.
Net income was $28.9-million down from $36.5-million a year ago. EPS came in at 79 cents versus 98 cents in the year-ago period. Adjusted net income came in at $32.5-million or 89 cents per share, down from $39.7-million or $1.07 a year ago. The expectation was for adjusted EPS of 97 cents per share. “In Q3, we saw the sentiment in consumer spending change rapidly as the quarter progressed,” CEO Stewart Schaefer said in a release. “Despite a decline in revenues due to consumer uncertainty fueled by rising interest rates and concern of a possible recession, we are very proud of our sustained growth in market share that we have achieved over the past three years.”
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