"Total sales -- $293.4 million, a decrease of 4%, driven by the impact of 145 store closures, partially offset by higher comparable store sales. Comparable store sales -- Increased 1.2%, with comp growth of 4% in November and 1% in December, after a decline of 2% in October. Tire category performance -- Sales rose 5%, though unit volume declined by 1%, indicating price or mix as the main driver."
"Gross margin -- Increased by 60 basis points to 34.9%, with the improvement attributed mainly to lower material and occupancy costs, partly offset by higher technician labor costs. Operating income -- Reached $18.6 million (6.3% of sales) compared to $10 million (3.3% of sales) in the prior year period. Adjusted operating income (Non-GAAP) -- $10.3 million, or 3.5% of sales, compared to $11.7 million, or 3.8% of sales, in the prior year."
"Total operating expenses -- $83.8 million (28.6% of sales), down from $94.8 million (31% of sales) a year ago, with savings from real estate dispositions and store closures, offset by increased marketing and consulting costs. Real estate proceeds -- Dispositions generated $17.3 million in the third quarter from 32 leases exited and 20 owned locations sold; cumulative proceeds fiscal year to date reached $22.8 million."
Total sales were $293.4 million, a 4% decrease driven primarily by 145 store closures, partially offset by higher comparable-store sales. Comparable-store sales rose 1.2% overall, with growth of 4% in November and 1% in December after a 2% decline in October. Tire sales increased 5% while unit volume fell 1%, signaling price or mix benefits. Gross margin improved 60 basis points to 34.9% mainly from lower material and occupancy costs, partly offset by higher technician labor. Operating income rose to $18.6 million while adjusted operating income and adjusted EPS declined year over year. Inventory fell over $7 million to more than $28 million, and real estate dispositions generated $17.3 million in the quarter. Cash flow from operations generated $48 million.
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