RTTNews | Mar 10, 2021 10:04AM EST

10:03 Wednesday, March 10, 2021 (RTTNews.com) - Driven Brands Holdings Inc. (DRVN) shares are down more than 5 percent on Wednesday morning trade continuing a bearish trend, as the company reported 3.4 percent decline in same-store sales. For the fourth quarter, the company reported narrower net loss, on revenue growth.

The quarterly net loss for the automotive services company was $7.49 million, compared to $10.59 million in the prior year. On a per-share basis, loss narrowed to $0.06 from $0.12 in the previous year.

Revenue for the quarter increased 58 percent to $288.51 million from $182.70 million in the prior year. The revenue growth was primarily driven by the acquisition of International Car Wash Group in the third quarter, which added 939 stores to the group.

The shares have been showing a downtrend after reaching a year-to-date high in the second week of February.Currently, shares are at $27.61, down 5 percent from the previous close of $28.93. For the 52-week period, the shares have traded in a range of $23.53-$35.56 on average volume of 899,834.

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