Toronto, Ontario — According to financial results from the Boyd Group, the parent company of several auto glass and collision chains in North America, the company had a bit of a rough start financially to 2021.
With sales decreasing by 9.9 percent to US$421.6 million from US$467.8 million in the same period of 2020.
Boyd’s U.S. operations saw a 6.5 percent decline in revenues in the first quarter of 2021, compared to 2020. While the company’s Canadian chains saw a 34 percent decrease in revenue.
Boyd says Canada took an even larger hit than the chains in the U.S because its economic reopening has been much slower and since many more health restrictions are in place.
“Early in the pandemic, Boyd moved quickly and decisively to take aggressive action to both preserve liquidity and to reduce expenses in preparation for the demand and revenue decline anticipated as the result of the pandemic, which actions included converting a large number of our production facilities to skeleton staffed intake centers, in most cases staffed with a single employee. In late Q4, we made the decision to ready ourselves for higher post-pandemic demand levels expected in 2021. This included converting all temporary intake centers in the U.S. back to full production centers, thereby adding back most of the expenses that were temporarily eliminated. Our first-quarter results reflect the expense impact of this strategic decision”, said Timothy O’Day, President and Chief Executive Officer of the Boyd Group.
