Toronto, Ontario — August 22, 2019 — Uni-Select has released its Q2 report, revealing to investors that its belt-tightening policies are paying-off in a significant way.
“I am pleased with the strong performance of the Canadian Automotive Group and by the execution of the Performance Improvement Plan at FinishMaster U.S.,” said Brent Windom, Uni-Select’s president and CEO. “With regards to FinishMaster U.S., the execution of the PIP is on track with 11 company-owned stores integrated this quarter and we are now confident to realize more savings than originally anticipated.
Windom, who took over the position of CEO in May, has been overseeing PIP–essentially a cost rationalization policy, which had been ongoing since early 2018. So far, it has created annualized savings of $7.8 million. The company plans to save an additional $10 million in identified savings by the end of 2019.
While the average earnings-per-share was down from $.42 to $.15, the business also reports paying down $93.5 million in debt.
Despite lowering its costs, business for the Quebec-based business, which employs more than 6,000 people around the globe, has been on the upswing too. Sales grew by 1.2 percent compared to the same quarter of the previous year, up to $456.2 million.
The full report can be found here.
