Boucherville, Québec — Uni-Select has reported its financial results for Q4 2020 and the year ended Dec. 31, 2020.
According to the company, Sales for 2020 were down 15 percent, with performance largely impacted by the pandemic.
Sales for 2020 Q4 were down 11.2 percent compared to the same quarter in 2019—“in line with those of the previous quarter,” and mirroring a “sharp bounce back in the second half of the year,” said Uni-Select in an online press release.
The company also said its automotive aftermarket business fared better than its automotive refinish business in the U.S.—“as expected,” it wrote.
“Looking forward, there remains a great deal of uncertainty related to the global pandemic, the Brexit overhang and ongoing structural changes in the refinish market in the U.S.,” said Brent Windom, president and chief executive officer of Uni-Select. “With the visibility we have as of today, we expect our 2021 consolidated sales and adjusted EBITDA to progressively improve over 2020.
The company also provided an update on its Continuous Improvement Plan, announced in June 2020.
Through the plan, Uni-Select had originally expected cost savings of between $28 million and $30 million by the end of 2020. As of Dec. 31, 2020, annualized savings realized were $30 million, meeting expectations. The company said the savings are mainly attributable to workforce reduction and the integration of 39 company-owned stores.
For more information on Uni-Select’s 2020 fourth quarter and full year financial results, click here.
