Uni-Select posts double-digit sales growth

The year kicked off with strong sales for Uni-Select.

The Canadian distributor of automotive aftermarket parts and refinishing products announced the first quarter of 2022 saw consolidated sales up 10.7 per cent with organic growth up 11.6 per cent compared to the same period last year.

Specifically, the Canadian Automotive Group saw sales jump nearly 13 per cent. Organic growth was up 12.2 per cent, which the company said came by way of higher demand and price increases that started in the third quarter of 2021 and continued into the new year.

The company credited a number of drivers behind the “very strong start to the year” for Uni-Select.

“These results reflect improvements in underlying demand, price increases, additional vendor rebates, the benefits generated from operational improvements implemented last year and significant savings on borrowing costs,” said Brian McManus, executive chair and chief executive officer of Uni-Select, in a statement.

“During the quarter, we used our liquidity to support the seasonal increase in working capital requirements and make strategic investments to grow the business.”

The company expects continued improvement around sales and profitability, McManus added.

“However, the magnitude of improvement will likely be greater in the first half of the year due to the timing of certain rebates and as we begin to lap certain operational improvements implemented in the back half of 2021 while continuing to navigate ongoing supply chain and labour issues,” he said.

As for priorities, the company will emphasize organic growth while continuing organizational improvements around its business units. He also noted that “strategic acquisition opportunities” will be explored by the company.

“We are well-positioned to drive the business to the next level given the global market recovery, our healthy balance sheet and the dedication of our team,” McManus said.

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