Uni-Select reports first-quarter profit and sales down from year ago

BOUCHERVILLE, Que. – Uni-Select Inc. said Wednesday it earned $6.1 million, down from $11 million a year ago, as sales fell.

The distributor of automotive replacement parts, equipment, tools and accessories said the profit amounted to 29 cents per share for the quarter ended March 31 compared with a 51 cents per share a year ago.

Sales slipped to $421.8 million from $445.3 million.

“As anticipated in February, the challenges posed by the implementation of the enterprise resource planning software have had a negative impact on the results of the first quarter even if the problems were resolved at the end of January,” Uni-Select president and chief executive Richard Roy said.

“We are disappointed with such results and are committed to pursue our optimization plan, reducing the level of indebtedness and achieving our sales strategy to diversify and increase market share to improve our performance.”

Last month, the company launched a formal review of its strategic alternatives for its U.S. automotive parts distribution business.

During the quarter, Uni-Select closed seven corporate stores and moved its U.S. national distribution centre within an existing facility.