Boucherville, Québec – Uni-select has released its Q1 results for 2023, announcing on Wednesday that the company has increased its net earnings by $16.7 million, which the company “mainly attributes to price increases.”
“Uni-Select reported solid first-quarter results with all three business units achieving organic growth, mainly attributable to price increases. We are particularly pleased with e-commerce sales in the U.K. and with the performance of our private brands in Canada,” said Brian McManus, CEO of Uni-Select.
This represents a consolidated sales figure of $449.5 million, a 9.7 percent increase when compensating for “unfavorable fluctuation of the British pound and the Canadian dollar against the US dollar.”
Uni-select was acquired by LKQ Corporation on Feb. 26, and anticipates that the acquisition will be complete by the second half of 2023.
Adjusting for inventory obsolescence, stock-based compensation, LKQ acquisition costs, restructuring and the acquisition of GSF Car Parts, the company reports an adjusted net earnings increased by $1.8 million or 8.4 percent to $23.0 million primarily due to higher sales.
