The Boyd Group Fund, based in Winnipeg, Canada, and parent company to Gerber Collision & Glass and Glass America, reported its first quarter financial results for the three-month period that ended March 31.
According to the report, despite facing unfavorable weather conditions, the company reported a sales increase of 8.2 percent to $ 277.8 million USD ($378.9 million CAD) compared to $256.9 million USD ($350.4 million CAD) in 2016. Adjusted net earnings increased to $10.2 million USD ($13.9 million CAD), up 8.6 percent from $9.4 million USD ($12.8 million CAD) the previous year.
“As stated in our Q4 2016 earnings results, the extremely warm and dry weather conditions we experienced in many of our markets, combined with currency headwind, had an adverse impact on our results this quarter,” said Brock Bulbuck, CEO of the Boyd Group.
The report stated same-store sales increased by 1.2 percent, and currency negatively impacted sales by $8.8 million USD ($12.0 million CAD).
In addition, the company added eight new locations throughout the U.S. since January 1, 2017, and two subsequent locations following the end of Q1.
“Despite the impact of weather and currency in the quarter, our overall results show that the business is robust and has been built to withstand fluctuations in regional market conditions,” added Bulbuck. “We remain committed to achieving targeted growth by continuing to focus on acquiring both single and multi-location businesses, developing new stores and growing same-store sales.”