BOUCHERVILLE, QUEBEC -- Uni-Select has reported sales of $373.9 million for the fourth quarter of 2008, an increase of 32.1 percent compared to sales of $283 million in 2007. The increase in sales for the company is primarily due to the various acquisitions completed in recent quarters. Net earnings increased to $14.8 million, or 75 cents per share, in the fourth quarter of 2008 compared to $13 million or 66 cents per share last year, an increase of 13.3 percent.
For the year ended Dec. 31, 2008, sales were $1.3 billion, an increase of $149 million or 12.7 percent over the same period last year. The consolidated operating margin has increased by $12.5 million to 7 percent compared to 6.8 percent in 2007. Net earnings increased 12.4 percent, to reach $46 million or $2.33 per share compared to net earnings of $41 million or $2.07 per share in 2007. Excluding the impact of non-recurring costs related to store closures in lesser performing markets, net earnings for the year would have been $2.37 per share and 79 cents for the quarter.
"2008 was a good year performance wise as we were able to meet the objectives of increasing the net revenue, optimizing our asset base, reducing our expenses and successfully integrating the businesses acquired during the last few years. These objectives were met despite the challenging economic situation in North America" said Richard Roy, president and chief executive officer of Uni-Select Inc. "In this 40th year of our foundation, we remain optimistic as to our results for 2009. We will benefit from a full year of sales and synergies derived from our acquisitions completed in 2008 and the continued improvement of our operating margins throughout our network. The closure of a few stores in 2008, in areas with lesser potential, is a reflection of our asset management guidelines. While, the reduction of the asset base and the disposal of specific stores will once again be on the agenda for 2009.
“I would like to take this opportunity to thank our employees for their contribution throughout the year. Their dedication enabled us to pursue our growth in Canada as well as in the United States. More than 237 Parts Depot independent customers out of 242 have changed over to the Auto-Plus trademark and programs during the fourth quarter. This latest acquisition increased our customers to 2,550 and the number of stores serviced to more than 3,500," added Roy.
