Strong glass sales and earnings contributed to a 37.4 percent increase in sales for Boyd Group Income Fund’s second quarter. Canadian-based Boyd Group is parent company to Gerber Collision & Glass, Glass America and others in the United States.
“Boyd’s strong performance in the quarter was driven by acquisition growth and same-store sales growth, including strong glass sales and earnings,” says Brock Bulbuck, president and CEO.
Overall company sales increased to $213.8 million USD ($278.7 million CAD), compared to $155.6 million USD ($202.8 million CAD) in the 2014 period. Same-store sales were up by 4.7 percent.
“The $58.3 million USD ($75.9 million CAD) increase was due largely to the contributions from incremental sales of $36.8 million USD ($48 million CAD) from acquisitions, as well as incremental glass network and other network sales, along with $6.4 million USD ($8.4 million CAD) of same-store sales increases, including foreign exchange,” according to the company’s report.
“In addition, Boyd benefited from favorable currency translation in the amount of $16.2 million USD ($21.1 million CAD) from same-store sales converted at a higher U.S. dollar exchange rate,” based on the report.
“Our three-pronged growth strategy will continue to be a key focus,” says Bulbuck. “This includes growing through adding single locations, increasing same-store sales and strategically acquiring multi-shop operators (MSOs) that will be accretive to our portfolio.”