Select Kingdom saw its net profit decline in the first quarter

Uni-Select (TSX: UNS) announced Wednesday that it recorded in the first quarter net earnings of $ 6.1 million, a decrease compared to the $ 11 million the same period a year ago, with sales declining .

Distributor of parts replacement, equipment, tools and accessories for motor vehicles has specified that its net income for the three month period ended March 31 had settled at 29 cents per share, against 51 cents per share a year earlier.

Income of the company amounted to $ 421.8 million, down from 445.2 million to those of the first quarter of 2012.

The president and CEO of Uni-Select Officer, Richard Roy, noted that, as planned in February, challenges arising from the implementation of an integrated ERP had a negative effect on the results of the firm in the first quarter, even though the problems had been resolved at the end of January.

Mr. Roy added that management was not satisfied with these results and remained determined to pursue his plan optimization at reducing the level of debt of the company and realize its sales strategy to diversify and increase its market share walk in order to improve its performance.

Last month, Uni-Select has undertaken a review of its strategic options regarding its distribution activities of automotive parts in the United States.

During the first quarter, Uni-Select has carried out the closure of seven corporate stores and the transfer of its national distribution center in the United States within an existing warehouse.

A Toronto Stock Exchange on Wednesday after-noon, the Uni-Select shares were worth $ 20.60, down 10 cents compared to their previous closing price.