Boyd Group Seeing Ill Effects of Pandemic
Aug. 18, 2020—Canada's Boyd Group Services Inc., owner of the Boyd and Gerber collision shop brands, announced its financial results for the three- and six-month periods that ended June 30. The results of the second quarter for 2020 were severely affected by the coronavirus pandemic.
The decline in sales compared to the second quarter of 2019 was drastic, with April through June 2020 seeing a 25.5 percent loss, according to a press release. The same time frame saw a 33 percent decrease in same-store sales, which was due to Canada's slower reopening, according to the results of the report.
Second quarter 2020 net earnings decreased in tandem with sales, resulting in a net loss of $7.1 million, compared to $13.7 million in earnings during the second quarter of 2019.
As of now, third quarter 2020 sales are also seeing a lack of activity, already 15 percent below that of last year.