Valvoline reports significant improvement in May vs. April sales
Valvoline Inc. (NYSE: VVV), a leading worldwide supplier of premium branded lubricants and automotive services, said it has seen “sequential sales and volume improvements” across all segments in May, as compared to April, with lubricant volume rising by 33%.
Quick Lubes’ weekly system wide same-store-sales (SSS) improved each week for the past nine straight weeks, ending the last week of May flat compared to the same period last year. May weekly shipments in its core market North America have reached pre-COVID-19 levels, the company said. In the International segment, volume in China is beginning to stabilize at pre-COVID-19 levels, while other regions are beginning to recover, the company added.
“I’m proud of the way that we’ve weathered the most difficult phase of the COVID-19 crisis to date, and recent results indicate that we are firmly on the road to recovery,” said Sam Mitchell, CEO. “As we communicated during our Q2 earnings call, we have a strong and resilient business model and are seeing improving trends across our segments as miles driven rebounds.
“I’m very encouraged by the rapid recovery in our Quick Lubes segment driven by outstanding in-store execution of our stay-in-your-car customer service experience. Looking forward, we are optimistic about continued improvements as we restore our marketing and advertising spending.”
The company provided this business update to give continued visibility into its performance during the global Covid-19 crisis, including topline financial results through May 2020, on June 4.