The Houston-based retailer, which operates 251 locations across the U.S. and U.K., saw its net income from continuing operations slip to $103 million from $139.8 million in the same period last year. CEO Daryl Kenningham noted that while softening consumer purchasing power impacted the quarterly results, the company met its $50 million annualized expense reduction target for its U.S. operations.
Group 1 is leaning into its cluster strategy to maintain long-term momentum. The company announced a definitive agreement to acquire Hennessy Automobile Companies, a move expected to bolster its presence in the Atlanta market to 15 dealerships. This acquisition, along with other recent purchases, is projected to add significant annual revenue, reinforcing the company's focus on high-volume growth regions even as it continues to divest underperforming assets in the U.K.
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