“As we entered the fourth quarter we had anticipated a challenging sales environment,” Genuine chairman and chief executive officer Tom Gallagher said in a release. “That said, we are pleased with the positive underlying sales growth in our automotive business as well as the solid industry fundamentals supporting our growth initiatives.”
When the currency impact is taken out, the company’s sales improved, Gallagher said. For instance, automotive group sales were down 2 percent because of a 5 percent currency headwind. But core growth was up 2.5 percent with slight growth from acquisitions.