Dorel Smokes Its 1st Quarter

May 5, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on May 6, 2010

Ready-to-assemble and juvenile furniture vendor Dorel Industries Inc. (TSX: DII.B DII.A), Montreal, reported record sales and profits for its first quarter of 2010. For the period ended March 31, revenue was up 13.5 percent to US$596.3 million; and net income rose 33.3 percent to US$37.4 million, compared with first quarter 2009.

"Upon announcing our 2009 results this March, we stated that our commitment to product development and market expansion would place us in a leadership position as we entered the year," said Dorel CEO and President Martin Schwartz. "Our performance thus far in 2010 supports this assertion. Organic growth of 9.5 percent points to the success and acceptance of our intense product development efforts. We have experienced strong point-of-sales levels at retailers. At the Cycling Sports Group we added our Independent Bike Dealer brands to more new dealers in any one quarter than ever before. Home Furnishings also continued to post robust results with its value-added products gaining further traction with consumers."

Revenue in Home Furnishings rose 17.3 percent during the first quarter, with increases from the majority of the segment's divisions as they secured new placements at certain of its key customers. In particular, sales of domestic and imported items improved, mainly in the metal folding furniture, bedroom collection and bookcase categories.