From Home Furnishing Business
Dorel 1Q Income Jumps 11.1%
Dorel Inds. (TSX: DII-B) (TSX: DII-A) reported first quarter net income of $24.8 million, up 11.1 percent compared to net income of $22.3 million reported in the first quarter of last year.
The company's total revenue for the quarter ended March 31 was $647.7 million, a 9 percent increase from revenue of $594.2 million in the first quarter last year.
"All three Dorel business segments improved during the first quarter, with the most dramatic gains in our Recreational/Leisure segment," said Martin Schwartz, Dorel president and CEO. "Sales rebounded at both Cannondale Sports Group (CSG) and Pacific Cycle as the global bicycle market strengthened. Coupled with management's intense restructuring efforts and other cost containment initiatives, operating profit in the segment was up 71 percent over last year's first quarter."
The company's home furnishings segment reported total revenue of $138.1 million for the quarter, up from $135.4 million reported in the first quarter of last year.
Dorel said Internet and drop-ship vendor home furnishings sales did well and made up for a sales decrease at brick and mortar stores.