Bike division bolsters Dorel's Q1 results

Cannondale and GT and the rest of Cycling Sports Group performed well for Dorel
Publish date:

Dorel Industries Inc. of Canada today released results for the first quarter ended March 31, 2011. Revenue reached $607.8m, up 1.9 percent from $596.3m a year ago. Net income was $31.2m, compared to last year’s $38.2m. 

Dorel CEO and President Martin Schwartz said:

“A highlight of the first quarter results is the momentum of the company’s bicycle business, particularly in the IBD channel. Improved earnings in that segment were offset by a challenging retail environment for our US juvenile products business."

Dorel makes child seats and home furnishings, as well as bicycles.

"The $18.8m or 10.3 percentincrease in Recreational/Leisure sales was entirely organic, with operating profit improving by 17.9 percent," said Schwartz.

Revenue growth was above 25 percent in the IBD channel, said a Dorel financial statement.

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