BikeBiz Bicycle and cycling retail news
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.
