Dorel's leisure division sees 7 per cent drop in Q1 revenue

Dorel Industries has been the owner of Pacific Cycle since February 2004.
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According to a company statement, first quarter recreational evenue decreased 7 per cent to $77.2m compared to last year's$83.1m. Earnings from operations dropped 19.1 per cent to $7.1 from $8.7.

"The sales decrease was due to lower bicycle sales through the mass merchant channel where a major customer chose to reduce on-hand inventory levels, impacting orders in the first quarter. It is believed that this customer will return to more normal inventory levels," said the company statement.

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