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SUGOi apparel help push DII Recreational/Leisure segment to new heights
28 May '08
4 min read
Dorel Industries Inc President and CEO, Martin Schwartz, painted an optimistic picture for shareholders attending the Company's annual meeting.
He reported that the Juvenile segment has had a strong start to the year, both in North America and Europe, thanks to Dorel's innovative product development, its diversity of branded products and price points.
Further, the addition of revenue and earnings from newly acquired Cannondale bicycles and SUGOi apparel help push the Recreational/Leisure segment to new heights, and even ready-to-assemble (RTA) furniture's results were significantly better.
"There is a great deal happening at Dorel and we will continue to optimize the results of each of our segments," stated Mr. Schwartz.
2008 has begun with its best quarter ever. For the period ended March 31, 2008, Dorel posted revenue of US$556 million and net income of US$35.1 million or US$1.05 per share.
Growing Juvenile:
The focus on Juvenile, now a US$1 billion business for Dorel, continued to pay off as the segment posted its most successful year ever in 2007. The first quarter of 2008 kept pace with a 20.1% top line growth and an 8.5% gain in earnings from operations.
Dorel is the world's largest juvenile products company in its categories and is further building on this strength. Dorel Europe has been a driving force in Juvenile and again set new records in revenue and earnings during the first quarter due to its innovation and dominant position in the mid-to-high price categories of car seats and strollers.
Mr. Schwartz said the growth is also the result of the increasing cooperation between the US and European Juvenile divisions to maximize opportunities.
"The concurrent U.S. launch last summer of Europe's Maxi Cosi and Quinny higher price-point brands has been an overwhelming hit and highlights the progress we're making with the introduction of Dorel's European-styled products in the U.S.
In 2006 Dorel Juvenile Group USA recorded just $1 million in sales in European products, while this year it is estimated they will do $17 million."
He reported that the Juvenile segment has had a strong start to the year, both in North America and Europe, thanks to Dorel's innovative product development, its diversity of branded products and price points.
Further, the addition of revenue and earnings from newly acquired Cannondale bicycles and SUGOi apparel help push the Recreational/Leisure segment to new heights, and even ready-to-assemble (RTA) furniture's results were significantly better.
"There is a great deal happening at Dorel and we will continue to optimize the results of each of our segments," stated Mr. Schwartz.
2008 has begun with its best quarter ever. For the period ended March 31, 2008, Dorel posted revenue of US$556 million and net income of US$35.1 million or US$1.05 per share.
Growing Juvenile:
The focus on Juvenile, now a US$1 billion business for Dorel, continued to pay off as the segment posted its most successful year ever in 2007. The first quarter of 2008 kept pace with a 20.1% top line growth and an 8.5% gain in earnings from operations.
Dorel is the world's largest juvenile products company in its categories and is further building on this strength. Dorel Europe has been a driving force in Juvenile and again set new records in revenue and earnings during the first quarter due to its innovation and dominant position in the mid-to-high price categories of car seats and strollers.
Mr. Schwartz said the growth is also the result of the increasing cooperation between the US and European Juvenile divisions to maximize opportunities.
"The concurrent U.S. launch last summer of Europe's Maxi Cosi and Quinny higher price-point brands has been an overwhelming hit and highlights the progress we're making with the introduction of Dorel's European-styled products in the U.S.
In 2006 Dorel Juvenile Group USA recorded just $1 million in sales in European products, while this year it is estimated they will do $17 million."
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