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Dorel Sports revenue up 11% in Q2

Published August 6, 2021
Company said demand for high-end Cannondales and e-bikes remains strong.

MONTRÉAL (BRAIN) — Dorel Sports — the Dorel Industries division that includes its bicycle businesses — recorded an 11% sales increase in its second fiscal quarter this year, compared to the same quarter last year. Sales in the division totaled $317.3 million for the period ending June 30, compared to $285.6 million last year.

Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi and IronHorse. The company said demand for high-end bikes and e-bikes was strong.

“Given the continuing chaotic supply chain environment, we are very pleased with the second-quarter performance of our businesses," said Dorel's president and CEO, Martin Schwartz. "We are reporting substantially improved earnings while dealing with record increases in container freight rates and higher product costs in many categories. Demand for our products remained robust, but we were not able to fully satisfy consumer needs due to inventory shortages from a lack of ocean container availability. Dorel Sports had a remarkable quarter, again achieving record sales and earnings.  Demand for bikes shows no signs of slowing and Cannondale’s models remain extremely popular in all markets."

Quarterly operating profits for the quarter in the Sports division were up 18%, to $31.7 million. In the first fiscal half, Sports operating profits were up 104%, to $53.5 million; Dorel lost over $600,000 in its first quarter 2020.

Company-wide, Dorel Industries second-quarter revenue was $765 million, compared to $724.0 million in 2020, up 5.7%. Reported net income was $22.2 million or $0.67 per diluted share, compared to $11.1 million or $0.34 per diluted share last year.  

Topics associated with this article: Earnings/Financial Reports

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