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

Bike division bolsters Dorel’s Q1 results

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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