MONTRÉAL (BRAIN) — Dorel Industries said Friday that its bike business rebounded in the second quarter with revenue up $15.5 million or 7.4 percent to $224.5 million. Revenue through the first half of the year was up $8.1 million or 1.9 percent to $431.2 million, but remained flat compared to the previous year after removing the impact of foreign exchange rates.
Dorel owns Cannondale, Caloi, GT, Fabric, Schwinn, Mongoose and Charge.
“Dorel Sports rebounded strongly after a tough start to the year, posting solid adjusted results … We overcame the impact of the Toys“R”Us bankruptcy earlier in the year. We are encouraged by the markets’ reaction to our new bicycle and juvenile products. Sell-through has been good over the past few months and more new products are set to launch through the second half, providing optimism for the balance of the year,” said Dorel president and CEO Martin Schwartz, in a statement.
The bike segment rebounded from a difficult start to the year with improved second-quarter adjusted operating profit compared with the first quarter. Compared to 2017, second-quarter revenue growth was more than 10 percent at both Cycling Sports Group (CSG), its IBD brands, and Caloi.
The company said CSG recorded growth …read more