Dorel earnings surge 30%; 1Q RTA sales decline 5.7%
By Furniture Today Staff -- Furniture Today, April 28, 2002
MONTREAL — Dorel Inds. said first-quarter total sales rose 4% to $255 million and earnings surged 29.6% to $15.7 million despite a 5.7% drop in ready-to-assemble furniture sales, mainly due to a sharp dip in orders from bankrupt Kmart, one of its largest accounts.
RTA sales in the quarter were $70.9 million, up 14% from 2001's fourth quarter, although the division's operating earnings dipped 1.4% to $12.5 million from the previous year's first quarter, the company said.
Dorel reports in U.S. dollars.
The home furnishings division saw sales climb 15% to $36.2 million, with operating earnings soaring 436% to $1.6 million. Dorel cited cost-cutting at its Montreal facilities and a return to profitability in futons.
Juvenile division sales advanced 7% to $147.9 million, while earnings from operations increased 3% to $13.9 million.
Dorel said it made no shipments to Kmart in January, although they resumed in February. The company has revamped U.S. distribution, opening two 600,000-plus-square-foot, state-of-the-art distribution centers in Greenwood, Ind., and Ontario, Calif.
Dorel President and Chief Executive Officer Martin Schwartz said, "We are particularly pleased that we were able to surpass last year's exceptionally strong first quarter. This is an important achievement given the challenges we faced in the latter half of 2001. These record results confirm our confidence in a strong 2002."
| Dorel Inds. | |||
|---|---|---|---|
| Owns Ameriwood, Charleswood, Cosco and Ridgewood | |||
| Earnings per share are fully diluted. | |||
| Quarter ended 3/31 | 2002 | 2001 | Change |
| Sales | $254,983,000 | $245,150,000 | 4.0% |
| Operating income | 33,013,000 | 31,318,000 | 5.4% |
| Net income | 15,728,000 | 12,132,000 | 29.6% |
| Earnings per share | 0.55 | 0.43 | 27.9% |
-
Ameriwood helps Dorel in 1Q; profit down 20%
May 25, 2009 -
Dorel Inds. profits drop 14.2% in fourth quarter
Mar 16, 2009 -
Ethan Allen sales up in 2Q, earnings down 9.5%
Feb 17, 2008 -
Masco sales rise 1%, but profit slips 4% in quarter
Nov 19, 2006 -
Culp 2Q sales increase 9%
Dec 2, 2007
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
