Dorel profit jumps 30% in qtr.
By Furniture Today Staff -- Furniture Today, November 25, 2001
MONTREAL — Canadian manufacturer Dorel Inds. posted a third-quarter sales gain of 12.6%, with net income jumping more than 30% compared with the year-earlier period. Sales in the quarter were $233.5 million and profits reached $10.3 million.
Sales for the first nine months were $697.3 million, up 28.2% from the comparable 2000 period, and profits rose 15.8% to $32.5 million compared with $28.1 million a year ago.
Dorel, which produces ready-to-assemble furniture, home furnishings and juvenile products, said RTA sales in the quarter were up 9.1% to $66.1 million and up 4.6% to $186.1 million for the first three quarters of the year.
Martin Schwartz, president and chief executive, said the company was especially pleased with the RTA increases. "We believe we are the only RTA producer that has been able to post increases in both sales and earnings," he said. "Clearly we have made gains during this difficult economic period at the expense of our competitors."
Home furnishings sales increased 17.1% to $42.6 million in the quarter, and nine-month sales were up 17.6% to $116.2 million. Dorel said pricing pressure on futons contributed to lowered margins and profitability in this sector compared with 2000 results.
Citing the continuing weak economy, Dorel lowered its estimate of annual earnings for 2001 to $1.40 to $1.50 per share from $1.60 to $1.65 per share. Last year, earnings per share were 60 cents.
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