Dorel Industries reports Q2 adjusted EPS (42c) vs. (51c) last year

Reports Q2 revenue $348.1M vs. $345.2M last year. “Dorel Juvenile has continued its trajectory of growth and improvement. Our profit turnaround is on-going, particularly driven by strong results in North America where our market share has grown for several consecutive quarters. This is also true in our other major market of Europe, where our innovative new product launches are leading the way with our retail partners and consumers. This positive outcome is a testament to our commitment to excellence and innovation. Our Home segment continues to operate in a difficult environment with the ongoing high inflation and interest rates affecting our consumers and the demand for new furniture. As a result, reduced earnings and cash flow projections forced us to record a non-cash impairment loss on goodwill of US$45.3 million in the quarter. Excluding this, our adjusted operating loss1 was similar to prior year second quarter. On a positive note, the Cosco product line of folding indoor furniture, step stools and utility products is growing year-over-year and sales to our brick-and-mortar retailers increased overall. We have also significantly reduced our operating expenses and it remains a focus. We’re excited about our new product listings and we remain committed to improving our operations, focusing on new product development and expanding our market presence,” stated Dorel President & CEO, Martin Schwartz.