![]() ![]() In both Europe and the U.S, e-commerce sales continue to grow significantly year-over-year. In Europe, the revenue improvement was in most markets and all key channels, despite a reduction in revenue from the network security incident. decline was due to lower brick and mortar sales. market, one-half of which was due to the reduction in revenue from the network security incident. Organic revenue 1 decreased by 5.6% year-over-year, after removing the impact of varying foreign exchange rates, with the most significant decline being in the U.S. Refer to the section “Definition and reconciliation of non-GAAP financial ratios and measures” in this press release.įirst quarter revenue was US$200.0 million, down US$16.5 million or 7.6%, from US$216.6 million a year ago. (1) This is a non-GAAP financial ratio or measure with no standardized meaning prescribed by IFRS and therefore is unlikely to be comparable to similar measures presented by other issuers. The path to recovery for Home is longer, but we expect our retail partners to begin ordering on a more regular cadence in the mid-to-near future,” stated Dorel CEO & President, Martin Schwartz.įirst Quarters Ended March 31 (unaudited) Looking forward, we expect a positive turnaround in Juvenile as soon as the second quarter as we have introduced some of our best new products in years with several more to come. We were unable to ship in certain locations, from several days up to two weeks, but we are now fully operational and have shipped most of the delayed orders. This resulted in a reduction in sales and net income of US$13.0 million and US$4.0 million respectively. As previously disclosed, both Dorel Home and Dorel Juvenile were affected by a late-quarter network security incident which prevented shipping. Major retailers also struggled to keep proper in-stock levels on shelves which limited sales opportunities. ![]() We also saw some market weakness in Juvenile in North America which masked the fact that we gained market share in many of our categories. In the Home segment, this is compounded by consumers remaining reluctant to spend their disposable income on furniture. “The environment in which our segments operate remains challenging as retailers are very cautious on inventory and replenishment ordering. Activate your Online Access Now Article content If you are a Home delivery print subscriber, unlimited online access is included in your subscription.
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