MONTREAL — Dorel Industries, which has a Dorel Juvenile USA location in Columbus, released its earnings for the first quarter of 2023 on Friday.
Revenue from the first quarter from continuing operations was $333.2 million, down 22%, from $428 million last year. The reported net loss from continuing operations was $31.5 million or $0.97 per diluted share compared to the reported net loss of $27.2 million or $0.84 per diluted share a year ago. The adjusted net loss from continuing operations for the first quarter of 2022 was $24.8 million or $0.76 per diluted share.
“The environment in which our segments operate remains challenging as retailers are very cautious about inventory and replenishment orders. In the “Home” segment, this is compounded by consumers remaining reluctant to spend their disposable income on furniture. 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. 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. The path to recovery for “Home” is longer, but we expect our retail partners to begin ordering on a more regular cadence in the near future,” stated Dorel CEO/President, Martin Schwartz.
