MONTREAL (BRAIN) — Dorel Sports revenue was up 7.4% in the second quarter, to $241 million, according to a financial report Friday from Dorel Industries, the company’s parent.
Dorel Sports contains the company’s bike brands, Cannondale, Schwinn, Caloi, GT, Mongoose and KidTrax.
The company said that excluding foreign exchange rate fluctuations year-over-year and the sale of its Caloi and Sombio apparel businesses to Louis Garneau last year, organic revenue in Dorel Sports increased 11.1% in the quarter. Six-month revenue decreased $5.6 million, or 1.3%, to $425.6 million due to first quarter softness in its mass merchant business.
Its specialty retail division, Cycling Sports Group, posted high single-digit organic growth in part due to strong sales of e-bikes in Europe. The U.S. IBD channel saw “solid growth thanks to Cannondale launches such as the Treadwell, Topstone and EVO,” the company said.
“Introductions of the model year (20) 20 lineup were earlier than prior years and have received exceptional reviews from both the bicycle media and riders. Caloi was solid with low double-digit organic growth on the back of success in sales to Brazil’s bike sharing program and a better mix due to Cannondale’s growth. Pacific Cycle reversed the first quarter sales decline with double-digit …read more