MONTRÉAL (BRAIN) — Dorel Industries is reporting that its Dorel Sports division recorded a 12.2% increase in revenues last year, its final year before the bike division's sale to Pon Holdings. The acquisition was completed on Jan. 4.
The Sports division had sales of $1.17 billion in the full year that ended Dec. 31, up from $1.04 billion in 2020. Gross profit for the year was $260 million and operating profit was $98.9 million.
In the fourth quarter, sales in the division were up 5.8%.
Dorel Sports includes Cannondale, GT, Schwinn, Mongoose, Fabric and other brands. Dorel used proceeds from the sale to issue a dividend and reduce debt.
Dorel Industries' continuing operations had revenues of $1.8 billion for the year, up 2.4% from 2020. Reported net loss from continuing operations was $111.8 million or $3.44 per diluted share, compared to $64.8 million or $1.99 per diluted share the previous year.
Dorel Industries' continuing operations include its Home division and its Juvenile division.
