MONTREAL, Quebec (BRAIN)—Dorel's third quarter recreational/leisure revenue increased 18.8 percent to $172.5 million compared to $145.2 million last year for the same time period.
Year-to-date revenues are up 12.5 percent to $569.1 million from $505.7 million last year, according to a press release. Excluding the impact of new business acquisitions and foreign exchange variations on the segment's non-U.S. based businesses, the segment's organic revenue increase was approximately 13 percent for the quarter and 8 percent year-to-date. Increases, both in Europe and North America, were in the mass merchant and independent bike dealers (IBD) channels, as increased promotional activity and successful new model introductions are driving sales.
Schwinn has seen important gains due to new launches and a concentrated advertising campaign which will resume later this month, and a strong end to the year is anticipated. Cannondale's intensified research and development activities have led to the introduction of several new models, including the Cannondale E-Series electric bike, the Super X, one of the world's lightest mountain bikes and the CAAD 10, according to the press release. As announced, the Cycling Sports Group has significantly increased its commitment with Liquigas Sports and its sponsorship of a professional cycling team. The team has had a successful year, winning two of the three major UCI Grand Tours. Effective January 1, 2011, Cannondale will become co-sponsor of the newly named Liquigas-Cannondale Pro Cycling Team. Sugoi will also become a sponsor, by providing the team with its newly designed uniforms.
