Strong sales growth in Dorel Industries’ home division could not offset weaknesses in other segments during the second quarter.
For the three months ended June 30, companywide sales were $611.3 million, down 4.1% from the comparable quarter the previous year. Reported net income was $11.4 million or $0.35 per diluted share, compared to a net loss of $38.6 million or $1.19 per diluted share in the second quarter of 2016.
Revenue for the six months was $1.26 billion, a decrease of 2% compared to $1.28 billion last year. Reported net income for the period was $20.3 million or $0.62 per diluted share, compared to a reported net loss of $21.9 million or $0.68 per diluted share in the first half a year ago.
In the company’s home division, second quarter revenue was up 7.1% to $184.2 million. The growth was driven by sales increases to online retailers, which for the quarter accounted for 53% of total sales in the division. In the second quarter of 2016, online sales accounted for 43% of total sales in the home division.
For the first six months, revenue grew $28.9 million, or 8%, to $388.2 million from $359.3 million in 2016. Online sales for the first half of the year in home accounted for 49% of total division sales.