Dorel News

Dorel Reports Fourth Quarter and 2023 Year-End Results 

Montreal, Quebec -
  • Dorel Juvenile maintains quarter-over-quarter earnings improvement.
  • Dorel Home posts sequential improvement in results despite challenging consumer environment.
Montréal, March 11, 2024 — Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the fourth quarter and the year ended December 30,2023.  
Fourth quarter revenue from continuing operations was US$350.7 million, up 3.1%, from US$340.3 million a year ago. Reported net loss from continuing operations for the quarter was US$3.8 million or US$0.12 per diluted share compared to US$41.4 million or US$1.27 per diluted share a year ago. Adjusted net income1 from continuing operations was US$0.2 million or US$0.01 per diluted share compared to an adjusted net loss[1] from continuing operations of US$39.8 million or US$1.22 per diluted share for the fourth quarter a year ago.  
Revenue for the full year from continuing operations was US$1.39 billion, down 11.6%, from US$1.57 billion the previous year. Reported net loss from continuing operations was US$62.4 million or US$1.92 per diluted share compared to US$118.9 million or US$3.65 per diluted share a year ago. Adjusted net loss1 from continuing operations for the year was US$58.4 million or US$1.79 per diluted share, compared to US$111.0 million or US$3.41 per diluted share in 2022. 
“Dorel Juvenile continued its trend of quarter-over-quarter earnings improvement in 2023 and delivered its best quarterly adjusted operating profit since the first quarter of 2017. We are gaining market share in our major markets and for the year, revenues grew 2.4% versus the prior year with an adjusted earnings turnaround of almost US$59.0 million.  We are well on our way to getting Juvenile back on a solid footing. Dorel Home’s fourth quarter was disappointing as the furniture market did not rebound as anticipated. Online sales decreased considerably from last year’s levels, but on the bright side, in-store sales were up. In response to the difficult environment we are operating in, we initiated a new cost-reduction program, mostly at Dorel Home which, going forward, will result in annual savings,” stated Dorel President & CEO, Martin Schwartz.



1This is a non-GAAP financial ratio or measure with no standardized meaning prescribed by IFRS and therefore is unlikely to be comparable to similar measures presented by other issuers. Refer to the section “Definition and reconciliation of non-GAAP financial ratios and measures” in this press release.