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Article: 2Q sales decline 21% at Dorel.(Dorel Industries Inc.'s financial news)(Financial report)
- Article from:
- Furniture-Today
- Article date:
- August 17, 2009
- Author:
CopyrightCOPYRIGHT 2009 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Larry Thomas
MONTREAL -- Hurt by losses on foreign currency exchange contracts, Canadian furniture resource Dorel Inds. said its second-quarter profits fell 21%.
The company, a major supplier of juvenile products and ready-to-assemble furniture, said sales for the quarter ended June 30 declined 7.2%.
"Overall, our divisions are performing well, notwithstanding the challenging economy," said Martin Schwartz, president and CEO. "For the second consecutive quarter, we have surpassed our internal earnings forecasts due to the implementation of stringent cost containment measures, a focus on working capital management and a more stable cost ...