HomeWorld Business Magazine, homeworldbusiness.com | The Newspaper For Housewares Decision Makers

Login
Sign-Up

Subscribe to our
Digital Edition

Ameriwood Drives Q1 Home Furnishings Sales Growth At Dorel

Posted 5/7/2009 - 10:23:20 AM

These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!

First-quarter sales in the home furnishings division at Dorel Industries were up driven by continued sales growth of RTA furniture sales from Ameriwood.

Sales in the division for the period ended March 31 were $109.8 million, up 2.8% from the same period the previous year. According to Dorel officials, sales growth in the home furnishings division— its best since the fourth quarter of 2007— was driven by higher RTA furniture sales as consumers continue to seek value-added products. Much of that sales growth stemmed from strong sales at mass merchant and DIY retailers.

The company also reported that efforts to improve sales at Cosco Home & Office are bringing results, but no specifics were provided. While Dorel expects Cosco to lose money in 2009, plans are on track for a return to profitability next year.

Despite the sales growth in home furnishings, total company sales for the quarter were down 5.5% to $525.2 million. Net income was $28 million, down from net income of $35.1 million in the same quarter the previous year. All figures are in U.S. dollars.