August 06, 2021
In a strong recovery from last year’s pandemic-stricken June quarter, net income was ¥2,748 million ($25.1 mm) against a loss of ¥1,097 million, on sales that jumped 50% to ¥42,870 million ($391.9 mm) from ¥28,657 million.
Net income swung to a $16,952,000 profit from a $50,975,000 loss in the second quarter, on an 86% jump in sales to $249,586,000 from $134,246,000 that included a 48% increase in direct e-commerce revenue to $88 million, or 35% of the total.
Sales in Dorel’s Sports segment increased 11% to $317,341,000 from $285,636,000, and a 90 basis point improvement in gross margin to 24.5% helped drive an 18% gain in operating income to $31,740,000 against $26,841,000.
FOXF net income more than tripled to $44,275,000 from $13,192,000 on 79% higher sales that hit $328,164,000 up from $183,102,000 including a 64% increase in Specialty Sports Group bike component sales to the OEM channel.
Net income was off by 7% to $8,126,000 in the second quarter ended July 10, from $8,710,000 last year despite a 19% increase in revenues to $99,679,000 from $83,524,000.
The clogmaker is selling $350 million of 4.125% senior notes due 2031, in a private offering, with most of the proceeds earmarked for share repurchases, and the rest for general corporate purposes.
Former Adidas marketing executive James Gatto has petitioned the U.S. Supreme Court for a Writ of Certiorari that would overturn his 2018 wire fraud conviction for making payments to college athletes.