Newspaper article The Canadian Press

Dorel Take US$12.5-Million Q1 Impairment Charge Due to Toy 'R' Us Liquidation

Newspaper article The Canadian Press

Dorel Take US$12.5-Million Q1 Impairment Charge Due to Toy 'R' Us Liquidation

Article excerpt

Dorel hit by Toys 'R' Us American liquidation

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MONTREAL - Dorel Industries Inc. saw its first-quarter profit fall compared with a year ago as it was hit by a US$12.5-million charge related to the liquidation of Toys "R" Us stores in the United States.

In addition, the company says its profitability was hurt by a shift from its stores to online purchases in Chile, production challenges at a Chinese factory, high raw material prices, restructuring costs at its sports division and investments in technology in home furnishings.

The Montreal-based company, which reports in U.S. dollars, said Friday it earned US$4.7 million of 14 cents per diluted share in the period ended March 31, down from $8.8 million or 27 cents per share in the year-ago quarter.

Excluding the impact of Toys "R" Us and other items, Dorel said its adjusted net income was $15. …

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