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Dorel Industries Inc. (DIIBF) Q4 2022 Earnings Call Transcript

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Dorel Industries Inc. (OTCPK:DIIBF) Q4 2022 Earnings Conference Call March 14, 2023 11:00 AM ET

Company Participants

Martin Schwartz - President & CEO

Jeffrey Schwartz - EVP & CFO

Conference Call Participants

Derek Lessard - TD Securities

Stephen MacLeod - BMO Capital Markets


Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Dorel Industries Fourth Quarter 2022 Results Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session and instructions will be provided at that time for you to queue up for questions. [Operator Instructions]

Before turning the meeting over to management, please be advised that this conference call will contain statements that are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. I would like to remind everyone that this conference call is being recorded today, March 14, 2023.

I will now turn the conference over to Martin Schwartz, President and CEO. Please go ahead.

Martin Schwartz

All right. Thank you. Well, good morning, and thank you for joining us for Dorel’s fourth quarter and year-end earnings call for the period ended December 30th. With me today are Jeffrey Schwartz, CFO and Frank Rana, VP of Finance. We'll take your questions following our comments. Again, all figures mentioned during the call are in U.S. dollars.

Our fourth quarter was disappointing. Dorel Home sales were down considerably in all channels and pretty much all product categories as our major retail partners continue to reduce their ordering due to their high stock positions. In addition, excess inventory across the entire industry resulted in discounting to move higher cost inventory, further pressuring profitability. This combination of less favorable pricing and significantly reduced overhead absorption at our factories severely reduced Q4

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