STOCKHOLM (CEREBRAL) – Driven by Sports & Cargo Carriers, Thule Group’s first quarter net sales increased 8.7% year-on-year.
Sales of Sports & Cargo Carriers, including the largest subcategory bike carriers, jumped 16% compared to the same time last year. Overall net sales of SEK 2,420 ($222 million) for the quarter surpassed the SEK 2,226 reported last April.
Thule’s net sales in the Americas increased by 3.4%, with Thule saying that bicycle products also grew in the region.
“The market continued to be tough with retailers and cautious consumers,” said CEO and President Mattias Ankarberg. “Thule’s new products continue to drive sales growth even in a challenging market. As expected, sales for bicycle products performed well, while sales decreased in RV products where the industry is going through a weaker period.”
Year-over-year net income grew by 9.1%, from SEK 275 million to SEK 300 million. Earnings per share increased 7.9%, from SEK 2.83, compared to SEK 2.73 at the same time last year.
Thule’s corporate headquarters is in Stockholm. Its stock trades on OTCMKTS under the symbol THULE. Thule’s stock quote is here Marketwatch.com.
