Thule Group communicated in the half-year report on July 21 that the general market situation in bike retail, at the time, was unstable with high inventory levels of bikes and bike accessories in the low- to mid-price segment and that the situation could impact the demand for Thule products. The situation has amplified, as bike retailers around the world have reduced their purchases significantly in the third quarter when comparing with the record year 2021. We believe that the chosen approach of the bike retail sector will continue in the near future and therefore impact Thule Group with reduced sales and profitability until next biking season in the spring of 2023.
The Kind + Jugend trade fair taking place on September 8-10 in Cologne, Germany, is one of the leading international juvenile fairs – the perfect place for Thule to announce its entry into a new juvenile product category, infant and toddler car seats. At the trade show Thule will show retailers many new products for next season, such as an innovative air purification solution for the Thule Shine stroller and an update of the entire child bike seat portfolio. Thule will also present Smidiga30, the brand’s concept for a battery-powered bike trailer that utilizes the latest in e-bike technology.
Continued good growth with high margins
Net sales for the quarter amounted to SEK 3,314m (3,229), corresponding to an increase of 2.6 percent. Adjusted for exchange rate fluctuations, sales declined 3.4 percent. Operating income amounted to SEK 817m (886), corresponding to a margin of 24.7 percent (27.4). Net income amounted to SEK 626m (672) Cash flow from operating activities totaled SEK …
Thule Group AB (publ) will present the interim report for the second quarter (April-June), 2022, on Thursday July 21, 2022 at 07:45 a.m. (CET). Following the publication of the report, Thule Group will arrange a conference call with a web presentation.
At today’s Capital Markets Day in Hillerstorp, Sweden, Thule Group presents plans to enter the two new Product Categories – Car Seats and Dog Transport products. The company is also updating the sales growth targets communicated in spring 2021, which the company is tracking well ahead of.