Thule reports Q1 improvements
European sales remaining strong
Thule Group reported first-quarter earnings improved 10.7 percent to SEK 385 million (£33.1m) as revenue increased 10.2 percent to SEK 2.2 billion (£189.4m).
The company’s operating income was SEK 523 million (£45m), a 10.4 percent increase, while margin was 24.3 per cent. After adjustment for exchange rate fluctuations, operating income rose 6.6 percent.
In Europe the rest of the World sales increased 11.7 per cent in the second quarter.
In terms of geographic markets, Thule said France, Germany, Sweden and the Czech Republic reported solid growth.
The expected decline in Thule’s core categories negatively impacted sales in packs, bags and luggage similar to what was seen in Europe and ROW. However, the spring launches in sports bags (including the AllTrail hiking backpack and hydration backpack, Thule Vital) were strong.