STOCKHOLM (BRAIN) — Bike helmets continue to lead MIPS' revenue surge during the bike boom with third-quarter net sales increasing 81% year-over-year.
Bike helmets, which fall under MIPS' Sports category, helped the company attain net sales of SEK 185 million ($21.5 million) compared with SEK 102 million during the quarter ending in September. Demand is outstripping inventory, MIPS CEO Max Strandwitz said.
"All over the world, inventory levels in retail remain low and our assumption is that they will not return to normal levels in the immediate future," Strandwitz said.
MIPS' net income went up 110% to SEK 88 million compared with SEK 42 million at the same time last year. Earnings per share jumped 109%, from SEK 1.62 to SEK 3.38.
Strandwitz said the company's Motorcycle category continues to grow, and the Safety category added several new partnerships.
MIPS' corporate headquarters is in Stockholm. Its stock is traded on the Stockholm Stock Exchange under the MIPS symbol. Stock quote at Marketwatch.com.
