STOCKHOLM (BRAIN) — Thule Group reported a year-over-year 2.6% net sales increase, saying global supply chain challenges, the Russian invasion of Ukraine, and raw material price increases continue to affect its operations.
Net sales for the second quarter were SEK 3,314 million ($326 million), compared with SEK 3,229 million. (Adjusted for exchange rate fluctuations, sales declined 3.4%.) Net income decreased 7% year-over-year, from SEK 672 million to SEK 626 million. Earnings per share for the quarter was SEK 5.99, compared with SEK 6.43.
In the Region Americas, Thule reported lower bike-related sales compared with the same time last year. Thule said it has increased overall inventory levels with uncertainty surrounding global supply chains. "This way, we can ensure our continued ability to manage significantly longer lead times," said Thule President and CEO Magnus Welander. "The inventory build-up consists of components and high-volume products."
Next year, Thule plans to launch new products in the car seat and dog transport categories.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote is at Marketwatch.com.
