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Thule net sales rise 8% for Q3, driven by European bike-product demand

Published October 27, 2023

STOCKHOLM (BRAIN) — Thule Group third-quarter net sales increased 8% year-over-year with bike-related product demand in the European market boosting the surge.

"This growth should be considered within the context of bike retailers drastically reducing their orders in the year-earlier period in order to manage excessively high inventory levels," said CEO and President Mattias Ankarberg.

Ankarber, who presided over his first quarter as CEO and president after succeeding Magnus Welander, said Thule is amid an ambitious product development phase, investing 6.9% of sales into it. He said despite high development cost, EBIT margin for the quarter was comparable to pre-pandemic levels.

He noted the company's latest premium bike carrier, the Epos, was unveiled in the spring, which "significantly" added to the overall sales growth, especially in Europe, where net sales (SEK 1,689 million) jumped 19.1% year-over-year. In Region Americas, net sales (SEK 622 million) were down 13.7%, even though bike-related sales did grow but at a slower rate than Europe, Thule said.

Overall net sales were SEK 2,311 million ($206 million), compared with SEK 2,139 million at the same time last year. Net income was up 90.3%, from SEK 137 million to SEK 262 million year-over-year, while earnings per share rose from SEK 1.31 to SEK 2.47.

Ankarber said operating cash flow (SEK 838 million) was the highest ever for a single quarter and adding that inventory levels continued to shrink during that time.

Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quotes are at

Topics associated with this article: Earnings/Financial Reports

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