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Thule Q4 net sales drop 5%; 2023 sales decline 10%

Published February 9, 2024

STOCKHOLM (BRAIN) — Thule Group's year-over-year net sales for the fourth quarter decreased 5% while yearly sales were down 10% compared to 2022 as bike-related product sales continued to decline.

The Sport & Cargo Carriers category sales were down 19% year-over-year, the largest decrease among Thule's four categories that include RV Products (down 11%), Packs, Bags & Luggage (down 9%), and Juvenile & Pet (down 8%).

Overall fourth-quarter net sales were SEK 1,566 million ($150 million), compared with SEK 1,651 at the same time last year. For the year, net sales were SEK 9,132 million, compared with SEK 10,138 million in 2022.

Region Americas yearly net sales (SEK 2,450 million) declined 19.6%, but direct-to-consumer sales increased 32% and accounted for 15% of all Region Americas' sales.

CEO and President Mattias Ankarberg said despite a challenging market, Thule continues to invest in product development and said 2024 will be its "biggest launch year in Thule Group's history."

Company-wide fourth-quarter net income was SEK 24 million, compared with a loss of SEK 16 million year-over-year. Earnings per share for the quarter was minus SEK 0.23, compared with minus SEK 0.15 at the same time last year.

Thule's net income for 2023 was SEK 1,099 million, compared with SEK 1,275 million in 2022. Earnings per share was SEK 10.45, compared with SEK 12.19.

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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