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Bike-carrier demand helps propel Thule's 9% Q1 net sales gain

Published April 26, 2024

STOCKHOLM (BRAIN) — Buoyed by Sports & Cargo Carriers, Thule Group's first-quarter net sales increased 8.7% year-over-year.

Sales of Sports & Cargo Carriers, including the largest sub-category bike carriers, jumped 16% compared with the same time last year. Overall net sales of SEK 2,420 ($222 million) for the quarter topped the SEK 2,226 reported last April.

Thule's net sales in the Americas increased 3.4%, with Thule reporting bike-related products also grew in the region.

"The market continued to be tough with cautious retailers and consumers," said CEO and President Mattias Ankarberg. "New Thule products continue to drive sales growth also in a challenging market. As expected, sales for bike-related products performed well, while sales decreased in RV products where the industry is going through a weaker period."

Year-over-year net income went up 9.1%, from SEK 275 million to SEK 300 million. Earnings per share increased 7.9%, from SEK 2.83, compared with SEK 2.73 at the same time last year.

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

Topics associated with this article: Earnings/Financial Reports

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