STOCKHOLM (BRAIN) — Thule Group's net sales rose 7.9% year-over-year in the third quarter aided by last year's Quad Lock acquisition. Organically, sales declined 4%.
Net sales for the quarter were SEK 2,528 million ($242 million), compared with SEK 2,344 million at the same time last year. In the North America region, Thule said it is addressing the impact of increased tariffs but also launching new bike carriers. In the fourth quarter, it plans to unveil the Xscape, which will transport skis, surfboards, rooftop tents and other equipment on pickup trucks.
Year-over-year Sport & Cargo Carrier sales were down 6% organically in the third quarter with sales of seasonal products being affected by retailers cautious about stock level replenishment at the end of the summer season, Thule said. Sport & Cargo Carriers accounted for 53% of total third-quarter sales.
North America net sales were up 10% to SEK 611 million, but sales in the region organically were down 5.3%.
"Challenges clearly remain with the North American market, but we are focusing on what we can influence and, each quarter, the development is going in the right direction," said Mattias Ankarberg, Thule CEO and president. "The market has not yet shown signs of recovery, with consumers and retailers remaining cautious in both Europe and North America."
Year-over-year net income increased 4.6%, from SEK 300 million to SEK 314 million. Earnings per share increased 2.6%, from SEK 2.84 to SEK 2.91.
In the third quarter, Thule opened a new joint sourcing office in Shenzhen, China, bringing Thule and Quad Lock colleagues together.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote is at Marketwatch.com.
