STOCKHOLM (BRAIN) — Thule Group's first-quarter net sales decreased 3.4% with the North America region dropping 13.8%.
Net sales for the quarter were SEK 2,573 million ($277 million), compared with SEK 2,662 million at the same time last year. Thule noted that 7.3% of the decrease is from exchange rate fluctuations, and organically, sales increased by 3.9%.
"The market remained challenging overall, particularly in North America," said President and CEO Mattias Ankarberg.
North America net sales were SEK 479 million with Thule saying the region has cautious retailers and consumers with Canada performing better than the U.S. The region accounted for 19% of all sales in the quarter.
Product-wise, Sport & Cargo Carriers accounted for the most sales (SEK 1,244 million) and also represented the biggest growth drop (7%).
Quarterly net income increased 10.2%, from SEK 266 million to SEK 293 million. Earnings per share increased by the same percentage from SEK 2.46 to SEK 2.71.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote is at Marketwatch.com.
