STOCKHOLM (BRAIN) — Thule Group saw sales growth of 6 percent in the first quarter, reporting its strongest sales in Europe. The company introduced new products in several categories in the quarter and announced a reorganization of its North American distribution structure.
The 6 percent sales increase to SEK1.38 million ($173 million) was after currency adjustments. Net sales were up 5.5 percent. The company said its Sport & Cargo Carrier and Outdoor & Bags segments were its strongest in the quarter, while its division that offers bags for electronics was "more challenged."
In Europe, Thule launched a new version of its ProRide, which the company said is the world's best-selling roof-mounted bike carrier. It also launched the new VeloSpace, a tow-bar mounted bike carrier for heavy e-bikes.
In the Americas, sales declined by 4 percent in the quarter due to continued soft sales of electronics bags and weak overall sales in Latin America.
Thule opened a new roof box plant near Chicago during the quarter and also opened a new third-party distribution center in the Western U.S. The company said the new DC is the first step in a reorganization of its North American distribution structure that will take place over the next 18 months.
