STOCKHOLM (BRAIN) — Thule Group fourth-quarter net sales declined 10.6% year-over-year with CEO Magnus Welander blaming reduced bike product demand from retailers who lowered inventory after large preseason orders.
Net sales for the quarter were SEK 1,651 million ($157.9 million), compared with SEK 1,846 million at the same time last year. For 2022, net sales decreased 2.4%, from SEK 10,138, compared with SEK 10,386 million in 2021. Bike products made up 41% of all sales during the year.
In the Region Americas, year-over-year sales dropped 33.7% after currency adjustment in the quarter.
"It is worth noting that the pandemic year of 2021 was an exceptionally strong year in the bike industry in general, and that we also captured market shares in 2021 as a result of our competitors having more significant issues with meeting the demand increase," Welander said.
Fourth-quarter net income amounted to an SEK 16 million loss, compared with an SEK 154 million gain year-over-year. Earnings per share for the quarter was minus SEK 0.15, compared with plus SEK 1.47 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 Marketwatch.com.
