Declining bike-product demand contributes to Thule’s Q1 net sales decrease
April 28, 2023
Thule Group’s first-quarter net sales were down 26.6% year-over-year, largely due to declining bike-product demand from retailers lowering inventory levels.
Net sales for the quarter ending in March were SEK 2,226 million ($215.2 million), compared with SEK 3,034 million at the same time last year. Thule’s inventory decreased in the quarter by SEK 158 million, “which was in line with our plans,” said CEO and President Magnus Welander. Bicycle Retailer