Thule’s Profits Bounce Back in Third Quarter

October 28, 2023

Thule Group reported a strong recovery in earnings in the third quarter as sales rose 8.0 percent. Sales in the North American region decreased 15 percent on a currency-neutral basis.

The Sweden-based maker of outdoor and transportation products reported net sales for the quarter amounted to SEK 2,311 million ($205.8 mm) against SEK 2,139 million a year ago. Adjusted for exchange rate fluctuations, sales rose 0.8 percent.

Operating income amounted to SEK 359 million ($32 mm), up 86.0 percent against SEK 193 million a year ago, corresponding to a margin of 15.5 percent against 9.0 percent a year ago. Adjusted for exchange rate fluctuations, the operating margin increased 5.2 percentage points. SGB Media