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Thule rides bike boom to 45% growth in Q3

Published October 23, 2020

STOCKHOLM (BRAIN) — Thule Group's third-quarter net sales rebounded with a 44.9% increase year-over-year following two previous quarters of decline.

Sales for the third quarter ending in September were SEK 2,436 million ($278 million), up from SEK 1,682 million ($192.1 million) from the third quarter 2019. Adjusted for exchange rate fluctuations, sales increased 52.4%.

The COVID-19 pandemic caused Thule's sales to decrease 4.9% in the first quarter and 11.6% in the second quarter.

"As I communicated in connection with the second-quarter report, we hoped to be able to recover the lost spring season during the summer, and to continue to ride the strong global bike trend that commenced during June," said Magnus Welander, Thule CEO and president. "This was precisely what happened during the third quarter."

Third-quarter operating income was SEK 596 million ($68 million), 140% increase year-over-year. Net income was SEK 449 million ($51.3 million), a 149% year-over-year increase. Earnings per share were SEK 4.32 ($0.49) compared to SEK 1.75 ($0.20) a year ago.

Welander said in addition to bike products, sales in the Americas were boosted by rooftop tents and strollers.

For the first three quarters of this year, Thule's net sales were SEK 6,223 million ($710 million), an increase of 6.8% over last year at this time.

Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote at

Topics associated with this article: Earnings/Financial Reports

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