STOCKHOLM (BRAIN) — MIPS third-quarter net sales increased 10% year-over-year despite the helmet technology brand saying tariffs in the U.S. market required raising prices to manage costs.
Organic growth was measured at 19% in the quarter, MIPS said, in all of its sub-categories: sports, safety, and motorcycle. Sports, which includes bike helmets, recorded net sales rise of 8%, the eighth quarter in a row of growth.
Overall net sales for the quarter were SEK 135 million ($14.3 million), compared with SEK 123 million at the same time last year. In MIPS' largest sub-category, sports, net sales were SEK 120 million, compared with SEK 111 million at the same time last year. Motorcycle net sales increased 28% and safety 26% during the quarter.
"Despite the challenges consumer goods companies with significant exposure to the U.S. have faced during the year due to major and sudden tariff announcements, we have once again been able to demonstrate the strength of our business model and our offering," said Max Strandwitz, MIPS president and CEO. "We are growing in all three of our categories and are seeing good progress in both the U.S. and Europe. The uncertainty surrounding tariffs for the U.S. market has challenged everyone in our industry, but our customers have generally navigated well in this environment and, among other things, implemented price increases to offset tariff related cost increases, which have been received better than many expected by retailers and consumers."
Net income was SEK 34 million, down 5% from SEK 36 million year-over-year. Earnings per share decreased by the same percentage from SEK 1.37 to SEK 1.29.
MIPS' stock is traded on the Nasdaq Stockholm exchange. Stock quotes are available at nasdaq.com.