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Thule hits financial and environmental goals for 2015

Published April 1, 2016

STOCKHOLM (BRAIN) — Thule Group AB hit its financial goals for annual sales growth and EBIT margin for 2015, and exceeded its goal for the proportion of the energy used in its factories coming from renewable sources.

In its annual financial and sustainability report released Friday, the publicly traded Swedish company reported net sales of 5,320 million Swedish Kronas ($656 million) in 2015, up 5.1 percent over the previous year when adjusted for currency changes. The company's target had been 5.0 percent.

Thule Group also sale underlying EBIT margin of 16 percent for the year, beating its target of 15 percent.

And by transitioning three more factories to renewable electricity, and switching one of its Swedish facilities to biogas for heating, the company now gets 73 percent of its electricity from renewable sources. It's goal for the year had been 60 percent. Thule now has a goal of getting 100 percent of electricity from renewables by 2020.

Thule spent 2015 adjusting to slowing sales in its electronics bags category, while launching many new products in new categories, including strollers, child bike seats, bike bags and hiking backpacks. It also sold off its motor trailer, towing and snow chain divisions in the year, moving its focus to "products that inspire a healthy and active lifestyle."

Thule saw a small decline — 1.8 percent — in the proportion of its sales in the Americas last year, with an increase in sales to Europe and the rest of the world. Sales in the Americas now account for 35 percent of Thule's business.

Thule Group also reported that it paid its president, Magnus Welander, 12,864,000 Kronas ($1.6 million) last year, including pension expenses.

Topics associated with this article: Earnings/Financial Reports

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