Thule’s sales increased during first quarter 2006 by 39.6% to SEK 905 million ($116.5 mm) compared to SEK 649 million ($93.9 mm). Organic sales increased 17.3%. Operating profit before one-off items increased by 58% to SEK 94 million ($12.1 mm) compared to SEK 59 million ($8.5 mm) last year. The company reported a strong winter season with excellent sell through and good pre-seasonal bookings in all five divisions.

“After the slow start in 2005 Thule experienced during the first quarter for 2006 a very strong demand in all five divisions. Thule’s proven ability to deliver products in line with the seasonal requirements on a broad geographic scale are the cornerstones for our organic growth throughout the year,” said CEO Anders Pettersson. “Our North American operations continued to gain ground in all channels and sold during the first quarter 31% more than during first quarter 2005.”

Thule’s North American subsidiary reported sales of $17.1 million compared $13.0 million during the first three months of 2006, an increase of 31%.

The strong increase is due to the slow start for the division during 2005 combined with the strong sales development during the first three months of 2006 in all channels, especially the automotive channel, which returned to a more normal demand level within the rooftop box segment.

Product innovations such as Load & Go cargo management fuelled sales in the outdoor channel. Sales directly to the car manufacturers’ aftermarket organizations (OES) have picked up and the division has received excellent marks in important customer supplier ratings.

Division Europe/Asia reported sales of SEK 356 million ($45.8 mm) compared to SEK 209 million ($39.9 mm) during the first quarter, an increase of 70% including the sales for the acquired company Omnistor.

According to Thule management, the long winter season boosted sales in Germany, France, and the UK. Other markets performed in line with expectations with the exception of Asia, where sales were somewhat weaker than planned. Lower inventory levels at retail triggered earlier deliveries for the upcoming summer season, especially the demand for new rear-mounted bike racks.

The Thule Group has an annual growth target of 10% consisting of a mixture of both organic and acquired growth. Thule is well on its way to double the size of the company until 2007, as it is stated in the strategic plan, through the combination of continuous good organic growth and further acquisitions such as the recent one, Pewag.