Thule Group reported net sales for the third quarter reached SEK 1.34 billion, up 3.0 percent in currency-neutral terms, as sales of new bike racks, strollers and packs easily offset lower sales of camera bags Case Logic.
Net sales at Thule's Outdoor&Bags segment, which generated nearly 84 percent of Thule's revenue during tge quarter, totaled SEK 1.22 billion, up 12.4 percent (+2.7 percent c-n). That consisted 6.2 percent currency-neutral growth in Europe & Rest of World, and a -2.7 percent currency-neutral decline in sales in the Americas.
“In the US we continued…to be impacted by a strong negative trend in Bags for Electronic Devices, primarily in camera bag sales, affected by the decline in camera sales,” explained Thule President and CEO Magnus Welander. “In addition, we have also lost shelf space at some of the larger US retail chains in electronics and office supplies. We are continuing to work intensively with new product launches, in parallel with the cost-saving program we presented in the second quarter, to turn around the trend for this category.”