Brief: Thule Group Expects Reduced Sales, Profitability Until Spring 2023

Thule AB

12/09/2022 09:21

Sept 12(Reuters) - Thule Group AB  THULE.ST :
    * SAID ON SUNDAY, PROVIDED TRADING UPDATE ON IMPACT OF
CURRENT
MARKET SITUATION WITHIN BIKE RETAIL SECTOR
    * COMMUNICATED IN THE HALF-YEAR REPORT ON JULY 21 THAT THE
GENERAL
MARKET SITUATION IN BIKE RETAIL, AT THE TIME, WAS UNSTABLE WITH
HIGH INVENTORY LEVELS OF BIKES AND BIKE ACCESSORIES IN THE LOW-
TO MID-PRICE SEGMENT
    * IT ALSO SAID THEN THAT THE SITUATION COULD IMPACT THE
DEMAND FOR
THULE PRODUCTS
    * SITUATION HAS AMPLIFIED, AS BIKE RETAILERS AROUND THE
WORLD HAVE
REDUCED THEIR PURCHASES SIGNIFICANTLY IN Q3 COMPARED TO RECORD
YEAR 2021
    * BELIEVES THAT CHOSEN APPROACH OF BIKE RETAIL SECTOR WILL
CONTINUE IN NEAR FUTURE AND THEREFORE IMPACT THULE GROUP WITH
REDUCED SALES AND PROFITABILITY UNTIL NEXT BIKING SEASON IN
SPRING OF 2023

        
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