Brief: Thule Group Q2 Operating Income Falls To SEK 817 Million

Thule AB

21/07/2022 07:11

July 21 (Reuters) - Thule Group AB  THULE.ST :
    * INTERIM REPORT, SECOND QUARTER, APRIL-JUNE 2022
    * Q2 NET SALES SEK 3,314 MILLION VERSUS SEK 3,229 MILLION
YEAR AGO
    * Q2 OPERATING INCOME SEK 817 MILLION VERSUS SEK 886 MILLION
YEAR
AGO
    * IN 2023, THULE PRODUCTS WILL BE LAUNCHED IN MARKET
SEGMENTS OF
CAR SEATS AND DOG TRANSPORT PRODUCTS
    * Q2 NET INCOME SEK 626 MILLION VERSUS SEK 672 MILLION YEAR
AGO
    * THESE TWO PRODUCT AREAS WILL BE REPORTED TOGETHER WITH
OTHER
PRODUCTS IN PRODUCT CATEGORY CURRENTLY CALLED ACTIVE WITH KIDS
AND THAT WILL BE RENAMED JUVENILE & PET PRODUCTS GOING FORWARD
    * Q2 CASH FLOW FROM OPERATING ACTIVITIES SEK 489 MILLION
VERSUS
SEK 867 MILLION YEAR AGO
    * SALES TARGET WAS RAISED TO SEK 20 BILLION FOR 2030
(PREVIOUSLY
SEK 16 BILLION)
    * EBIT MARGIN TARGET OF >20 PERCENT AND DIVIDEND LEVEL OF
>75
PERCENT OF NET PROFIT AS WELL AS GROUP'S AMBITIOUS
SUSTAINABILITY GOALS REMAIN UNCHANGED
    * THE SECOND QUARTER WAS THE LARGEST IN THE COMPANY’S 
HISTORY,
DESPITE THE DRAMATIC CHALLENGES IN THE  BUSINESS ENVIRONMENT
THROUGHOUT SPRING 2022
    * SALES OF BIKE-RELATED PRODUCTS DECREASED COMPARED WITH
HISTORICALLY STRONG SECOND QUARTER LAST YEAR
    * OTHER CATEGORIES PERFORMED WELL, WITH PARTICULARLY
POSITIVE
TREND IN PACKS, BAGS & LUGGAGE  CATEGORY
    * UK HAD NOTABLY WEAKER SALES IN Q2, AND OUT OF OUR LARGER 
MARKETS, THE UK IS ALSO THE MARKET WITH LOWEST GROWTH COMPARED
WITH BEFORE PANDEMIC
    * NORDIC MARKETS ALSO HAD WEAKER QUARTER COMPARED WITH
PREVIOUS
YEAR, BUT COMPARED WITH 2019, PERFORMANCE IN NORDICS ARE OVERALL
VERY POSITIVE

Source text for Eikon:  ID:nMFN2v6T8Q 
Further company coverage:  THULE.ST 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))