Mips slides as it sees lower sales, profitability in 'challenging' bike market
13/09/2022 08:11
** Shares in Mips MIPS.ST fall around 6% after the Swedish
helmet maker flags a hit on its sales and profitability for the
rest of the year amid continuing challenging market situation in
the bike sector urn:newsml:reuters.com:*:nL8N30K0MN
** The group says the uncertain market situation has
continued during Q3, which has resulted in too high inventory
levels of bikes and bike accessories at retailers
** "We assess that this is a short-term negative trend in
the bike sector that may continue throughout the year and the
first part of 2023," CEO Max Strandwitz says
** On Monday, shares in the Swedish outdoor leisure
equipment maker Thule THULE.ST slumped 15% after it flagged
lower sales and profitability until 2023 urn:newsml:reuters.com:*:nL8N30J1FU
** The stock trades at its lowest price in almost two years
(Reporting by Jagoda Darlak)
((jagoda.darlak@tr.com))