Thule slumps after flags lower sales, profitability on bike glut
12/09/2022 10:54
** Shares in Thule THULE.ST plummet 15% after the Swedish
outdoor leisure equipment maker flagged lower sales and
profitability until 2023 as it sees high inventory levels of
bikes worsening
** The unstable market situation has amplified as bike
retailers have reduced their purchases significantly in the
third quarter compared with the record year 2021, it said
urn:newsml:reuters.com:*:nL8N30J1CS
** Bike related products represented almost half of the
Thule's sales last year
** The stock is on the bottom of the STOXX 600 index
.STOXX , on track for its worst day since March 2020
(Reporting by Jagoda Darlak)
((jagoda.darlak@tr.com))