Thule slumps as Q4 earnings take hit from higher costs
09/02/2022 08:45
** Shares in Thule THULE.ST fall 7% to the bottom of STOXX
.STOXX index after the Swedish outdoor leisure equipment maker
reported lower Q4 earnings hurt by rising costs urn:newsml:reuters.com:*:nFWN2UK03T
** The company's Q4 operating income came in at SEK 190 mln,
down from SEK 241 mln a year ago, with margin deteriorating by
one-third to 10.3%
** Thule said its earnings were affected by significant cost
increases compared to the very strong Q4 2020
** "Our mid-year price increases could not fully offset this
negative effect," the company's CEO said, adding additional
price increases have been implemented at the start of 2022
** The stock is on track for its worst day since Nov. 2020
(Reporting by Izabela Niemiec)
((Izabela.niemiec@thomsonreuters.com))