Apr 27, 2023 / 07:30AM GMT
Operator
Hello, everyone, and welcome to the Thule Group Interim Report First Quarter 2023 Conference Call. My name is Bruno, and I'll be the operator of today. (Operator Instructions)
I'll now hand over to your host, Magnus Welander, CEO and President. Please go ahead.
Magnus Welander - Thule Group AB(publ)-CEO&President
Thank you, Bruno. Good morning, everybody, for this 2023 Q1 report.
And as we had expected, it was a slow start to the year. So if you can go to Slide 2, please. We knew that we would be facing a tough bike retail situation with bike retailers having significant stock on hand. And on top of that, of course, we are also facing in reality, a very tough comp period because last year in 2022, during the first few months of the year, there was an extreme stock buildup by bike retail. So our sales ended up at 31% down FX adjusted, which is very much in line with our expectations. It is a small growth versus 2019, the first pre-pandemic year of 12%. So it's not catastrophical from that
Q1 2023 Thule Group AB Earnings Call Transcript
Apr 27, 2023
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