Apr 26, 2024 / 07:30AM GMT
Mattias Ankarberg - Thule Group AB - Chief Executive Officer
Welcome everybody to this Q1 conference call. I am here with Toby Lawton, our CFO as usual, and we will talk to a presentation available on our website or on the webcast and then we will follow with questions.
So starting on page 2, we're happy to see a good start to the year 2024, 8% sales growth in currency-adjusted with the Europe and the rest of the world continuing to perform a bit better than the Americas. Bike related drives growth for us, new products drive growth for us and RV products continue to decline. We have a very good gross margin flat versus previous year and at the high level compared to historical trends, where first quarter and also the EBIT margin is in line with last year at 17%.
Then this is considering that we are, as you probably are aware in the most intense product launch year and season in the Thule Group history. Continue to see a good development in inventory reduction and in cash flow from operations, and we have a target to reduce inventory of a further SEK200 million this year and we are on
Q1 2024 Thule Group AB Earnings Call Transcript
Apr 26, 2024
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