Thule Sees Double-Digit Sales and Profit Declines in Q2
Net income slipped 26% in the second quarter to SEK312 million ($32.2 mm) from SEK419 million on sales that were down 12% to SEK2,043 million from ($210.6 mm) SEK2,311 million blamed on widespread lockdowns in Europe and North America due to the coronavirus pandemic. A SEK430 million negative swing in foreign currency translation resulted in a comprehensive net loss of SEK21 million. Gross margin narrowed 140 basis points to 40.6% on lower fixed cost absorption and an unspecified negative impact from China tariffs on products bound for the U.S. Operating expenses were down SEK15 million, but still deleveraged 160 b.p. ... Log in to view full article.