2024-04-26 17:45:24 ET
Thule Group AB (publ) (THLPF)
Q1 2024 Earnings Conference Call
April 26, 2024 03:30 AM ET
Company Participants
Mattias Ankarberg - CEO and President
Toby Lawton - CFO
Conference Call Participants
Fredrik Ivarsson - ABG
Daniel Schmidt - Danske Bank
Adela Dashian - Jefferies
Mats Liss - Kepler Cheuvreux
Gustav Hageus - SEB
Presentation
Operator
Good morning everyone and welcome to the Thule Group Interim Report Q1 2024 Conference Call. My name is [Indiscernible] and I'll be coordinating your call today. [Operator Instructions]
I'd now like to hand over to Mattias Ankarberg, CEO and President, to begin. Mattias, please go ahead.
Mattias Ankarberg
Thank you and welcome everybody to this Q1 conference call. I am here with Toby Lawton, our CFO, as usual, and we will talk through 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 of 2024, 8% sales growth in currency adjusted with 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 a high level compared to historical trends for the 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 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 track.
Some highlights worth to mention, already from the start, is our well-received product launches, which we will come back to more, too, of course. We continue to expand our D2C channel to more markets and we've added one more this quarter to the Czech Republic. And we've also received more product design awards than ever before in Thule history, which we are, of course, happy and proud of....
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Thule Group AB (publ) (THLPF) Q1 2024 Earnings Call Transcript