Q1 2023 Mips AB Earnings Call Transcript
Welcome to the Mips Q1 report. (Operator Instructions) Now I will hand the conference over to the speakers CEO, Max Strandwitz; CFO, Karin Rosenthal. Please go ahead.
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Good morning, everyone. Sorry for the technical issues. Max Strandwitz here, the CEO of Mips. With me today, I also have Karin Rosenthal. It seems like the webcast on all the different servers and not only our webcast, but all the webcast that were transmitting at the same time was down. So that's why we start with a delay of approximately 10 minutes, not a lot that we can do, only apologize. Of course, we will take you through the Q1 results presentation and if we start with the key highlights of the quarter. As we communicated before, we expected a soft bike market to affect sales and profit in the quarter and we did see that.
Net sales, was down 35%. If we adjust for currency effect, organic growth was down with 41%. If we exclude the bike-related sales, we actually saw good growth in the
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