Q3 2022 Thule Group AB Earnings Call Transcript
Hello, everyone, and welcome to the Thule Group Interim Report Third Quarter 2022 Call. My name is Davy, and I'll be your moderator today. (Operator Instructions) I would now like to hand the call over to your host, Magnus Welander, the CEO, to begin. So Magnus, please go ahead.
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Thank you very much, Davy. So good morning, ladies and gentlemen, for the third quarter call in the Thule Group. And what a quarter it has been to say the least. So we move to Slide 2 in the presentation. And it's clear that what we have seen in the third quarter as the quarter started has been a surprise to us. If we remind ourselves, first and foremost, what we said in -- after the second quarter call was the fact that we saw a clear worry in that bike retailers were sitting with significant stock levels. However, we grossly underestimated their decisions to act in a very abrupt and very decisive manner to ensure that they didn't continue to build up inventory rather that they
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