Michelin Releases Q1 Sales Results
Michelin’s financial results for the first quarter, to March 31, 2008, show sales of 4.091 billion euros during the period, a decrease of 2.6 per cent year on year at current exchange rates. The company reports that sales results were limited by declines in its European and North American replacement tyre markets, where the Michelin Group has a large footprint. “Michelin’s trading environment was less supportive than initially anticipated,” said Michelin in a press statement. “Most of the mature countries’ tyre markets were down, except for Europe’s original truck tyre market which remained strong. This trend resulted from a weak trading environment that weighed on overall market morale.” This weak performance contrasted strongly with that in emerging markets.