Recreation vehicle and bus maker Thor Industries Inc. today (May 4) said fiscal third-quarter sales fell 41% on steep declines in RV volumes.
Overall sales for the quarter ended April 30 fell to $415 million from $708 million last year. RV sales fell by nearly half to $311 million from $601 million, while bus sales slipped to $104 million from $107 million.
For the first nine months of its fiscal year, sales fell 48% to $1.08 billion from $2.07 billion. RV sales plunged 56% to $766 million from $1.77 billion during the period, but bus sales inched higher to $305 million from $300 million.
RV makers like Thor have been hit hard as consumers have put off sales of the discretionary vehicles amid shrinking home values and rising unemployment.
Shares of Thor fell 50 cents to $20.90 in midday trading