Harley Davidson Downshifts As Sales Drop
The Milwaukee maker of one of America’s most iconic rides said today that it will cut its work force by 8 percent and trim bike shipments by the thousands with domestic sales falling nearly 13 percent in the first quarter. Harley, which has been downshifting production for the past few years, with the yuppie customer base thinking twice about dropping thousands of dollars on a classic motorcycle.
Expectations for the rest of the year are not good. Harley Davidson is saying it expects earnings to decline by 15 percent to 20 percent. Previously it predicted growth of as much as 7 percent. U.S. retail sales of Harley Davidson motorcycles were down 12.8 percent in the first quarter.
Harley is talking temporary plant shutdowns and adjustments to daily production rates. This will result in cutting about 370 unionized employees over the next several months and cutting about 360 non-production jobs.
Check out Harley Davidson’s 1st Quarter report at Harley-Davidson.com
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