In the first quarter of 2025, consolidated Harley-Davidson turnover declined by 23.2% to barely scrape a billion quid. Revenue from its main HDMC business making motorcycles, parts, accessories, apparel, etc, was 26.7% down to £815.2m. This shortfall was primarily blamed on a deliberate decrease in global motorcycle shipment volume, which were cut by 33.1% to 38,601 units.
Early retail sales were difficult too. Global deliveries to customers were 21.3% down to 31,010 units. US domestic numbers struggled, 25.3% down to 19,207. Canada was 4.3% up to 1685. The EMEA region, predominantly Europe, fell marginally by 1.7% to 5175. Asia Pacific was hammered, 27.7% in arrears on 4362. Latin America retreated by 6.4% to 581.
Revenue from the HDFS business providing POS consumer credit and inventory finance for US dealers slipped by 1.5% to £184.5m. However, HDFS operating profit rose by 18.9% to £48.3m. Reduced provision for bad debts and lower operating costs were largely held responsible for this glimmer of forlorn hope.
Q1 performance for Harley’s LiveWire electric bike spin-off was lamentable. Revenue slumped by 41.7% to £2.06m, as volume plummeted by 71.8% to only 33 units sold. The resultant operating loss was £14.9m.
Consolidated operating profit for Harley-Davidson as a whole dived by 38.8% to £123.2m. Net profit plunged by 43.4% to a mere £100.3m.
Harley’s soon-to-depart chief executive Jochen Zeitz desperately spun some excuses. “Our first quarter results were ahead of expectations in many areas, while retail sales in the US came in softer than anticipated,” he pleaded. “We remain focused on navigating the challenging economic and tariff environment, through diligent execution of our cost productivity measures, supply chain mitigation, tight operating expense control and reducing dealer inventory. In addition, we remain committed to driving retail sales through increased marketing initiatives.” Maybe he just discovered the BOGOF miracle?
$-£ currency translation at forex rates applicable on 8 May