Harley-Davidson quarterly profit declines by 23% owing to slow demand

Harley-Davidson posted a 23% decline in first-quarter profit on Thursday, hurt by slow sales of its motorcycles in North America as high borrowing costs deter potential buyers from making expensive purchases.

Despite Harley's attempt to spruce up its offerings with electric options, the 120-year-old motorcycle maker has not been highly successful in attracting millennials, forcing it to rely on its tried-and-tested customer base of boomers to drive sales.

Global motorcycle shipments, including those of Cruiser, Trike and Touring bikes, fell 7% in the quarter from a year earlier.
 

Revenue fell 5% to $1.48 billion, driven by a decrease in wholesale shipments and lower global pricing.
 

The company reported consolidated net income of $235 million, or $1.72 per share, for the first quarter, compared with $304 million, or $2.04 per share, a year earlier.