Samsonite Group S.A. Announces Final Results for the Fourth Quarter and Year Ended December 31, 2024
Samsonite Group S.A. reported its Q4 and full-year 2024 results, showing mixed performance. Q4 net sales decreased 0.6% to US$942.4 million, but increased 1.0% on constant currency basis. The company improved its gross profit margin by 30 basis points to 60.2% and expanded adjusted EBITDA margin by 160 basis points to 20.7%.
For full-year 2024, consolidated net sales were US$3,588.6 million, down 2.5% but flat on constant currency. The company expanded gross profit margin to 60.0% and achieved 19.0% adjusted EBITDA margin. Notable achievements include increased adjusted free cash flow of US$311.0 million and returning US$307.6 million to shareholders through buybacks and distributions.
The company added 67 new retail stores in 2024, reaching 1,119 company-operated locations. DTC net sales grew 2.7%, representing 39.8% of total sales. Non-travel products increased 2.0%, accounting for 34.3% of net sales.
Samsonite Group S.A. ha riportato i risultati del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. Le vendite nette del quarto trimestre sono diminuite dello 0,6% a 942,4 milioni di dollari USA, ma sono aumentate dell'1,0% su base di valuta costante. L'azienda ha migliorato il proprio margine di profitto lordo di 30 punti base al 60,2% ed ha ampliato il margine EBITDA rettificato di 160 punti base al 20,7%.
Per l'intero anno 2024, le vendite nette consolidate sono state di 3.588,6 milioni di dollari USA, in calo del 2,5% ma stabili su base di valuta costante. L'azienda ha ampliato il margine di profitto lordo al 60,0% e ha raggiunto un margine EBITDA rettificato del 19,0%. Tra i risultati notevoli vi è l'aumento del flusso di cassa libero rettificato a 311,0 milioni di dollari USA e il ritorno di 307,6 milioni di dollari USA agli azionisti attraverso riacquisti e distribuzioni.
L'azienda ha aperto 67 nuovi negozi al dettaglio nel 2024, raggiungendo 1.119 sedi operate dalla società. Le vendite nette DTC sono cresciute del 2,7%, rappresentando il 39,8% delle vendite totali. I prodotti non legati ai viaggi sono aumentati del 2,0%, rappresentando il 34,3% delle vendite nette.
Samsonite Group S.A. reportó sus resultados del cuarto trimestre y del año completo 2024, mostrando un rendimiento mixto. Las ventas netas del cuarto trimestre disminuyeron un 0,6% a 942,4 millones de dólares EE. UU., pero aumentaron un 1,0% en términos de moneda constante. La compañía mejoró su margen de ganancia bruta en 30 puntos básicos al 60,2% y amplió el margen de EBITDA ajustado en 160 puntos básicos al 20,7%.
Para el año completo 2024, las ventas netas consolidadas fueron de 3.588,6 millones de dólares EE. UU., una disminución del 2,5% pero estables en términos de moneda constante. La compañía amplió su margen de ganancia bruta al 60,0% y logró un margen de EBITDA ajustado del 19,0%. Logros notables incluyen un aumento en el flujo de caja libre ajustado de 311,0 millones de dólares EE. UU. y el retorno de 307,6 millones de dólares EE. UU. a los accionistas a través de recompra y distribuciones.
La empresa agregó 67 nuevas tiendas minoristas en 2024, alcanzando 1,119 ubicaciones operadas por la empresa. Las ventas netas DTC crecieron un 2,7%, representando el 39,8% de las ventas totales. Los productos no relacionados con viajes aumentaron un 2,0%, representando el 34,3% de las ventas netas.
삼소나이트 그룹 S.A.는 2024년 4분기 및 전체 연도 결과를 발표하며 혼합된 성과를 보여주었습니다. 4분기 순매출은 9억 4240만 달러로 0.6% 감소했지만, 상수환율 기준으로는 1.0% 증가했습니다. 회사는 총 이익률을 30bp 개선하여 60.2%로, 조정된 EBITDA 마진을 160bp 확대하여 20.7%로 늘렸습니다.
2024년 전체 연도에 대한 연결 순매출은 35억 8860만 달러로 2.5% 감소했으나 상수환율 기준으로는 변동이 없었습니다. 회사는 총 이익률을 60.0%로 확대하고 19.0%의 조정된 EBITDA 마진을 달성했습니다. 주목할 만한 성과로는 3억 1100만 달러의 조정된 자유 현금 흐름 증가와 3억 760만 달러의 자사주 매입 및 배당을 통해 주주에게 반환한 것이 있습니다.
회사는 2024년 동안 67개의 새로운 소매점을 추가하여 1,119개의 회사 운영 매장에 도달했습니다. DTC 순매출은 2.7% 증가하여 총 매출의 39.8%를 차지했습니다. 비여행 제품은 2.0% 증가하여 순매출의 34.3%를 차지했습니다.
Samsonite Group S.A. a publié ses résultats du quatrième trimestre et de l'année complète 2024, montrant des performances mitigées. Les ventes nettes du quatrième trimestre ont diminué de 0,6% pour atteindre 942,4 millions de dollars US, mais ont augmenté de 1,0% sur une base de monnaie constante. L'entreprise a amélioré sa marge brute de 30 points de base à 60,2% et a élargi la marge EBITDA ajustée de 160 points de base à 20,7%.
Pour l'année complète 2024, les ventes nettes consolidées s'élevaient à 3.588,6 millions de dollars US, en baisse de 2,5% mais stables sur une base de monnaie constante. L'entreprise a élargi sa marge brute à 60,0% et a atteint une marge EBITDA ajustée de 19,0%. Parmi les réalisations notables, on note une augmentation du flux de trésorerie libre ajusté à 311,0 millions de dollars US et un retour de 307,6 millions de dollars US aux actionnaires par le biais de rachats et de distributions.
L'entreprise a ajouté 67 nouveaux magasins de détail en 2024, atteignant 1 119 emplacements exploités par la société. Les ventes nettes DTC ont augmenté de 2,7%, représentant 39,8% des ventes totales. Les produits non liés aux voyages ont augmenté de 2,0%, représentant 34,3% des ventes nettes.
Samsonite Group S.A. hat seine Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Nettoumsatz im 4. Quartal sank um 0,6% auf 942,4 Millionen US-Dollar, stieg jedoch um 1,0% auf Basis konstanter Währungen. Das Unternehmen verbesserte seine Bruttomarge um 30 Basispunkte auf 60,2% und erweiterte die bereinigte EBITDA-Marge um 160 Basispunkte auf 20,7%.
Für das gesamte Jahr 2024 lagen die konsolidierten Nettoumsätze bei 3.588,6 Millionen US-Dollar, was einem Rückgang von 2,5% entspricht, jedoch auf Basis konstanter Währungen stabil blieb. Das Unternehmen erweiterte die Bruttomarge auf 60,0% und erzielte eine bereinigte EBITDA-Marge von 19,0%. Zu den bemerkenswerten Erfolgen gehören ein Anstieg des bereinigten freien Cashflows auf 311,0 Millionen US-Dollar und die Rückführung von 307,6 Millionen US-Dollar an die Aktionäre durch Rückkäufe und Ausschüttungen.
Das Unternehmen eröffnete 67 neue Einzelhandelsgeschäfte im Jahr 2024 und erreichte 1.119 von der Firma betriebene Standorte. Die DTC-Nettoumsätze wuchsen um 2,7% und machten 39,8% des Gesamtumsatzes aus. Non-Travel-Produkte stiegen um 2,0% und machten 34,3% der Nettoumsätze aus.
- Gross profit margin expanded by 70 basis points to 60.0% in 2024
- Strong adjusted free cash flow of US$311.0 million, up US$26.5 million year-over-year
- DTC net sales grew 2.7% with e-commerce up 5.8%
- Maintained substantial liquidity of US$1.4 billion
- Increased dividend payout ratio to 43.4% from 37.8%
- Full-year net sales declined 2.5% to US$3,588.6 million
- Q4 net sales decreased 0.6% year-over-year
- Softer consumer sentiment and slower retail traffic globally, especially in China
- India sales declined 26.7% due to intense promotional activity by competitors
- Expects Q1 2025 sales to decline low to mid-single digits
For the fourth quarter ended December 31, 2024:
Consolidated net sales decreased by
Increased gross profit margin by 30 basis points year-over-year to
Expanded adjusted EBITDA margin2 by 160 basis points year-on year to
For the year ended December 31, 2024:
Consolidated net sales were
Expanded gross profit margin by 70 basis points year-over-year to
Achieved adjusted EBITDA margin2 of
Increased adjusted free cash flow3 by
Returned
Maintained substantial liquidity4 of
Unless otherwise stated, all net sales growth rates are presented on a constant currency basis1.
Overview
Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "We are pleased with Samsonite Group's solid results for 2024, and we are especially encouraged by our resilient performance in the fourth quarter of 2024. Following a challenging third quarter, year-over-year constant currency1 net sales performance improved across all our regions and core brands. Most notably, fourth quarter 2024 net sales of the Samsonite and TUMI brands increased by
"We maintained pricing discipline while keeping close control on our expenses, driving year-over-year improvements in the Company's gross profit margin and adjusted EBITDA margin2. For the three months ended December 31, 2024, the Company's gross profit margin increased by 30 basis points year-over-year to
"We delivered solid financial results for the full year 2024. Samsonite Group's net sales were approximately flat1 compared to an exceptionally strong 2023 that was driven by revenge travel. In addition, during 2024 the Company saw softer-than-expected consumer sentiment and slower retail traffic globally, and notably in
"During 2024, we continued to invest in the business to support long-term growth, while closely managing expenses to sustain our margins compared to a strong 2023. We further invested in our direct-to-consumer ("DTC") business, adding a net 67 company-operated retail stores during 2024, compared to a net addition of 67 company-operated retail stores in 2023. This brought the Company's global retail network to 1,119 company-operated retail stores as of December 31, 2024, from 1,052 stores as of December 31, 2023. For the year ended December 31, 2024, the Company's DTC net sales increased by
"The Company continued to drive net sales of its non-travel5 products to enhance engagement with core consumers and reach a new customer base. Total non-travel product category5 net sales increased by
"The Company's gross profit margin expanded by 70 basis points to
"We closely managed cash and working capital to deliver strong adjusted free cash flow3 of
"We continued to make great progress on 'Our Responsible Journey' during 2024. Among other accomplishments, the share of the Company's net sales from products that incorporate some recycled materials increased to approximately
"Considering the Company's resilient performance and financial position, the Board recommended a dividend distribution to be paid to the Company's shareholders in 2025 of
Mr. Gendreau continued, "Looking to 2025, we anticipate that consumers around the world will continue to prioritize travel despite macroeconomic uncertainties. Global tourism is expected to see steady growth in 20258, and travel trends are expected to remain robust over the next several years, which we believe will support long-term growth for our business. Our year-over-year constant currency1 net sales performance improved sequentially across all our regions in the fourth quarter of 2024 relative to the third quarter of 2024. However, the macroeconomic outlook remains uncertain, which is impacting consumer sentiment. As a result, net sales for the first quarter of 2025 are expected to be down low to mid-single digits on a constant currency basis1 compared to the first quarter of 2024. Constant currency1 net sales growth trends are expected to improve over the course of 2025. We are confident that our investments in new and exciting products, brand elevation, and channel and product category expansion will drive long-term growth."
"We will also continue to carefully deploy our marketing investments to elevate our brands, and we are especially excited with the new products and marketing programs surrounding the TUMI brand which is celebrating its 50th anniversary in 2025."
"We are confident in our ability to maintain our robust margin profile, and to deliver positive operating leverage and margin expansion over the long term by focusing on our higher-margin brands, channels, and regions, supported by disciplined expense management. Further, we plan to continue to leverage our extensive and efficient product sourcing and logistics platform and remain disciplined with promotional discounts to help offset margin pressures and deliver bottom-line growth. At the same time, we plan to leverage our asset-light business model to maintain strong adjusted free cash flow3 generation. We believe this will provide additional flexibility in capital allocation, allowing us to continue to invest in organic growth, return cash to shareholders and deleverage our balance sheet."
"In January 2025, following a vote of the Company's shareholders, the Company changed its name from Samsonite International S.A. to Samsonite Group S.A. We believe the name change reflects an important evolution in the Company since its IPO in
Mr. Gendreau concluded, "Our preparations for a potential dual listing of the Company's securities in
Table 1: Key Financial Highlights for the Fourth Quarter Ended December 31, 2024
Expressed in US$ millions, except per share data | Three months ended | Three months ended as adjusted9 | Percentage increase (decrease) |
Net sales | 942.4 | 948.5 | (0.6) % |
Gross profit | 567.3 | 568.3 | (0.2) % |
Gross profit margin | 60.2 % | 59.9 % | |
Operating profit* | 181.6 | 248.9 | (27.0) % |
Profit for the period* | 116.9 | 149.0 | (21.5) % |
Profit attributable to the equity holders* | 110.0 | 142.3 | (22.7) % |
Adjusted net income10 | 116.1 | 95.8 | 21.2 % |
Adjusted EBITDA11 | 194.9 | 181.0 | 7.7 % |
Adjusted EBITDA margin2 | 20.7 % | 19.1 % | |
Basic earnings per share* – Expressed in US$ per share | 0.078 | 0.098 | (20.9) % |
Diluted earnings per share* – Expressed in US$ per share | 0.077 | 0.097 | (20.7) % |
Adjusted basic earnings per share12 – Expressed in US$ per share | 0.082 | 0.066 | 24.0 % |
Adjusted diluted earnings per share12 – Expressed in US$ per share | 0.082 | 0.066 | 24.4 % |
Note
* Results for the three months ended December 31, 2024, included total non-cash restructuring reversals of
Results for the Fourth Quarter Ended December 31, 2024
The Company's performance for the three months ended December 31, 2024, is discussed in greater detail below. Unless otherwise stated, all net sales growth rates are presented on a constant currency basis1.
Net Sales
Following a challenging third quarter, year-over-year constant currency net sales performance improved across all of the Company's regions and core brands during the fourth quarter of 2024. For the three months ended December 31, 2024, the Company recorded net sales of
Net Sales Performance by Region
Table 2: Net Sales by Region
Region13 | Three months ended December 31, 2024 US$ millions | Three months ended December 31, 2023 US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage Increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
336.8 | 360.9 | (6.7) % | (6.3) % | |
347.4 | 334.9 | 3.8 % | 3.9 % | |
206.1 | 197.0 | 4.6 % | 5.6 % | |
51.8 | 55.6 | (6.9) % | 14.0 % | |
Corporate | 0.2 | 0.1 | 67.5 % | 67.5 % |
Net sales | 942.4 | 948.5 | (0.6) % | 1.0 % |
During the three months ended December 31, 2024, the Company's net sales in
Net sales in
For the three months ended December 31, 2024, the Company recorded a year-over-year net sales increase of
For the three months ended December 31, 2024, the Company's net sales in
For the three months ended December 31, 2024, the Company's net sales in
Net Sales Performance by Brand
Table 3: Net Sales by Brand
Brand | Three months ended December 31, 2024 US$ millions | Three months ended December 31, 2023 US$ millions | Percentage increase (decrease) | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Samsonite | 483.8 | 470.4 | 2.8 % | 4.6 % |
TUMI | 253.0 | 243.7 | 3.8 % | 4.4 % |
American Tourister | 145.5 | 159.9 | (9.0) % | (6.9) % |
Other14 | 60.1 | 74.4 | (19.3) % | (16.0) % |
Net sales | 942.4 | 948.5 | (0.6) % | 1.0 % |
For the three months ended December 31, 2024, the Company's core Samsonite, TUMI, and American Tourister brands together recorded net sales of
Net sales of the Samsonite brand increased by
For the three months ended December 31, 2024, net sales of the TUMI brand increased by
For the three months ended December 31, 2024, net sales of the American Tourister brand decreased by
Net Sales Performance by Product Category
Table 4: Net Sales by Product Category
Product Category | Three months ended December 31, 2024 US$ millions | Three months ended December 31, 2023 US$ millions | Percentage increase (decrease) | Percentage Increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Travel | 607.8 | 617.5 | (1.6) % | (0.1) % |
Non-travel5 | 334.6 | 331.0 | 1.1 % | 3.0 % |
Net sales | 942.4 | 948.5 | (0.6) % | 1.0 % |
Net sales in the travel product category decreased by
Net Sales Performance by Distribution Channel
Table 5: Net Sales by Distribution Channel
Distribution Channel | Three months ended December 31, 2024 US$ millions | Three months ended December 31, 2023 US$ millions | Percentage increase (decrease) | Percentage Increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Wholesale & Other15 | 536.1 | 544.2 | (1.5) % | (0.1) % |
DTC: | ||||
Retail | 278.3 | 277.9 | 0.1 % | 2.3 % |
E-commerce | 128.0 | 126.4 | 1.2 % | 2.6 % |
Total DTC | 406.3 | 404.3 | 0.5 % | 2.4 % |
Net sales | 942.4 | 948.5 | (0.6) % | 1.0 % |
During the three months ended December 31, 2024, the Company's net sales in the DTC channel increased by
Gross Profit
The Company's gross profit margin expanded to
Distribution Expenses
Distribution expenses were
Marketing Expenses
The Company spent
General and Administrative Expenses
General and administrative expenses decreased by
Other Expense and Income
The Company recorded other expense of
Operating Profit
The Company reported an operating profit of
During the three months ended December 31, 2024, the Company recognized a
Finance Income and Costs and Income Tax Expense
Net finance costs decreased by
The Company recorded an income tax expense of
Adjusted EBITDA11, Adjusted Net Income10 and Adjusted Free Cash Flow3
For the three months ended December 31, 2024, the Company recorded adjusted EBITDA11 of
Adjusted free cash flow3 increased by
Table 6: Key Financial Highlights for the Year Ended December 31, 2024
Expressed in US$ millions, except per share data | Year ended December 31, 2024 | Year ended December 31, 2023, as adjusted9 | Percentage increase (decrease) |
Net sales | 3,588.6 | 3,682.4 | (2.5) % |
Gross profit | 2,152.2 | 2,182.8 | (1.4) % |
Gross profit margin | 60.0 % | 59.3 % | |
Operating profit* | 629.3 | 743.7 | (15.4) % |
Profit for the year* | 372.6 | 430.3 | (13.4) % |
Profit attributable to the equity holders* | 345.6 | 396.9 | (12.9) % |
Adjusted net income10 | 369.8 | 392.4 | (5.8) % |
Adjusted EBITDA11 | 683.0 | 709.3 | (3.7) % |
Adjusted EBITDA margin2 | 19.0 % | 19.3 % | |
Basic earnings per share* – Expressed in US$ per share | 0.239 | 0.275 | (13.0) % |
Diluted earnings per share* – Expressed in US$ per share | 0.237 | 0.273 | (13.1) % |
Adjusted basic earnings per share12 – Expressed in US$ per share | 0.256 | 0.272 | (5.8) % |
Adjusted diluted earnings per share12 – Expressed in US$ per share | 0.254 | 0.270 | (5.9) % |
Note
* Results for the year ended December 31, 2024, included total non-cash impairment reversals of
Results for the Year Ended December 31, 2024
The Company's performance for the year ended December 31, 2024, is discussed in greater detail below. Unless otherwise stated, all net sales growth rates are presented on a constant currency basis1.
Net Sales
The Company's net sales for the year ended December 31, 2024, decreased by
Global travel and tourism trends remained robust during the year ended December 31, 2024, which helped support demand for the Company's products. During the year ended December 31, 2024, however, the Company believes that global economic and political uncertainty contributed to consumers becoming more selective and intentional with their spending habits than they were following the pandemic recovery during the year ended December 31, 2023.
Net Sales Performance by Region
Table 7: Net Sales by Region
Region13 | Year ended US$ millions | Year ended US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
1,344.4 | 1,427.8 | (5.8) % | (3.6) % | |
1,251.5 | 1,267.2 | (1.2) % | (1.2) % | |
787.6 | 776.9 | 1.4 % | 3.1 % | |
204.4 | 209.5 | (2.4) % | 17.0 % | |
Corporate | 0.7 | 1.1 | (31.9) % | (31.9) % |
Net sales | 3,588.6 | 3,682.4 | (2.5) % | (0.2) % |
The Company's net sales in
The Company's net sales in
The Company's net sales in
For the year ended December 31, 2024, the Company's net sales in
Net Sales Performance by Brand
Table 8: Net Sales by Brand
Brand | Year ended US$ millions | Year ended US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Samsonite | 1,866.6 | 1,849.0 | 1.0 % | 3.3 % |
TUMI | 860.2 | 878.6 | (2.1) % | (0.8) % |
American Tourister | 597.3 | 654.5 | (8.7) % | (6.1) % |
Other14 | 264.5 | 300.3 | (11.9) % | (7.0) % |
Net sales | 3,588.6 | 3,682.4 | (2.5) % | (0.2) % |
For the year ended December 31, 2024, the Company's core Samsonite, TUMI, and American Tourister brands together recorded net sales of
For the year ended December 31, 2024, net sales of the Samsonite brand increased by
For the year ended December 31, 2024, net sales of the TUMI brand decreased by
For the year ended December 31, 2024, net sales of the American Tourister brand decreased by
Net Sales Performance by Product Category
Table 9: Net Sales by Product Category
Product Category | Year ended US$ millions | Year ended US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Travel | 2,357.2 | 2,435.9 | (3.2) % | (1.3) % |
Non-travel5 | 1,231.5 | 1,246.5 | (1.2) % | 2.0 % |
Net sales | 3,588.6 | 3,682.4 | (2.5) % | (0.2) % |
The Company continued to drive net sales of its non-travel5 products to enhance engagement with core consumers and reach a new customer base, and its net sales mix continued to diversify towards the non-travel product category5 in 2024. Total non-travel product category5 net sales increased by
Net Sales Performance by Distribution Channel
Table 10: Net Sales by Distribution Channel
Distribution Channel | Year ended US$ millions | Year ended US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Wholesale & Other15 | 2,159.3 | 2,248.5 | (4.0) % | (2.0) % |
DTC: | ||||
Retail | 1,018.3 | 1,035.4 | (1.6) % | 1.5 % |
E-commerce | 411.1 | 398.5 | 3.2 % | 5.8 % |
Total DTC | 1,429.4 | 1,433.9 | (0.3) % | 2.7 % |
Net sales | 3,588.6 | 3,682.4 | (2.5) % | (0.2) % |
For the year ended December 31, 2024, the Company's net sales in the DTC channel increased by
Within the DTC channel, net sales from company-operated retail stores increased by
For the year ended December 31, 2024, DTC e-commerce net sales increased by
For the year ended December 31, 2024, net sales in the Company's wholesale channel decreased by
Gross Profit
The Company's gross profit margin expanded by 70 basis points to
Distribution Expenses
Distribution expenses increased by
Marketing Expenses
The Company spent
General and Administrative Expenses
General and administrative expenses decreased by
Other Expense and Income
The Company recorded other expense of
Operating Profit
The Company reported an operating profit of
During the year ended December 31, 2024, the Company recognized a non-cash impairment reversal related to lease right-of-use assets totaling
Finance Income and Costs and Income Tax Expense
Net finance costs decreased by
The Company recorded income tax expense of
Adjusted EBITDA11 and Adjusted Net Income10
Adjusted EBITDA11 for the year ended December 31, 2024, decreased by
Adjusted net income10 decreased by
Working Capital
The Company continued to closely manage its working capital, particularly inventories. Inventories as of December 31, 2024, were
Net working capital17 was
Total Capital Expenditures
Total capital expenditures (consisting of purchases of property, plant and equipment and software) for the year ended December 31, 2024, increased by
The Company intends to continue to invest in the upgrade and expansion of its retail store fleet, software to improve its e-commerce platforms and customer engagement capabilities, as well as other core strategic functions to support net sales growth.
Balance Sheet and Adjusted Free Cash Flow3
Adjusted free cash flow3 increased by
On July 16, 2024, the Company paid a cash distribution in the amount of
In August 2024, the Company began repurchasing its shares under its share buyback program of up to
As of December 31, 2024, the Company had
Consequently, the Company's total liquidity4 as of December 31, 2024, was
Notes
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1 | Net sales results stated on a constant currency basis, a non-International Financial Reporting Standards ("IFRS") financial measure, are calculated by applying the average exchange rate of the quarter/year under comparison to current quarter/year local currency results. Unless otherwise stated, all net sales growth rates are presented on a constant currency basis. |
2 | Adjusted EBITDA margin, a non-IFRS financial measure, is defined as adjusted EBITDA (as defined below) divided by net sales. |
3 | The Company defines adjusted free cash flow, a non-IFRS financial measure, as cash generated from operating activities, less (i) purchases of property, plant and equipment and software and (ii) principal payments on lease liabilities. The Company believes adjusted free cash flow provides helpful additional information regarding the Company's liquidity and its ability to generate cash after excluding the use of cash from certain of its core operating activities. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures since it excludes certain mandatory expenditures, and adjusted free cash flow may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. |
4 | Total liquidity is calculated as the sum of cash and cash equivalents per the consolidated statements of financial position plus available capacity under the revolving credit facility. |
5 | The non-travel product category includes business and casual bags and backpacks, accessories and other products. |
6 | As of December 31, 2024, the Company had |
7 | The payout ratio is calculated by dividing the cash distribution/dividend distribution by the profit attributable to the equity holders. The Board recommended a dividend distribution of |
8 | The United Nations World Tourism Organization ("UN Tourism") expects international tourist arrivals to grow |
9 | Effective since the third quarter of 2024, the Company voluntarily made a change in accounting policy related to the recognition of the subsequent changes in the fair value of put option financial liabilities associated with the non-controlling interests in certain of the Company's majority owned subsidiaries. |
10 | Adjusted net income, a non-IFRS financial measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges, along with their respective tax effects, that impact the Company's reported profit attributable to the equity holders, which the Company's believes helps to give securities analysts, investors and other interested parties a more complete understanding of the Company's underlying financial performance. |
11 | Adjusted EBITDA, a non-IFRS financial measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. Adjusted EBITDA is defined as profit for the year, adjusted to eliminate income tax expense, finance costs (excluding interest expense on lease liabilities), finance income, depreciation, amortization (excluding amortization of lease right-of-use assets), share-based compensation expense, impairment reversals and other expense. |
12 | Adjusted basic and diluted earnings per share, both non-IFRS financial measures, are calculated by dividing adjusted net income by the weighted average number of shares used in the basic and diluted earnings per share calculations, respectively. |
13 | The geographic location of the Company's net sales generally reflects the country/territory from which its products were sold and does not necessarily indicate the country/territory in which its end customers were actually located. |
14 | "Other" includes certain other non-core brands owned by the Company, such as Gregory, High Sierra, Kamiliant, Lipault, Hartmann, Saxoline and Secret, as well as certain third-party brands. |
15 | Includes licensing revenue of |
Includes licensing revenue of | |
16 | The Company's same store analysis includes company-operated retail stores that had been open for at least 12 months before the end of the relevant financial period. |
17 | Net working capital is the sum of inventories and trade and other receivables, minus accounts payable. Net working capital efficiency is calculated as net working capital divided by annualized net sales. |
18 | For the year ended December 31, 2024, the Company had total capital expenditures of |
Non-IFRS Financial Measures
In addition to the Company's results determined in accordance with IFRS Accounting Standards, management reviews certain non-IFRS financial measures, including constant currency net sales growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic and diluted earnings per share and adjusted free cash flow as detailed in this section to evaluate its business, measure its performance, identify trends affecting the Company, formulate business plans and make strategic decisions.
The Company believes that these non-IFRS financial measures, when used in conjunction with the IFRS Accounting Standards financial information, allow investors to better evaluate the Company's financial performance in comparison to other periods and to other companies in the industry. However, non-IFRS financial measures are not defined or recognized under IFRS Accounting Standards, are presented for supplemental informational purposes only and should not be considered in isolation or relied on as a substitute for financial information presented in accordance with IFRS Accounting Standards. The Company's presentation of any non-IFRS financial measures should not be construed as an inference that its future results will be unaffected by unusual or nonrecurring items. Other companies in the Company's industry may calculate non-IFRS financial measures differently, which may limit their usefulness as comparative measures.
Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of the Company's results under IFRS Accounting Standards. Constant currency net sales growth is limited as a metric to review the Company's financial results as it does not reflect the impacts of foreign currency on reported net sales. Some of the limitations of adjusted EBITDA and adjusted EBITDA margin include not capturing certain tax payments that may reduce cash available to the Company; not reflecting any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future; not reflecting changes in, or cash requirements for, working capital needs; and not reflecting the interest expense, or the cash requirements necessary to service interest or principal payments. Some of the limitations of adjusted net income and adjusted basic and diluted earnings per share include not capturing the effect of a number of costs, charges and credits and certain other non-cash charges, along with their respective tax effects, that impact reported profit. Some of the limitations of adjusted free cash flow include that it does not reflect future contractual commitments or consider certain cash requirements such as interest payments, tax payments and debt service requirements and does not represent the total increase or decrease in the Company's cash balance for a given period. Because of these and other limitations, these non-IFRS financial measures should be considered along with comparable financial measures prepared and presented in accordance with IFRS Accounting Standards.
Constant Currency Net Sales Growth
The Company presents the percent change in constant currency net sales to supplement its net sales presented in accordance with IFRS Accounting Standards and to enhance investors' understanding of its global business performance by excluding the positive or negative year-over-year impact of foreign currency movements on reported net sales. To present this information, current and comparative prior year results for entities with functional currencies other than US Dollars are converted into US Dollars by applying the average exchange rate of the year under comparison to current year local currency results rather than the actual exchange rates in effect during the respective years. The Company believes presenting constant currency information provides useful information to both management and investors by isolating the effects of foreign currency exchange rate fluctuations that may not be indicative of the Company's core operating results.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. Adjusted EBITDA is defined as profit for the period/year, adjusted to eliminate income tax expense, finance costs (excluding interest expense on lease liabilities), finance income, depreciation, amortization (excluding amortization of lease right-of-use assets), share-based compensation expense, impairment reversals and other expense. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales. The Company believes adjusted EBITDA and adjusted EBITDA margin provide additional information that is useful in gaining a more complete understanding of its operational performance and of the underlying trends of its business.
For the Fourth Quarter Ended December 31, 2024
For the three months ended December 31, 2024, the Company recorded adjusted EBITDA of
The following table reconciles adjusted EBITDA and adjusted EBITDA margin to the Company's profit for the period and profit margin, the most directly comparable financial measures stated in accordance with IFRS Accounting Standards, for the fourth quarters ended December 31, 2024 and December 31, 2023:
Three months ended December 31, | ||||||
(Expressed in millions of US Dollars) | 2024 | 2023 | Percentage | |||
Profit for the period(1) | 116.9 | 149.0 | (21.5) % | |||
Plus (minus): | ||||||
Income tax expense | 25.9 | 52.4 | (50.6) % | |||
Finance costs(1) | 41.5 | 51.6 | (19.5) % | |||
Finance income | (2.7) | (4.0) | (33.4) % | |||
Operating profit | 181.6 | 248.9 | (27.0) % | |||
Plus (minus): | ||||||
Depreciation | 14.7 | 12.4 | 18.3 % | |||
Total amortization | 44.3 | 39.9 | 11.2 % | |||
Share-based compensation expense | 2.3 | 3.8 | (40.2) % | |||
Impairment reversals | — | (84.0) | (100.0) % | |||
Amortization of lease right-of-use assets | (39.2) | (34.8) | 12.5 % | |||
Interest expense on lease liabilities | (9.1) | (7.5) | 21.6 % | |||
Other adjustments(2) | 0.3 | 2.2 | (88.6) % | |||
Adjusted EBITDA(3) | 194.9 | 181.0 | 7.7 % | |||
Net sales | 942.4 | 948.5 | ||||
Profit margin(1) | 12.4 % | 15.7 % | ||||
Adjusted EBITDA margin(4) | 20.7 % | 19.1 % | ||||
Notes | |
(1) | Effective since the third quarter of 2024, the Company voluntarily made a change in accounting policy related to the recognition of the subsequent changes in the fair value of put option financial liabilities associated with the non-controlling interests in certain of the Company's majority owned subsidiaries. The impact of adopting this change in accounting policy has been applied retrospectively and the comparative period in 2023 has been adjusted. All other financial statement captions for the three months ended December 31, 2023 in this table that have not been identified with this footnote were not impacted by this policy change. |
(2) | Other adjustments primarily comprised 'Other (expense) and income' per the consolidated statements of income. |
(3) | Adjusted EBITDA eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. Adjusted EBITDA includes the lease interest and amortization expense under IFRS 16, Leases ("IFRS 16") to account for operational rent expenses. |
(4) | Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales. |
For the Year Ended December 31, 2024
Adjusted EBITDA for the year ended December 31, 2024 decreased by
The following table reconciles adjusted EBITDA and adjusted EBITDA margin to the Company's profit for the year and profit margin, the most directly comparable financial measures stated in accordance with IFRS Accounting Standards, for the years ended December 31, 2024 and December 31, 2023:
Year ended December 31, | ||||||
(Expressed in millions of US Dollars) | 2024 | 2023 | Percentage | |||
Profit for the year(1) | 372.6 | 430.3 | (13.4) % | |||
Plus (minus): | ||||||
Income tax expense | 118.3 | 134.6 | (12.1) % | |||
Finance costs(1) | 152.0 | 193.1 | (21.3) % | |||
Finance income | (13.6) | (14.3) | (4.9) % | |||
Operating profit | 629.3 | 743.7 | (15.4) % | |||
Plus (minus): | ||||||
Depreciation | 51.7 | 39.8 | 30.0 % | |||
Total amortization | 170.3 | 152.5 | 11.7 % | |||
Share-based compensation expense | 13.5 | 14.8 | (8.6) % | |||
Impairment reversals | (5.1) | (84.0) | (93.9) % | |||
Amortization of lease right-of-use assets | (150.0) | (133.5) | 12.4 % | |||
Interest expense on lease liabilities | (35.0) | (27.7) | 26.4 % | |||
Other adjustments(2) | 8.3 | 3.8 | 120.3 % | |||
Adjusted EBITDA(3) | 683.0 | 709.3 | (3.7) % | |||
Net sales | 3,588.6 | 3,682.4 | ||||
Profit margin(1) | 10.4 % | 11.7 % | ||||
Adjusted EBITDA margin(4) | 19.0 % | 19.3 % | ||||
Notes | |
(1) | Effective since the third quarter of 2024, the Company voluntarily made a change in accounting policy related to the recognition of the subsequent changes in the fair value of put option financial liabilities associated with the non-controlling interests in certain of the Company's majority owned subsidiaries. The impact of adopting this change in accounting policy has been applied retrospectively and the comparative period in 2023 has been adjusted. All other financial statement captions for the year ended December 31, 2023 in this table that have not been identified with this footnote were not impacted by this policy change. |
(2) | Other adjustments primarily comprised 'Other (expense) and income' per the consolidated statements of income. |
(3) | Adjusted EBITDA eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. Adjusted EBITDA includes the lease interest and amortization expense under IFRS 16 to account for operational rent expenses. |
(4) | Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales. |
Adjusted Net Income and Adjusted Earnings Per Share
Adjusted net income eliminates the effect of a number of costs, charges and credits and certain other non-cash charges, along with their respective tax effects, that impact the Company's reported profit attributable to equity holders, which the Company believes helps to give securities analysts, investors and other interested parties a more complete understanding of its underlying financial performance. Adjusted net income is defined as profit attributable to equity holders, adjusted to eliminate changes in the fair value of put options included in finance costs, amortization of intangible assets, derecognition of deferred financing costs associated with refinancing, impairment reversals, restructuring charges or reversals and tax adjustments. Adjusted basic and diluted earnings per share are calculated by dividing adjusted net income by the weighted average number of shares used in the basic and diluted earnings per share calculations, respectively.
For the Fourth Quarter Ended December 31, 2024
Adjusted net income increased by
The following table reconciles the Company's adjusted net income and adjusted basic and diluted earnings per share to profit attributable to the equity holders and basic and diluted earnings per share, the most directly comparable financial measures stated in accordance with IFRS Accounting Standards, for the three months ended December 31, 2024, and December 31, 2023.
Three months ended December 31, | ||||||
(Expressed in millions of US Dollars) | 2024 | 2023 | Percentage | |||
Profit attributable to the equity holders(1) | 110.0 | 142.3 | (22.7) % | |||
Plus (minus): | ||||||
Change in the fair value of put options included in finance costs(1) | 1.4 | 13.5 | (90.0) % | |||
Amortization of intangible assets | 5.1 | 5.0 | 1.9 % | |||
Impairment reversals | — | (84.0) | (100.0) % | |||
Restructuring reversals | (3.9) | (0.3) | 1,215.8 % | |||
US dual listing preparedness costs | 4.0 | — | n/a | |||
Tax adjustments(2) | (0.5) | 19.2 | nm | |||
Adjusted net income(3) | 116.1 | 95.8 | 21.2 % | |||
Basic earnings per share(1) | 0.078 | 0.098 | (20.9) % | |||
Diluted earnings per share(1) | 0.077 | 0.097 | (20.7) % | |||
Adjusted basic earnings per share | 0.082 | 0.066 | 24.0 % | |||
Adjusted diluted earnings per share | 0.082 | 0.066 | 24.4 % | |||
Notes | |
(1) | Effective since the third quarter of 2024, the Company voluntarily made a change in accounting policy related to the recognition of the subsequent changes in the fair value of put option financial liabilities associated with the non-controlling interests in certain of the Company's majority owned subsidiaries. The impact of adopting this change in accounting policy has been applied retrospectively and the comparative period in 2023 has been adjusted. All other financial statement captions for the three months ended December 31, 2023 in this table that have not been identified with this footnote were not impacted by this policy change. |
(2) | Tax adjustments represent the tax effect of the reconciling line items as included in the consolidated statements of income based on the applicable tax rate in the jurisdiction where such costs were incurred. |
(3) | Represents adjusted net income attributable to the equity holders of the Company. |
n/a | Not applicable. |
nm | Not meaningful. |
For the Year Ended December 31, 2024
Adjusted net income decreased by
The following table reconciles the Company's adjusted net income and adjusted basic and diluted earnings per share to profit attributable to the equity holders and basic and diluted earnings per share, the most directly comparable financial measures stated in accordance with IFRS Accounting Standards, for the years ended December 31, 2024, and December 31, 2023.
Year ended December 31, | ||||||
(Expressed in millions of US Dollars) | 2024 | 2023 | Percentage | |||
Profit attributable to the equity holders(1) | 345.6 | 396.9 | (12.9) % | |||
Plus (minus): | ||||||
Change in the fair value of put options included in finance costs(1) | (0.9) | 41.9 | nm | |||
Amortization of intangible assets | 20.3 | 19.0 | 7.0 % | |||
Derecognition of deferred financing costs associated with refinancing | 9.5 | 4.4 | 113.9 % | |||
Impairment reversals | (5.1) | (84.0) | (93.9) % | |||
Restructuring reversals | (3.9) | (0.6) | 561.7 % | |||
US dual listing preparedness costs | 9.1 | — | n/a | |||
Tax adjustments(2) | (4.8) | 14.7 | nm | |||
Adjusted net income(3) | 369.8 | 392.4 | (5.8) % | |||
Basic earnings per share(1) | 0.239 | 0.275 | (13.0) % | |||
Diluted earnings per share(1) | 0.237 | 0.273 | (13.1) % | |||
Adjusted basic earnings per share | 0.256 | 0.272 | (5.8) % | |||
Adjusted diluted earnings per share | 0.254 | 0.270 | (5.9) % | |||
Notes | |
(1) | Effective since the third quarter of 2024, the Company voluntarily made a change in accounting policy related to the recognition of the subsequent changes in the fair value of put option financial liabilities associated with the non-controlling interests in certain of the Company's majority owned subsidiaries. The impact of adopting this change in accounting policy has been applied retrospectively and the comparative period in 2023 has been adjusted. All other financial statement captions for the year ended December 31, 2023 in this table that have not been identified with this footnote were not impacted by this policy change. |
(2) | Tax adjustments represent the tax effect of the reconciling line items as included in the consolidated statements of income based on the applicable tax rate in the jurisdiction where such costs were incurred. |
(3) | Represents adjusted net income attributable to the equity holders of the Company. |
n/a | Not applicable. |
nm | Not meaningful. |
Adjusted Free Cash Flow
Adjusted free cash flow is defined as cash generated from operating activities, less (i) purchases of property, plant and equipment and software and (ii) principal payments on lease liabilities. The Company believes adjusted free cash flow provides helpful additional information regarding the Company's liquidity and its ability to generate cash after excluding the use of cash from certain of its core operating activities. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures since it excludes certain mandatory expenditures, and adjusted free cash flow may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
For the Fourth Quarter Ended December 31, 2024
The following table presents the reconciliation from the Company's net cash generated from operating activities per the consolidated statements of cash flows to adjusted free cash flow for the three months ended December 31, 2024, and December 31, 2023:
Three months ended December 31, | ||||||
(Expressed in millions of US Dollars) | 2024 | 2023 | Percentage (decrease) | |||
Net cash generated from operating activities | 221.7 | 230.1 | (3.7) % | |||
Less: | ||||||
Purchases of property, plant and equipment and software | (49.8) | (61.0) | (18.5) % | |||
Principal payments on lease liabilities | (36.7) | (36.7) | (0.0) % | |||
Adjusted free cash flow | 135.2 | 132.3 | 2.2 % | |||
For the Year Ended December 31, 2024
The following table presents the reconciliation from the Company's net cash generated from operating activities per the consolidated statements of cash flows to adjusted free cash flow for the years ended December 31, 2024, and December 31, 2023:
Year ended December 31, | ||||||
(Expressed in millions of US Dollars) | 2024 | 2023 | Percentage | |||
Net cash generated from operating activities | 564.8 | 534.2 | 5.7 % | |||
Less: | ||||||
Purchases of property, plant and equipment and software | (111.5) | (110.1) | 1.3 % | |||
Principal payments on lease liabilities | (142.3) | (139.6) | 2.0 % | |||
Adjusted free cash flow | 311.0 | 284.5 | 9.3 % | |||
2024 Final Results – Conference Call for Analysts and Investors:
Date: Thursday, March 13, 2025
Time: 08:00
Webcast Link: https://edge.media-server.com/mmc/p/whrujp9u
Dial-in Details: https://corporate.samsonite.com/on/demandware.static/-/Sites-InvestorRelations-Library/default/dw2915a863/PDF/press-release/2025/E%20Samsonite%20FY2024%20Results%20Date%20Conference%20Call%20(FINAL%202025-03-04).pdf#toolbar=0
– End –
About Samsonite Group
With a heritage dating back 115 years, Samsonite Group S.A. (formerly known as Samsonite International S.A.), together with its consolidated subsidiaries (the "Company", "Samsonite Group", "it" or "its"), is the world's best-known and largest travel luggage company and a leader in global lifestyle bags. The Company is principally engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags and travel accessories throughout the world, primarily under the Samsonite®, TUMI®, American Tourister®, Gregory®, High Sierra®, Lipault® and Hartmann® brand names as well as other owned and licensed brand names. The Company sells its products through a variety of wholesale distribution channels, through its company-operated retail stores and through e-commerce. The Company sells its products primarily in
For more information, please contact: | ||
Samsonite Group S.A. Tel: +1 508 851 1586 | Samsonite Group S.A. – Tel: +852 2422 2611 | |
Alvin Concepcion Email: | William Yue Email: | Helena Sau Email: |
Tel: +1 212 355 4449 Michael Freitag / Tim Ragones / Ed Trissel Email: Samsonite-JF@joelefrank.com | ||
Non-IFRS Financial Measures
The Company has presented certain non-IFRS financial measures in this press release because each of these measures provides additional information that management believes is useful for securities analysts, investors and other interested parties to gain a more complete understanding of the Company's operational performance and the trends impacting its business. These non-IFRS financial measures, as calculated herein, may not be comparable to similarly named measures used by other companies and should not be considered comparable to IFRS financial measures. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the Company's financial results as reported under IFRS Accounting Standards.
Special Note Regarding Forward-looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words "believe," "continue," "expect," "intend," "may," "ongoing," "plan," "potential," "trend," "will," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to materially differ from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this press release are based upon information available to the Company as of the date of this press release and, while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and the Company's statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking statements contained in this press release include, but are not limited to, statements concerning:
- the Company's expectations with respect to first-quarter and full-year 2025 financial and operating performance, including expected constant currency net sales growth and marketing spend and the Company's ability to maintain robust margins;
- the strength and positioning of the Company's brands and its ability to preserve its desirability;
- the Company's ability to implement its growth strategies and expand its product offerings and market reach, including with respect to the non-travel category;
- the Company's market opportunity and its ability to grow sales in established markets and deepen penetration in emerging markets with higher growth potential;
- the Company's ability to manage its channel mix and execute its multi-channel strategy;
- the performance of the Company's DTC channel, including the expansion and success of its company-operated retail stores and e-commerce platforms;
- the effects of trends in the travel industry on the Company's business;
- the Company's platform and other competitive advantages and the competitive environment in which it operates;
- the Company's focus on innovative design and sustainability and its ability to differentiate its products on this basis;
- the Company's financial profile, including with respect to operating leverage and margins, and the resiliency of its operating model;
- the Company's ability to generate cash from operations, invest in its business and return capital to shareholders;
- the Company's ability to expand its brand portfolio;
- the Company's marketing and advertising strategy;
- the advantages of the Company's sourcing and distribution model and its ability to manage inventories;
- the strength of the Company's relationships with third-party suppliers, manufacturers, distribution, wholesale and franchise partners;
- the performance, financial conditions and capabilities of the Company's third-party suppliers, manufacturers and other partners;
- the Company's ability to navigate general economic conditions worldwide and the effects of macroeconomic factors on its business;
- the economic conditions of foreign countries in which the Company operates or sources its merchandise;
- the effects of foreign currency fluctuations on the Company's business; and
- the Company's commitment to sustainability.
Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. The Company has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect its business, financial condition, operating results, prospects, strategy and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions and other factors, including, among other things, risks related to: the effects of consumer spending and general economic conditions; adverse impacts on the travel industry, and especially air travel; any deterioration in the strength of the Company's brands, or its inability to grow these brands; the Company's inability to expand internationally or maintain successful relationships with local distribution and wholesale partners; the competitive environment in which the Company operates; the Company's inability to maintain its network of sales and distribution channels or manage its inventory effectively; the Company's inability to grow its digital distribution channel and execute its e-commerce strategy; the Company's inability to promote the success of its retail stores; deterioration or consolidation of the Company's wholesale customer base; the financial health of the Company's wholesale customer base; the Company's inability to maintain or enhance its marketing position; the Company's inability to respond effectively to changes in market trends and consumer preferences; harm to the Company's reputation; manufacturing or design defects in the Company's products, or products that are otherwise unacceptable to the Company or to its wholesale customers; the impacts of merchandise returns and warranty claims on the Company's business; the Company's inability to appeal to new consumers while maintaining the loyalty of its core consumers; the Company's inability to exercise sufficient oversight over its decentralized operations; the Company's inability to attract and retain talented and qualified employees, managers, and executives; the Company's dependence on existing members of management and key employees; the Company's inability to accurately forecast its inventory and working capital requirements; disruptions to the Company's manufacturing, warehouse and distribution operations; the Company's reliance on third-party manufacturers and suppliers; the Company's failure to comply with
The preceding paragraph and list are not intended to be an exhaustive description of all of the Company's forward- looking statements or related risks. The forward-looking statements contained in this press release speak only as of the date of this press release. Moreover, the Company operates in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
In addition, statements that the "Company believes" and similar statements reflect the Company's beliefs and opinions on the relevant subject. These statements are based on information available to the Company as of the date of this press release. While the Company believes that such information provides a reasonable basis for these statements, such information may be limited or incomplete. The Company's statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
You should read this press release with the understanding that the Company's actual future results may be materially different from what it expects. The Company may not actually achieve the plans, intentions, or expectations disclosed in it forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements.
Rounding
Certain amounts presented in this press release have been rounded up or down to the nearest tenth of a million unless otherwise indicated. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them. With respect to financial information set out in this press release, a dash ("—") signifies that the relevant figure is not available, not applicable or zero, while a zero ("0.0") signifies that the relevant figure is available but has been rounded to zero. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown and between the amounts in the tables and the amounts given in the corresponding analyses in the text of this press release and between amounts in this press release and other publicly available press releases. All percentages and key figures were calculated using the underlying data in whole United States Dollars.
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SOURCE Samsonite
FAQ
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