Samsonite International S.A. Announces Results for the Six Months Ended June 30, 2024
Samsonite International announced its financial results for the six months ended June 30, 2024, showing a 2.8% increase in net sales year-on-year.
Gross profit margin expanded by 140 basis points to 60.2%, and Adjusted EBITDA margin increased by 10 basis points to 18.9%, both records for the first half. Profit attributable to equity holders rose 7.7% year-on-year to US$164.3 million.
The company generated Free Cash Flow of US$81.6 million, improving by US$18.2 million from the previous year. The net leverage ratio improved to 1.39x, the lowest since the 2016 acquisition of Tumi. Samsonite will pursue a dual listing in the United States.
Net sales saw a 2.0% increase in Asia, 4.6% in Europe, and 20.3% in Latin America, while remaining consistent in North America. The Samsonite brand reported a 5.8% net sales increase, while Tumi saw a slight increase of 0.3%, and American Tourister decreased by 0.9%.
The company increased investment in marketing and added 82 company-operated retail stores, now totaling 1,083 stores.
Samsonite International ha annunciato i risultati finanziari per i sei mesi terminati il 30 giugno 2024, mostrando un aumento del 2,8% nelle vendite nette rispetto all'anno precedente.
Il margine di profitto lordo è aumentato di 140 punti base raggiungendo il 60,2%, e il margine EBITDA rettificato è aumentato di 10 punti base arrivando al 18,9%, entrambi record per la prima metà dell'anno. Il profitto attribuibile agli azionisti è aumentato del 7,7% rispetto all'anno precedente, arrivando a 164,3 milioni di dollari USA.
La società ha generato un Free Cash Flow di 81,6 milioni di dollari USA, migliorando di 18,2 milioni rispetto all'anno scorso. Il rapporto di indebitamento netto è migliorato a 1,39x, il livello più basso dalla acquisizione di Tumi nel 2016. Samsonite perseguirà una doppia quotazione negli Stati Uniti.
Le vendite nette hanno registrato un aumento del 2,0% in Asia, del 4,6% in Europa, e del 20,3% in America Latina, mantenendosi costanti in Nord America. Il marchio Samsonite ha riportato un aumento delle vendite nette del 5,8%, mentre Tumi ha registrato un leggero aumento dello 0,3%, e American Tourister ha visto un calo dello 0,9%.
La società ha aumentato gli investimenti in marketing e ha aperto 82 negozi al dettaglio operati dall'azienda, per un totale di 1.083 negozi.
Samsonite International anunció sus resultados financieros para los seis meses finalizados el 30 de junio de 2024, mostrando un aumento del 2,8% en las ventas netas en comparación con el año anterior.
El margen de beneficio bruto se expandió en 140 puntos básicos hasta el 60,2%, y el margen de EBITDA ajustado aumentó en 10 puntos básicos hasta el 18,9%, marcando ambos un récord para la primera mitad del año. El beneficio atribuible a los accionistas creció un 7,7% interanual, alcanzando los 164,3 millones de dólares EE.UU.
La compañía generó un Flujo de Caja Libre de 81,6 millones de dólares EE.UU., mejorando en 18,2 millones respecto al año anterior. La relación de apalancamiento neto se mejoró a 1,39x, el nivel más bajo desde la adquisición de Tumi en 2016. Samsonite buscará una doble cotización en los Estados Unidos.
Las ventas netas registraron un aumento del 2,0% en Asia, del 4,6% en Europa, y del 20,3% en América Latina, manteniéndose constantes en América del Norte. La marca Samsonite reportó un incremento del 5,8% en ventas netas, mientras que Tumi tuvo un leve aumento del 0,3%, y American Tourister disminuyó un 0,9%.
La empresa aumentó la inversión en marketing y agregó 82 tiendas minoristas operadas por la compañía, ahora totalizando 1,083 tiendas.
샘소나이트 인터내셔널은 2024년 6월 30일로 종료된 6개월 동안의 재무 결과를 발표하였으며, 전년 대비 2.8% 증가한 순매출을 보였습니다.
총 이익률은 140bp 증가하여 60.2%에 도달하였고, 조정된 EBITDA 마진은 10bp 증가하여 18.9%에 도달하였으며, 모두 첫 반기 기록입니다. 자본 보유자에게 귀속되는 이익은 전년 대비 7.7% 증가하여 1억 6,430만 달러에 달했습니다.
회사는 자유 현금 흐름으로 8,160만 달러를 생성하였으며, 지난해보다 1,820만 달러 개선되었습니다. 순부채 비율은 1.39배로 개선되어 2016년 투미 인수 이후 최저치를 기록했습니다. 샘소나이트는 미국에서 이중 상장을 추구할 것입니다.
순매출은 아시아에서 2.0%, 유럽에서 4.6%, 라틴 아메리카에서 20.3% 증가했으며, 북미에서는 일정하게 유지되었습니다. 샘소나이트 브랜드는 5.8%의 순매출 증가를 보고하였고, 투미는 0.3%의 소폭 증가를, 아메리칸 투어리스터는 0.9% 감소했습니다.
회사는 마케팅 투자 증가 및 82개의 회사 운영 소매점을 추가하여 현재 총 1,083개 매장에 도달했습니다.
Samsonite International a annoncé ses résultats financiers pour les six mois se terminant le 30 juin 2024, affichant une augmentation de 2,8% des ventes nettes par rapport à l'année précédente.
La marge brute a augmenté de 140 points de base pour atteindre 60,2%, et la marge EBITDA ajustée a augmenté de 10 points de base pour s'établir à 18,9%, tous deux établissant des records pour la première moitié de l'année. Le bénéfice attribuable aux détenteurs de capitaux propres a augmenté de 7,7% d'une année sur l'autre, atteignant 164,3 millions de dollars américains.
L'entreprise a généré un flux de trésorerie libre de 81,6 millions de dollars américains, soit une amélioration de 18,2 millions par rapport à l'année précédente. Le ratio d'endettement net a été amélioré à 1,39x, le plus bas depuis l'acquisition de Tumi en 2016. Samsonite poursuivra une double cotation aux États-Unis.
Les ventes nettes ont connu une augmentation de 2,0% en Asie, de 4,6% en Europe et de 20,3% en Amérique latine, tout en restant stables en Amérique du Nord. La marque Samsonite a enregistré une augmentation de 5,8% des ventes nettes, tandis que Tumi a connu une légère augmentation de 0,3% et American Tourister a diminué de 0,9%.
L'entreprise a augmenté ses investissements en marketing et ajouté 82 magasins de détail exploités par l'entreprise, portant le total à 1 083 magasins.
Samsonite International hat seine Finanzergebnisse für die sechs Monate bis zum 30. Juni 2024 bekannt gegeben, die eine Steigerung der Nettoumsätze um 2,8% im Vergleich zum Vorjahr zeigen.
Die Bruttogewinnmarge stieg um 140 Basispunkte auf 60,2%, und die bereinigte EBITDA-Marge nahm um 10 Basispunkte auf 18,9% zu, was beides Rekorde für das erste Halbjahr sind. Der den Aktionären zurechenbare Gewinn stieg im Jahresvergleich um 7,7% auf 164,3 Millionen US-Dollar.
Das Unternehmen generierte einen freien Cashflow von 81,6 Millionen US-Dollar, was einer Verbesserung um 18,2 Millionen gegenüber dem Vorjahr entspricht. Das Netto-Verschuldungsverhältnis verbesserte sich auf 1,39x, den niedrigsten Wert seit der Übernahme von Tumi im Jahr 2016. Samsonite wird eine doppelte Kotierung in den USA anstreben.
Die Nettoumsätze betrugen ein Plus von 2,0% in Asien, 4,6% in Europa und 20,3% in Lateinamerika, während sie in Nordamerika stabil blieben. Die Samsonite-Marke meldete einen Anstieg der Nettoumsätze um 5,8%, während Tumi einen leichten Anstieg um 0,3% verzeichnete und American Tourister um 0,9% fiel.
Das Unternehmen erhöhte die Investitionen in Marketing und fügte 82 von dem Unternehmen betriebene Einzelhandelsgeschäfte hinzu, sodass es nun insgesamt 1.083 Geschäfte betreibt.
- Net sales increased by 2.8% year-on-year.
- Gross profit margin expanded by 140 basis points to 60.2%.
- Adjusted EBITDA margin increased by 10 basis points to 18.9%.
- Profit attributable to equity holders rose by 7.7% to US$164.3 million.
- Free Cash Flow increased by US$18.2 million to US$81.6 million.
- Net leverage ratio improved to 1.39x, the lowest since the 2016 acquisition of Tumi.
- Reinstatement of annual cash distributions to shareholders, totaling US$150 million.
- Authorization of a share buyback program up to US$200 million.
- Net sales decreased by 0.4% to US$1,768.5 million.
- Asia's net sales decreased by 2.0%.
- North America's net sales decreased by 0.5%.
- Net sales of the American Tourister brand decreased by 0.9%.
- Fixed SG&A expenses increased by US$17.3 million year-on-year.
Consolidated net sales increased by
Gross profit margin expanded by 140 basis points year-on-year to
Profit attributable to the equity holders increased by
Generated strong Free Cash Flow3 of
Total net leverage ratio4 further improved to 1.39x, the lowest level since the 2016 acquisition of Tumi
Company to pursue a dual listing of its shares in
Overview
Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "We are pleased with Samsonite's performance in the first half of 2024. We leveraged our increased investment in marketing to achieve year-on-year constant currency net sales growth compared to a record first half in 2023, a notable accomplishment given stronger headwinds this year, including more challenging macroeconomic conditions in
Supported by increased investment in marketing and contribution from the Group's direct-to-consumer ("DTC") channel, net sales for the six months ended June 30, 2024, increased by
The Group's industry-leading Samsonite brand achieved a year-on-year net sales increase of
Supported by continued investments in its DTC operations, the Group's DTC net sales increased by
The Group's gross profit margin expanded to a new first half record of
As planned, the Group increased investment in marketing to
Adjusted EBITDA margin2 improved by 10 basis points to a first half record of
For the six months ended June 30, 2024, the Group recorded profit attributable to the equity holders of
With robust Adjusted EBITDA5 and prudent cash and working capital management, Samsonite's Free Cash Flow3 increased by
In April 2024, the Company refinanced its term loan B facility to further enhance its financial flexibility. The Group borrowed
Considering its strong performance and financial position, the Board of Directors reinstated annual cash distributions to the Company's shareholders in 2024, paying out
The Board has authorized the Company to pursue a dual listing of Samsonite's shares in
Mr. Gendreau continued, "For the remainder of 2024, our outlook has become more clouded due to increased macroeconomic uncertainties and softening consumer sentiment. Year-on-year net sales growth slowed to
"We continue to see softer sales trends as we head into the second half of 2024. Promotional activity has increased in the marketplace, particularly at entry level price points, and while we have responded tactically to this, Samsonite's priority remains to drive high-quality sales to build a strong foundation for long-term, profitable, brand-accretive growth. We will remain vigilant in controlling promotional discounts and managing expenses, especially our fixed SG&A expenses, to sustain the Group's robust margin profile. Additionally, we will continue to manage cash and working capital closely to maintain strong Free Cash Flow3 generation. This will provide additional flexibility in capital allocation to continue to deleverage our balance sheet, invest in organic growth, and return cash to our shareholders."
"Trends in global travel and tourism remain positive, supporting demand for the Group's products. International tourism arrivals continue to improve and are projected to exceed pre-pandemic levels in 20248, and demand for air travel during the peak Northern Hemisphere summer period remains strong9. As consumers continue to prioritize travel over other discretionary spending, our prospects remain bright despite current headwinds."
"With substantial liquidity of
"We continue to make great progress on 'Our Responsible Journey', leveraging our leadership position to create a path towards a more sustainable future for our industry. A priority right now is establishing a near-term, science-based emissions reduction target across our own operations and supply chain. We're excited about this important next step and are planning to publish our target later this year."
Mr. Gendreau concluded, "Our teams are highly energized, and we are confident that our portfolio of leading brands, unrivaled global sourcing and strong distribution infrastructure, and commitment to sustainability and innovation will continue to strengthen Samsonite's market position and drive sustainable and profitable long-term growth."
Table 1: Key Financial Highlights for the Three Months Ended June 30, 2024 | ||||
Expressed in US$ millions, except per share data | Three months | Three months | Percentage | Percentage |
Net sales | 908.9 | 924.1 | (1.6) % | 1.5 % |
Gross profit | 545.4 | 549.1 | (0.7) % | 3.3 % |
Gross profit margin | 60.0 % | 59.4 % | ||
Operating profit | 164.9 | 167.4 | (1.5) % | 3.0 % |
Profit attributable to the equity | 81.4 | 78.7 | 3.4 % | 13.6 % |
Adjusted Net Income6 | 86.9 | 89.6 | (3.1) % | 5.9 % |
Adjusted EBITDA5 | 172.3 | 177.9 | (3.2) % | 1.2 % |
Adjusted EBITDA margin2 | 19.0 % | 19.3 % | ||
Basic earnings per share – | 0.056 | 0.055 | 2.2 % | 12.2 % |
Diluted earnings per share – | 0.055 | 0.054 | 1.6 % | 11.5 % |
Adjusted basic and diluted | 0.059 | 0.062 | (4.8) % | 4.0 % |
2024 Second Quarter Highlights
For the three months ended June 30, 2024, the Group's net sales decreased by
The
For the three months ended June 30, 2024, net sales of the Samsonite brand increased by
The Group achieved gross profit margin of
Adjusted EBITDA5 decreased by
For the three months ended June 30, 2024, the Group recorded profit attributable to the equity holders of
Table 2: Key Financial Highlights for the Six Months Ended June 30, 2024 | ||||
Expressed in US$ millions, except per share data | Six months | Six months | Percentage | Percentage |
Net sales | 1,768.5 | 1,776.2 | (0.4) % | 2.8 % |
Gross profit | 1,064.8 | 1,043.6 | 2.0 % | 5.9 % |
Gross profit margin | 60.2 % | 58.8 % | ||
Operating profit | 314.7 | 312.1 | 0.8 % | 5.6 % |
Profit attributable to the equity | 164.3 | 152.5 | 7.7 % | 16.1 % |
Adjusted Net Income6 | 174.0 | 170.9 | 1.8 % | 9.3 % |
Adjusted EBITDA5 | 333.5 | 334.3 | (0.3) % | 4.3 % |
Adjusted EBITDA margin2 | 18.9 % | 18.8 % | ||
Basic earnings per share – | 0.113 | 0.106 | 6.7 % | 15.0 % |
Diluted earnings per share – | 0.112 | 0.105 | 6.1 % | 14.4 % |
Adjusted basic earnings per share11 – Expressed in US$ per share | 0.119 | 0.118 | 0.9 % | 8.3 % |
Adjusted diluted earnings per share11 – Expressed in US$ per share | 0.118 | 0.118 | 0.3 % | 7.7 % |
Results for the Six Months Ended June 30, 2024
The Group's performance for the six months ended June 30, 2024, is discussed in greater detail below.
Net Sales
For the six months ended June 30, 2024, the Group's net sales decreased by
Net Sales Performance by Region | ||||
Table 3: Net Sales by Region | ||||
Region13 | Six months ended US$ millions | Six months ended June 30, 2023 US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
680.0 | 693.9 | (2.0) % | 2.0 % | |
608.3 | 611.3 | (0.5) % | (0.5) % | |
372.3 | 365.7 | 1.8 % | 4.6 % | |
107.5 | 104.6 | 2.7 % | 20.3 % | |
Corporate | 0.4 | 0.7 | (37.0) % | (37.0) % |
Net sales | 1,768.5 | 1,776.2 | (0.4) % | 2.8 % |
During the six months ended June 30, 2024, the Group's net sales in
During the first half of 2024, net sales in
For the six months ended June 30, 2024, the Group recorded net sales of
For the six months ended June 30, 2024, the Group recorded net sales of
For the six months ended June 30, 2024, the Group recorded net sales of
Net Sales Performance by Brand | ||||
Table 4: Net Sales by Brand | ||||
Brand | Six months ended US$ millions | Six months ended US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Samsonite | 903.8 | 880.3 | 2.7 % | 5.8 % |
Tumi | 413.9 | 421.1 | (1.7) % | 0.3 % |
American Tourister | 307.4 | 320.8 | (4.2) % | (0.9) % |
Other18 | 143.4 | 154.1 | (7.0) % | (0.5) % |
Net sales | 1,768.5 | 1,776.2 | (0.4) % | 2.8 % |
The industry-leading Samsonite brand achieved strong growth in the six months ended June 30, 2024, with net sales increasing by
For the six months ended June 30, 2024, net sales of the Tumi brand increased by
Net sales of the American Tourister brand decreased slightly by
Net Sales Performance by Distribution Channel | ||||
Table 5: Net Sales by Distribution Channel | ||||
Distribution Channel | Six months ended US$ millions | Six months ended US$ millions | Percentage increase (decrease) 2024 vs. 2023 | Percentage increase (decrease) 2024 vs. 2023 excl. foreign currency effects1 |
Wholesale | 1,093.9 | 1,106.5 | (1.1) % | 1.5 % |
DTC | 673.5 | 669.0 | 0.7 % | 4.7 % |
Other19 | 1.0 | 0.8 | 33.1 % | 33.1 % |
Total net sales | 1,768.5 | 1,776.2 | (0.4) % | 2.8 % |
For the six months ended June 30, 2024, net sales in the Group's wholesale channel increased by
During the six months ended June 30, 2024, the Group's net sales in the DTC channel, which includes company-operated brick-and-mortar retail stores and e-commerce sites operated by the Group, increased by
During the six months ended June 30, 2024, the Group the Group added 48 company-operated retail stores, partially offset by the permanent closure of 17 company-operated retail stores. This resulted in a net addition of 31 company-operated retail stores (12 in
Gross Profit
The Group's gross profit increased by
Investment in Marketing
As planned, the Group increased its investment in marketing to US
Distribution Expenses
Distribution expenses increased by
General and Administrative Expenses
General and administrative expenses decreased by
Operating Profit
The Group reported an operating profit of
Net Finance Costs and Income Tax Expense
Net finance costs decreased by
The Group recorded an income tax expense of
Profit Attributable to the Equity Holders
The Group recorded profit attributable to the equity holders of
Adjusted EBITDA and Adjusted Net Income
The Group continued to diligently manage its fixed SG&A expenses to drive positive operating leverage during the first half of 2024. The Group's fixed SG&A expenses increased by
For the six months ended June 30, 2024, the Group's Adjusted EBITDA5 was stable at
Adjusted Net Income6 increased by
Working Capital
The Group continued to optimize its working capital during the first half of 2024. At
Total Capital Expenditures
During the six months ended June 30, 2024, the Group selectively opened 48 new company-operated retail stores. In comparison, the Group opened 32 new company-operated retail stores in the first half of 2023. As a result of adding new stores and remodeling existing stores, capital expenditures on retail stores were
Balance Sheet and Free Cash Flow
Free Cash Flow3 improved by
The reduction in net debt, together with strong Adjusted EBITDA5, enabled the Group to further lower its total net leverage ratio4 to 1.39x as of June 30, 2024, compared to 1.53x as of December 31, 2023.
2024 First Half Results – Earnings Call for Analysts and Investors: | |
Date: | Wednesday, August 14, 2024 |
Time: | 08:30 |
Webcast Link: | |
Dial-in Details: |
– End –
About Samsonite
With a heritage dating back to 1910, Samsonite International S.A. ("Samsonite" or the "Company", together with its consolidated subsidiaries the "Group"), is a leader in the global lifestyle bag industry and is the world's best-known and largest travel luggage company. The Group 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's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK").
For more information, please contact: | |
Samsonite International S.A. – | |
Tel: +852 2422 2611 | |
William Yue | Helena Sau |
Email: william.yue@samsonite.com | Email: helena.sau@samsonite.com |
Michael Freitag / Tim Ragones / Ed Trissel | |
Tel: +1 212 355 4449 | |
Email: Samsonite-JF@joelefrank.com |
Notes | |||||
1 | Results stated on a constant currency basis, a non-International Financial Reporting Standards ("IFRS") Accounting Standards measure, are calculated by applying the average exchange rate of the same period in the year under comparison to current period local currency results. | ||||
2 | Adjusted EBITDA margin, a non-IFRS measure, is calculated by dividing adjusted earnings before interest, taxes, depreciation and amortization of intangible assets ("Adjusted EBITDA") by net sales. | ||||
3 | Free Cash Flow is defined as net cash generated from (used in) operating activities less (i) purchases of property, plant and equipment and software ("total capital expenditures") and (ii) principal payments on lease liabilities (each as set forth on the condensed consolidated statements of cash flows). | ||||
4 | The total net leverage ratio is calculated by dividing total consolidated net debt minus the aggregate amount of unrestricted cash by the consolidated Adjusted EBITDA for the trailing four fiscal quarters on a pro forma basis as defined in the credit agreement. | ||||
5 | Adjusted EBITDA, a non-IFRS measure, 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. The Group believes these measures provide additional information that is useful in gaining a more complete understanding of its operational performance and of the underlying trends of its business. | ||||
6 | Adjusted Net Income, a non-IFRS 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 Group's reported profit attributable to the equity holders, which the Group believes helps to give securities analysts, investors and other interested parties a more complete understanding of the Group's underlying financial performance. | ||||
7 | As of June 30, 2024, the Group had | ||||
8 | Source: UN Tourism World Tourism Barometer, Volume 22, issue 2, May 2024. | ||||
9 | Source: IATA Air Passenger Market Analysis, May 2024. | ||||
10 | Total liquidity is calculated as the sum of cash and cash equivalents per the condensed consolidated statements of financial position plus available capacity under the Group's revolving credit facility. As of June 30, 2024, the Group had total liquidity of | ||||
11 | Adjusted basic and diluted earnings per share, both non-IFRS 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. | ||||
12 | On March 14, 2022, the Group suspended all commercial activities in | ||||
13 | The geographic location of the Group'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 | Net sales reported for | ||||
15 | Net sales reported for | ||||
16 | Net sales in | ||||
17 | Net sales reported for the | ||||
18 | Other includes certain other non-core brands owned by the Group, such as Gregory, High Sierra, Kamiliant, ebags, Xtrem, Lipault, Hartmann, Saxoline and Secret. | ||||
19 | "Other" primarily consists of licensing revenue. | ||||
20 | Net working capital efficiency is calculated as net working capital (the sum of inventories and trade and other receivables, minus accounts payable) divided by annualized net sales. | ||||
21 | For the six months ended June 30, 2024, the Group spent |
Non-IFRS Measures
The Company has presented certain non-IFRS 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 Group's operational performance and of the trends impacting its business. These non-IFRS measures, as calculated herein, may not be comparable to similarly named measures used by other companies, and should not be considered comparable to IFRS measures. Refer to the relevant announcement/report published by the Company for the corresponding period for reconciliations of the Group's non-IFRS Accounting Standards financial information. Non-IFRS measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the Group's financial results as reported under IFRS Accounting Standards.
Forward-looking Statements
This press release contains forward-looking statements. Forward-looking statements reflect the Company's current views with respect to future events and performance. These statements may discuss, among other things, the Company's net sales, gross profit margin, operating profit, Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA margin, cash flow, liquidity and capital resources, potential impairments, growth, strategies, plans, achievements, distributions, organizational structure, future store openings or closings, market opportunities and general market and industry conditions. The Company generally identifies forward-looking statements by words such as "expect", "seek", "believe", "plan", "intend", "estimate", "project", "anticipate", "may", "will", "would" and "could" or similar words or statements. Forward-looking statements are based on beliefs and assumptions made by management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. Forward-looking statements are subject to risks and uncertainties.
If one or more of these risks or uncertainties materialize, or if management's underlying beliefs and assumptions prove incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Among the factors that could cause actual results to differ materially are: the effect of worldwide economic conditions; the effect of political or social unrest and armed conflict; the effects of inflation; a general economic downturn or generally reduced consumer spending; significant changes in consumer spending patterns or preferences; competition; interruptions or delays in the supply of finished goods or key components; the performance of the Group's products within the prevailing retail environment; and financial difficulties encountered by customers and related bankruptcy and collection issues.
Forward-looking statements speak only as of the date on which they are made. The Company's shareholders, potential investors and other interested parties should not place undue reliance on these forward-looking statements. The Company expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws and regulations.
Rounding
Certain amounts presented in this press release have been rounded up or down to the nearest tenth of a million, unless otherwise indicated. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown, 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 documents. All percentages and key figures were calculated using the underlying data in whole US Dollars.
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SOURCE Samsonite
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Did Samsonite increase its marketing investment in the first half of 2024?
How did the net sales of Samsonite's brands perform in the first half of 2024?
Is Samsonite planning a dual listing in the United States?