5月13日，新秀丽（HK01910）发布公告，披露截至2025年3月31日三个月的财务业绩。公司在此期间的销售净额 为7.97亿美元，相较于2024年同期的8.6亿美元下降了7.3%（按不变汇率基准计算则下降4.5%）。 股权持有人应占溢利4820万美元，同比减少42.6%。 毛利为4.73亿美元，毛利率为59.4%，较上年同期的60.4%有所下降，主要是由于销售净额组合的变化，特别是利 润率较高的亚洲地区销售净额占比下降。 在经营利润方面，公司报告的经营溢利为1.1亿美元，同比下降26.9%。期内溢利为5520万美元，较2024年同期的 9150万美元下降39.7%。此外，公司的经调整净收入为5200万美元，同比减少40.3%。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 （文章来源：每日经济新闻） | | 载至 3 月 31 日止三個月 | | | | --- | --- | --- | --- | | | | 2024 年 | 增加(减少) | | (以百萬美元呈列,每股數據除外) | 2025年 | (經調整)(6) | 自分比 | | 销售淨糖(1) | 7 ...

Samsonite Group (01910) Q1 2025 Earnings Call May 13, 2025 08:30 AM ET Company Participants William Yue - Director of Investor RelationsKyle Gendreau - CEO & Executive DirectorReza Taleghani - CFO, Executive VP & TreasurerErwan Rambourg - Managing Director, Global Head of Consumer and Retail Equity ResearchAnne Ling - Managing Director Conference Call Participants Dustin Wei - Analyst William Yue Thank you for taking the time to join Samsonite's first quarter twenty twenty five results presentation. We have ...

Samsonite Group (01910) Q1 2025 Earnings Call May 13, 2025 08:30 AM ET Speaker0 Thank you for taking the time to join Samsonite's first quarter twenty twenty five results presentation. We have our CEO, Kyle Gendro, and our CFO, Rizita Talagani with us today. Kyle will begin, we'll start off with a few comments. Thank you. Speaker1 Okay, thanks William. Thanks everybody for joining us. I'm assuming you can see the slides. I'm on page five of our deck. So let me start with just what we're seeing. What I would ...

2025 FIRST QUARTER RESULTS MAY 13, 2025 Samsonite Group S.A. Stock Code: 1910 JOURNEY BEYOND LIMITS DISCLOSURE STATEMENT This presentation and the accompanying slides (the "Presentation"), which have been prepared by Samsonite Group S.A. ("Samsonite" or the "Company"), do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for, or be relied on in connection with, any contract or binding commitment whatsoever. This Presentation has been prepared by ...

Financial Performance - For the three months ended March 31, 2025, net sales were $796.6 million, a decrease of 7.3% compared to $859.6 million for the same period in 2024[12]. - Gross profit for the same period was $473.1 million, down 8.9% from $519.5 million year-over-year[12]. - Operating profit decreased by 26.9% to $109.5 million from $149.8 million in the previous year[12]. - Net profit for the period was $55.2 million, reflecting a 39.7% decline from $91.5 million in the prior year[12]. - Earnings attributable to equity holders decreased by 42.6% to $48.2 million from $83.9 million year-over-year[12]. - Adjusted net income was $52.0 million, down 40.3% from $87.1 million in the same quarter last year[12]. - Adjusted EBITDA was $127.6 million, a decrease of 20.9% compared to $161.2 million in the previous year[12]. - The adjusted EBITDA margin was 16.0%, down from 18.8% year-over-year[12]. - Basic earnings per share decreased by 40.2% to $0.035 from $0.058 in the prior year[12]. - Diluted earnings per share fell by 40.0% to $0.034 compared to $0.057 in the same quarter last year[12]. Sales and Market Trends - The company's travel products accounted for 64.0% of net sales, while non-travel products made up 36.0%[25]. - Direct-to-consumer (DTC) sales represented 38.2% of net sales, with 1,128 self-operated retail stores and a strong e-commerce presence[26]. - The wholesale business contributed 61.8% of net sales, including partnerships with major physical and digital retailers[26]. - Net sales in Asia were $307.0 million, representing 38.5% of total net sales, a decrease of 9.7% compared to $340.1 million in the previous year[37]. - North America net sales were $261.5 million, accounting for 32.8% of total net sales, down 8.3% from $285.3 million in the prior year[37]. - Europe net sales remained unchanged at $175.5 million, representing 22.1% of total net sales, with a 4.4% increase when adjusted for constant currency[37]. - Latin America net sales were $52.5 million, accounting for 6.6% of total net sales, down 10.3% from $58.5 million in the previous year[37]. Operational Strategy - The company aims to expand its product portfolio and market coverage, including non-travel product categories[6]. - Samsonite Group is focusing on enhancing its direct-to-consumer (DTC) channels, including optimizing its retail store network and e-commerce platforms[6]. - The company is committed to upgrading and expanding its retail store network in the coming year[6]. - The company plans to continue investing in brand marketing to enhance product attractiveness and maintain competitive advantage[28]. - The company invested significantly in R&D for lighter, more durable materials and innovative designs to enhance product appeal[28]. Financial Health and Cash Flow - As of March 31, 2025, the company's cash and cash equivalents were $601.7 million, with total financial debt of $1,796.1 million, leading to a net debt of $1,194.3 million[16]. - Operating cash flow for the three months ended March 31, 2025, was $69.6 million, with net cash from operating activities at $8.5 million[22]. - The company experienced a decrease in cash and cash equivalents by $85.2 million, ending the period with $601.7 million[22]. - The adjusted free cash flow for the three months ended March 31, 2025, was $(41.2) million, compared to $6.5 million in the same period of 2024, indicating a significant negative shift[39]. - The company believes its existing cash and estimated cash flows will be sufficient to meet its operational and capital needs for the foreseeable future[99]. Compliance and Regulatory Environment - The company is focused on maintaining compliance with complex and evolving global regulations, including those related to sustainability and data protection[7]. - Samsonite Group is assessing the impact of geopolitical events on its business operations and global trade relationships[6]. Future Outlook - Future outlook includes potential risks and uncertainties that may significantly affect actual performance compared to forward-looking statements[5]. - The company anticipates that improving macroeconomic conditions could positively impact net sales, including an increase in orders from wholesale customers[31]. - The company has reduced the proportion of products sourced from China for the U.S. market from approximately 85% in 2018 to about 15% in 2024[32]. - Global air passenger volume is projected to grow to approximately 9.9 billion by 2025, with a compound annual growth rate of about 4%[33].

Financial Performance - The Company reported solid performance in 2024, highlighting a resilient business model and improved margin profile[2]. - Net sales for the year ended December 31, 2024, were $3,588.6 million, a decrease of 2.5% compared to $3,682.4 million for 2023[46]. - Gross profit for 2024 was $2,152.2 million, reflecting a decrease of 1.4% from $2,182.8 million in 2023[46]. - Operating profit decreased by 15.4% to $629.3 million in 2024 from $743.7 million in 2023[46]. - Profit for the year attributable to equity holders was $345.6 million, down 12.9% from $396.9 million in 2023[46]. - Adjusted net income for 2024 was $369.8 million, a decrease of 5.8% compared to $392.4 million in 2023[46]. - Adjusted EBITDA for 2024 was $683.0 million, down 3.7% from $709.3 million in 2023[46]. - Basic earnings per share decreased by 13.0% to $0.239 in 2024 from $0.275 in 2023[46]. - Diluted earnings per share decreased by 13.1% to $0.237 in 2024 from $0.273 in 2023[46]. - The Company recorded net sales of US$3,588.6 million for the year ended December 31, 2024, a decrease of only 0.2% year-over-year[61]. - The Company's profit margin for 2024 was 10.4%, down from 11.7% in 2023[190]. Sales and Market Trends - Year-over-year constant currency net sales performance improved sequentially across regions in Q4 2024 compared to Q3 2024, despite an uncertain macroeconomic environment affecting consumer sentiment[18]. - Net sales for Q1 2025 are expected to decline low to mid-single digits on a constant currency basis compared to Q1 2024, with growth trends anticipated to improve throughout 2025[18]. - Sales in mature markets are expected to increase, while penetration in emerging high-growth regions will deepen[19]. - The Company recognizes the impact of trends in the travel industry, particularly air travel, on its business[30]. - The Company believes that strong travel trends in the coming years will support long-term business growth[19]. - The Company anticipates low to mid-single digits decline in net sales for Q1 2025 compared to Q1 2024, but expects growth trends to improve over the course of 2025[122]. - The global bags and luggage industry had approximately $87 billion in retail sales during 2024, with the company's travel products comprising 65.7% of its net sales[147][150]. Strategic Initiatives - The Company aims to increase shareholder value through sustainable revenue and earnings growth, focusing on brand elevation and innovation[16]. - The Company plans to expand its brand portfolio through accretive M&A and deepen penetration in emerging, high-growth regions[18]. - The Company is focused on expanding its travel and non-travel product offerings through innovation and sustainability improvements[18]. - The Company is preparing for a potential dual listing of its securities in the United States to enhance value creation for shareholders[22]. - The Company aims to expand its product offerings and market reach, particularly in the non-travel category[30]. - The Company plans to deepen penetration in emerging markets with higher growth potential while increasing sales in established markets[30]. - The Company is excited about new products and marketing programs surrounding the TUMI brand, which is celebrating its 50th anniversary in 2025[123]. - The Company believes it has significant opportunities to grow net sales by expanding into adjacent product categories and leveraging brand recognition[168]. Cost Management and Profitability - The Company is confident in maintaining a robust margin profile and delivering positive operating leverage through disciplined expense management[18]. - The Company aims to generate strong adjusted free cash flow, providing flexibility for future investments and shareholder returns[19]. - Adjusted free cash flow increased by US$26.5 million to US$311.0 million for the year ended December 31, 2024, compared to US$284.5 million for 2023[53]. - The Company maintains substantial liquidity of $1.4 billion as of December 31, 2024[77][79]. - The Company expects its strategy to broaden its product offering within the non-travel category will help mitigate the impact of global travel trends over time[174]. - The Company anticipates that the growth rate of its sales costs will be lower than the growth rate of its net sales in the long term due to strict cost management and a shift towards higher-margin brands, product lines, and channels[198]. Sustainability and Innovation - The Company is committed to sustainability and addressing climate change-related matters[31]. - The Company continues to focus on sustainability and innovation in its product offerings, aligning with evolving consumer demands[143]. - The share of the Company's net sales from products incorporating recycled materials increased to approximately 40% in 2024, up from about 34% in 2023[117]. - The Company invested significantly in research and development for new materials and innovative designs to enhance product desirability and sustainability[155][158]. Operational Highlights - The Company emphasizes a decentralized management structure to foster innovation and efficient decision-making[15]. - The performance of the Company's direct-to-consumer (DTC) channel, including the expansion of retail stores and e-commerce platforms, is a key focus[30]. - Direct-to-consumer (DTC) net sales increased by 2.7%, with DTC e-commerce net sales rising by 5.8% year-over-year, contributing 39.8% of total net sales[64]. - The Company operates robust DTC e-commerce platforms worldwide, contributing to significant growth across its brands and regions[162]. - The Company has streamlined its retail store fleet to focus on driving profitable growth and employs a targeted approach to new store openings[162]. Economic Outlook - The macroeconomic outlook remains uncertain, but global travel and tourism is expected to see steady growth in 2025, supporting consumer demand for the Company's products[83]. - International tourist arrivals are expected to grow by 3% to 5% in 2025 compared to 2024, according to the United Nations World Tourism Organization[9]. - The Company is aware of the risks related to consumer spending and general economic conditions affecting its operations[32]. - Macroeconomic factors have led to consumers becoming more selective with their spending, adversely affecting the Company's net sales during the year ended December 31, 2024[169].

Investment Rating - The report maintains a BUY rating for the company with a target price (TP) revised down by 9% to HK$ 25.35, implying a 36.9% upside from the current price of HK$ 18.52 [1][3]. Core Insights - The company experienced mixed performance in FY24, with net sales remaining flat at US$ 3.6 billion, while net profit decreased by 13% YoY to US$ 346 million, primarily due to higher selling expenses and fewer impairment reversals [1][2]. - Major markets such as Asia and North America saw declines of 3.6% and 1.2% YoY, respectively, but growth in Europe and Latin America offset these declines with increases of 3.1% and 17.0% YoY [1]. - The management anticipates a decline in sales for 1Q25, projecting a fall by low single digits to mid single digits, influenced by weak US consumer sentiment despite a recovery in Asia [1][9]. - Organic sales and net profit are expected to grow by 1.5% and 1.8% YoY in FY25E, respectively, supported by ongoing share buybacks and progress in dual-listing [1][9]. Financial Summary - For FY24, the company reported revenue of US$ 3,589 million, a decrease of 2.5% YoY, with a projected revenue of US$ 3,731 million for FY25E, reflecting a growth of 4.0% [2][32]. - The net profit for FY24 was US$ 346 million, down 12.9% YoY, with an expected slight recovery to US$ 351.8 million in FY25E [2][32]. - The report indicates a decline in gross profit margin from 60.0% in FY24 to an expected 59.5% in FY25E, while the operating profit margin is projected to remain at 17.1% [29][32]. Market Performance - The company's stock has seen a decline of 14.1% over the past month and 14.3% over the past three months, indicating a challenging market environment [5]. - The current market capitalization stands at HK$ 26,729.4 million, with an average turnover of HK$ 128.1 million over the last three months [3]. Shareholding Structure - Major shareholders include Schroders PLC with 6.0% and Bank of New York Mellon Corporation with 5.4% [4]. E-commerce Performance - In the first two months of FY25, online sales on major platforms like TBTM and JD.com decreased by 7% and 18% YoY, while sales on Douyin surged by 200% YoY, indicating a shift in consumer preferences and effective marketing strategies [9][15].

Investment Rating - The investment rating for the company is "Outperform" [5][14]. Core Insights - The report highlights that the company's gross profit margin remains robust at 60.2% for Q4, with expectations for revenue growth to improve in Q1 2025 [7][14]. - The company has announced a buyback plan, reflecting long-term confidence in its performance [2][14]. - The overall revenue for 2024 is projected to decline by 2.5% to USD 3.59 billion, with a slight recovery expected in 2025 [7][14]. Financial Data and Forecasts - **Revenue Forecast**: - 2023: USD 3,682 million - 2024: USD 3,589 million - 2025E: USD 3,743 million - 2026E: USD 3,928 million - 2027E: USD 4,118 million - Year-over-year growth rates show a decline of 2.5% in 2024, followed by modest growth in subsequent years [4][11]. - **Net Profit Forecast**: - 2023: USD 417 million - 2024: USD 346 million - 2025E: USD 382 million - 2026E: USD 413 million - 2027E: USD 440 million - The net profit margin is expected to recover gradually after a decline in 2024 [4][11]. - **Earnings Per Share (EPS)**: - 2023: USD 0.29 - 2024: USD 0.24 - 2025E: USD 0.26 - 2026E: USD 0.28 - 2027E: USD 0.30 [4][11]. - **Gross Margin**: - 2023: 59.3% - 2024: 60.0% - 2025E: 60.0% - 2026E: 60.1% - 2027E: 60.2% [4][11]. - **Return on Equity (ROE)**: - 2023: 28.8% - 2024: 23.4% - 2025E: 20.6% - 2026E: 18.2% - 2027E: 16.2% [4][11]. Market Performance - The company's stock closed at HKD 19.10, with a 52-week price range of HKD 16.78 to HKD 31.60 [5][14]. - The total market capitalization is approximately HKD 27,930 million [5][14]. Revenue Performance by Region - Q4 2024 revenue showed a slight decline of 0.1% year-over-year, with a currency-neutral increase of 1% [7][14]. - Revenue changes in Q4 2024 by region were as follows: - Asia: -6.3% - North America: +3.9% - Europe: +5.6% - Latin America: +14% [7][14]. Cash Flow and Dividends - Adjusted free cash flow increased by 9.3% to USD 310 million [7][14]. - Total dividends for the year were USD 150 million, with a payout ratio of 43.4% [7][14].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of $3.6 billion for 2024, a year-on-year decrease of 2.5%, but a slight decline of 0.2% when excluding foreign exchange impacts. Adjusted EBITDA was $680 million, down 3.7% year-on-year, and net profit attributable to shareholders was $350 million, down 12.9% year-on-year. In Q4 alone, revenue reached $940 million, a year-on-year decrease of 0.6%, with adjusted EBITDA of $190 million, up 7.7% year-on-year, and net profit of $110 million, up 22.7% year-on-year [1][5][12]. Summary by Sections Revenue Performance - In Q4, North America, Europe, and China saw positive revenue growth, while India and South Korea experienced declines, leading to a 7% year-on-year drop in Asian revenue. Specifically, revenue from China was $70 million (up 2%), India $50 million (down 28%), Japan $50 million (up 3%), and South Korea $30 million (down 17%). North America generated $350 million (up 4%), with the U.S. contributing $330 million (up 4%). Europe achieved $210 million (up 5%), with Belgium at $60 million (up 16%) and Germany at $30 million (down 7%) [2][3]. Brand and Channel Performance - In Q4, the brands TUMI and Samsonite saw revenue growth, with TUMI at $250 million (up 4%) and Samsonite at $480 million (up 3%). The DTC (Direct-to-Consumer) channel showed stable performance, with revenues of $280 million (up 0.1%) and $130 million (up 1.2%) for DTC self-operated and DTC e-commerce channels, respectively. The company plans to open 67 new stores, increasing the total to 1,119, demonstrating confidence in growth despite a weak retail environment [3][4]. Profitability and Margins - The gross margin for Q4 was 60.2%, an increase of 0.3 percentage points year-on-year, attributed to higher-end brand performance and discount control. The adjusted EBITDA margin reached 20.7%, a historical high, while the net profit margin was 12.2%, down 3.5 percentage points year-on-year due to a high base from previous impairment reversals [4][5]. Earnings Forecast and Valuation - The company is expected to achieve revenues of $3.7 billion, $3.8 billion, and $3.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.8%, 4.1%, and 3.5%. Net profit attributable to shareholders is projected to be $370 million, $410 million, and $460 million for the same years, with growth rates of 6.2%, 10.8%, and 12.8%. The price-to-earnings ratio is estimated to be 10, 9, and 8 times for the respective years [5][12][13].

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company reported a revenue of $3.6 billion for 2024, a year-on-year decrease of 2.5%, but a slight decrease of 0.2% when excluding foreign exchange impacts. Adjusted EBITDA was $680 million, down 3.7% year-on-year, and net profit attributable to shareholders was $350 million, down 12.9% year-on-year. In Q4 alone, revenue reached $940 million, a year-on-year decrease of 0.6%, with adjusted EBITDA of $190 million, up 7.7% year-on-year, and net profit of $110 million, up 22.7% year-on-year [1][5] Summary by Sections Revenue Performance - In Q4, North America, Europe, and China saw positive revenue growth, while India and South Korea experienced declines, leading to a 7% year-on-year decrease in Asian revenue. Specifically, revenue from China was $70 million (up 2% year-on-year), India was $50 million (down 28% year-on-year), Japan was $50 million (up 3% year-on-year), and South Korea was $30 million (down 17% year-on-year) [2] Brand and Channel Performance - In Q4, revenue from the brands Samsonite, TUMI, and American Tourister was $480 million, $250 million, and $150 million, respectively, showing year-on-year growth of 3%, 4%, and a decline of 9%. The DTC (Direct-to-Consumer) channel showed stable performance with revenues of $280 million, $130 million, and $540 million from wholesale, DTC self-operated, and DTC e-commerce channels, respectively [3] Profitability and Margins - The gross margin for Q4 was 60.2%, an increase of 0.3 percentage points year-on-year, primarily due to the higher growth rate of the premium TUMI brand and effective discount control. The adjusted EBITDA margin reached 20.7%, a historical high, while the net profit margin was 12.2%, reflecting a year-on-year decline mainly due to a high base from previous impairment reversals [4] Earnings Forecast and Valuation - The company is expected to achieve revenues of $3.7 billion, $3.8 billion, and $3.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.8%, 4.1%, and 3.5%. Net profit attributable to shareholders is projected to be $370 million, $410 million, and $460 million for the same years, with corresponding growth rates of 6.2%, 10.8%, and 12.8%. The price-to-earnings ratio is estimated to be 10, 9, and 8 times for 2025, 2026, and 2027, respectively [5][12]