Core Viewpoint - Samsonite's stock rose over 6%, reaching HKD 17.5, with a trading volume of HKD 95.5895 million, following the release of its financial results for the six months ending June 30, 2025, which showed a decline in net sales and profit [1] Financial Performance - The company reported net sales of USD 1.662 billion, a year-on-year decrease of 6% [1] - Profit attributable to equity holders was USD 118 million, down 30.2% year-on-year [1] - Basic earnings per share were USD 0.085 [1] Future Outlook - According to a recent report from Credit Lyonnais, Samsonite's third-quarter performance is expected to improve sequentially, particularly in the United States, due to a low base effect and improved TSA travel passenger data in July and August [1] - The low base effect is also anticipated to positively impact performance in Asia, especially in India and mainland China [1]

Core Insights - The company reported a net sales of $1.662 billion for the six months ending June 30, 2025, representing a year-on-year decline of 6% [1] - Shareholders' profit attributable to the company was $118 million, down 30.2% compared to the previous year, with basic earnings per share at $0.085 [1] - The decline in net sales is primarily attributed to increased macroeconomic uncertainty, changes in trade policies leading to cautious purchasing by wholesale customers, and weakened consumer sentiment resulting in reduced demand [1] Financial Performance - Gross margin for the first half of 2025 was 59.2%, a decrease of 100 basis points from 60.2% in the same period last year [1] - The decline in gross margin is mainly due to unfavorable changes in regional sales composition, particularly the decrease in sales from the Asia region, which has a higher gross margin, and promotional measures taken to boost sales [1]

8月13日晚间，箱包生产商新秀丽在港交所公告，截至2025年6月30日止六个月，公司的销售净额为 16.617亿美元，同比减少5.2%；经调整净收入1.234亿美元，同比减少29.1%。经调整净收入减少主要由 于销售净额减少导致毛利下降，部分被营销开支减少所抵销。此外，新秀丽集团2025年上半年净增设21 家新自营零售店。 ...

Financial Data and Key Metrics Changes - The company reported net sales of $1,662 million for the first half, a decrease of 5.2% compared to the previous year, but still up 24.4% compared to pre-pandemic levels in the first half of 2019 [16][18][19] - Gross margin remained robust at 59.2%, slightly down from 60% in the previous year, primarily due to a mix effect and strategic promotional initiatives [11][19] - Adjusted EBITDA margin was 16.2%, reflecting a decrease from 19% in the prior year, influenced by lower gross margin and higher SG&A expenses [49][56] Business Line Data and Key Metrics Changes - The wholesale channel experienced a decline of 7.4% in the first half, while the direct-to-consumer (DTC) channel only declined by 1.6%, indicating stronger resilience in consumer demand through direct channels [6][19] - Non-travel categories showed constant currency growth, with non-travel sales up 180 basis points to 36.2% compared to the prior year [9][26] Market Data and Key Metrics Changes - North America sales were down 7.3%, showing improvement from a 8% decline in Q1, while Asia saw a decline of 7.6% [50][51] - Europe experienced a slight decline of about 1% in Q2, with specific markets like France and the UK showing weakness [54] Company Strategy and Development Direction - The company is focusing on profitable growth and brand positioning, avoiding competition with low-priced unbranded products to protect profitability [8] - Strategic investments in the DTC channel are yielding positive results, with DTC now accounting for 40% of net sales, up from 38% last year [9][23] - The company is committed to product innovation and expanding its market presence, particularly in underpenetrated categories and regions [12][34] Management's Comments on Operating Environment and Future Outlook - Management noted that while travel demand remains strong, there is a softening in consumer sentiment due to macroeconomic uncertainties and trade policy shifts [6][70] - The company anticipates sequential improvement in net sales for the back half of the year, although consumer sentiment remains difficult to predict [70][72] Other Important Information - The company has added 57 net new stores since June 2024, with distribution and G&A expenses up less than 1% compared to the prior year [10][60] - The company is preparing for a dual listing of its securities in the United States, monitoring market conditions closely [73] Q&A Session Summary Question: Updates on full year guidance and strategy for American Tourister - Management sees sequential improvement in the back half of the year but refrains from providing specific Q4 guidance due to uncertainty [79] - For American Tourister, the strategy involves disciplined management and leveraging collaborations to draw consumers into the brand while navigating competitive pressures [82][84] Question: Details on tariff impacts and inventory management - Management indicated that a combination of price increases, supplier negotiations, and forward inventory purchases will help neutralize tariff impacts on gross margin [91] - Inventory levels have increased intentionally to prepare for future sales, with expectations of working capital returning to historical levels [93]

Financial Data and Key Metrics Changes - The company reported net sales of $1,662 million for the first half, a decrease of 5.2% compared to the previous year, but still up 24.4% compared to pre-pandemic levels in the first half of 2019 [16][18][54] - Gross margin remained robust at 59.2%, slightly down from 60% in the same period last year, primarily due to a mix effect and strategic promotional initiatives [11][54] - Adjusted EBITDA margin was 16.2%, reflecting a decrease from 19% last year, attributed to lower gross margin and higher SG&A expenses [47][54] Business Line Data and Key Metrics Changes - The wholesale channel experienced a decline of 7.4% in the first half, while the direct-to-consumer (DTC) channel only declined by 1.6%, indicating stronger resilience in consumer demand through direct channels [6][19] - Non-travel categories showed constant currency growth, now representing 36.2% of net sales, up 180 basis points from the previous year [10][24] - The American Tourister brand faced a significant decline of 12.7%, while the Samsonite brand was down 4.7%, with Tumi showing a modest decline of 2.5% [25][27] Market Data and Key Metrics Changes - North America sales were down 7.3%, with Asia down 7.6%, while Europe showed a slight decline of about 1% [49][50] - Latin America remained flat in Q1 and down 2.2% in Q2, driven by consumer sentiment issues in Mexico and Brazil [53][54] - The company noted a softening in travel demand in key markets, particularly in North America, influenced by macroeconomic uncertainties [6][70] Company Strategy and Development Direction - The company is focused on profitable growth and brand positioning, consciously avoiding competition with low-priced unbranded products to protect profitability [7][10] - Strategic investments in the DTC channel are yielding positive results, with DTC now accounting for 40% of net sales, up from 38% last year [8][23] - The company is committed to product innovation and expanding its market reach, particularly in underpenetrated categories and regions [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite current macroeconomic challenges, indicating that travel demand remains a priority for consumers [70][71] - The company anticipates sequential improvement in net sales for the second half of the year, although consumer sentiment remains uncertain [68][70] - Ongoing investments in new products and brand elevation are seen as critical for maintaining a robust margin profile [70][71] Other Important Information - The company added 57 net new stores since June 2024, while managing distribution and G&A expenses to remain up less than 1% compared to the prior year [10][60] - The company is preparing for a dual listing of its securities in the United States, closely monitoring market conditions for the right timing [71][72] Q&A Session Summary Question: Can you provide updates on full year guidance and strategy for American Tourister? - Management indicated that while there are signs of improvement in the third quarter, full year guidance remains uncertain due to macroeconomic factors. The strategy for American Tourister involves disciplined management and targeted promotions to draw consumers up from lower-end competition [76][80][82] Question: What details can you share regarding tariffs and inventory management? - Management confirmed that efforts are being made to neutralize the impact of tariffs through a combination of price increases and inventory management. The increase in inventory is intentional to prepare for future sales, and free cash flow is expected to improve as inventory levels normalize [87][90][92]

2025 INTERIM RESULTS AUGUST 13, 2025 Samsonite Group S.A. Stock Code: 1910 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 the Company based on inf ...

本文源自：金融界AI电报 新秀丽集团2025年上半年销售净额16.617亿美元，较2024年同期17.685亿美元降6.0%；营业利润2.384亿 美元，较去年3.147亿美元降24.2%；每股基本盈利0.085美元，较去年0.116美元降26.8%。 ...

2025年上半年的毛利率为59.2%，较2024年上半年的60.2%下降100个基点，主要由于地区销售净额组合 的不利变动，包括毛利率较高的亚洲区所占销售净额下降，以及一些为推动销售量而实行的策略性促销 措施所致，但部分被公司DTC渠道的销售净额贡献上升所抵销。 与2024年上半年相比，2025年上半年的销售净额减少6.0%(按不变汇率基准计算则减少5.2%)。销售净额 有所下降主要是由于在宏观经济不确定因素增加及贸易政策变动之下，批发客户在采购时更趋审慎，以 及消费者情绪转弱而令需求减少所致。 智通财经APP讯，新秀丽(01910)发布截至2025年6月30日止六个月业绩，销售净额16.62亿美元，同比下 降6%;股权持有人应占溢利1.18亿美元，同比下降30.2%;每股基本盈利0.085美元。 ...

Core Insights - The company reported a net sales of $1.662 billion for the six months ending June 30, 2025, representing a year-on-year decline of 6% [1] - Profit attributable to equity holders was $118 million, down 30.2% compared to the previous year [1] - Basic earnings per share stood at $0.085 [1] Sales Performance - Compared to the first half of 2024, net sales in the first half of 2025 decreased by 6.0%, with a 5.2% decline when adjusted for constant currency [1] - The decline in sales was primarily attributed to increased macroeconomic uncertainties and changes in trade policies, leading to more cautious purchasing behavior from wholesale customers and weakened consumer sentiment [1] Profitability Metrics - The gross profit margin for the first half of 2025 was 59.2%, a decrease of 100 basis points from 60.2% in the first half of 2024 [1] - The decline in gross margin was mainly due to unfavorable changes in the regional sales mix, including a decrease in sales from the higher-margin Asia region, as well as strategic promotional measures aimed at boosting sales volume [1] - However, this decline was partially offset by an increase in sales contribution from the company's Direct-to-Consumer (DTC) channels [1]

Core Viewpoint - The company reported a decline in sales revenue and adjusted net income for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to macroeconomic uncertainties and weakened consumer sentiment [1][2] Group 1: Sales Performance - For the six months ending June 30, 2025, the company's sales revenue was $1,661.7 million, down from $1,768.5 million for the same period in 2024, representing a decrease of $106.8 million or 6.0% (5.2% decrease on a constant currency basis) [1] - The decline in sales revenue was attributed to increased caution among wholesale customers in their purchasing decisions and a reduction in consumer demand [1] Group 2: Profitability Metrics - The gross profit margin for the six months ending June 30, 2025, was 59.2%, a decrease of 100 basis points from 60.2% for the same period in 2024, mainly due to unfavorable changes in regional sales mix and strategic promotional measures [1] - Adjusted EBITDA for the six months ending June 30, 2025, was $268.7 million, down $64.8 million or 19.4% from $333.5 million for the same period in 2024, primarily due to the decline in sales revenue [1] Group 3: Net Income - Adjusted net income for the six months ending June 30, 2025, was $123.4 million, a decrease of $50.6 million or 29.1% from $174.0 million for the same period in 2024 [2]