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 ...

Financial Data and Key Metrics Changes - The company reported Q1 sales of approximately $797 million, a decrease of 4.5% compared to the previous year, which was a record Q1 for the business [9][49] - Gross margin for Q1 was 59.4%, down from 60.4% in the previous year, attributed to a geographic mix with lower sales in higher-margin regions [12][49] - Adjusted EBITDA for Q1 was $128 million, with an EBITDA margin of 16%, down from the record number in Q1 of the previous year [13][49] - Adjusted net income for Q1 was $52 million, compared to $87 million in the previous year [49] Business Line Data and Key Metrics Changes - The largest core brands, Samsonite and Tumi, experienced declines of 2.6% and 2% respectively, while American Tourister saw a decline of nearly 11% due to softer consumer sentiment [11][22] - Non-travel sales accounted for 34% of total sales, showing growth opportunities in this underpenetrated market [37] Market Data and Key Metrics Changes - North America sales were down 8% in Q1, with a slight adjustment indicating a 5% decline when accounting for a wholesale customer pulling orders [15][19] - Europe showed strong growth of 4.4% in Q1, with expectations for continued growth in Q2 [16][21] - Latin America was flat in Q1 but is expected to return to double-digit growth in Q2 [17][21] - Asia saw a decline of 7% in Q1, with some markets like India showing positive growth, while South Korea faced significant challenges [14][18] Company Strategy and Development Direction - The company is focused on profitable, sustainable growth while maintaining cost discipline and strategic investments for long-term growth [8][78] - There is a strong emphasis on product innovation and development, with new collections launching in Q2 and Q3 [41][46] - The company is taking decisive actions to mitigate the impact of tariffs, including diversifying sourcing and implementing price increases [27][29] Management's Comments on Operating Environment and Future Outlook - Management noted that while consumer sentiment is softening, travel remains a priority for consumer spending, with a projected growth of 4% to 5% in travel for the year [6][67] - The macroeconomic environment remains uncertain, but the company is confident in its ability to navigate challenges and expects to come out stronger post-tariff adjustments [4][68] - The outlook for Q2 is expected to be similar to Q1, with potential slight improvements in certain markets [70][72] Other Important Information - The company is closely monitoring the dual listing preparations amid current market uncertainties [79] - The company maintains a healthy balance sheet with net debt of approximately $1.2 billion and liquidity of nearly $1.4 billion [58][64] Q&A Session Summary Question: Clarification on Q2 trading and travel trends correlation - Management indicated that Q2 is expected to be similar to Q1, with slight improvements in Asia and Latin America returning to trend [86][87] - The correlation between travel trends and sales growth is expected to remain strong, with potential benefits in the back half of the year [88][89] Question: Pricing strategies and impacts - Management is taking actions to offset tariff impacts through pricing adjustments, primarily in the U.S., but not providing specific numbers at this time [91][92]

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].

Core Insights - The article focuses on investment opportunities in Asia-listed stocks, particularly in the Hong Kong market, emphasizing deep value balance sheet bargains and wide moat stocks [1]. Group 1: Investment Strategy - The research service targets value investors looking for stocks with significant discrepancies between market price and intrinsic value [1]. - It emphasizes two main categories: deep value balance sheet bargains, which include net cash stocks and low price-to-book (P/B) stocks, and wide moat stocks, which are high-quality businesses with strong earnings potential [1]. Group 2: Research and Updates - The author provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1].

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].

Financial Data and Key Metrics Changes - The company reported Q4 net sales of $942 million, a 1% increase in constant currency compared to Q4 last year, which was up 21% versus 2019 [4] - Gross margin improved to 60.2%, up 30 basis points from the prior year, driven by disciplined promotion and discount strategies [5] - Adjusted EBITDA for Q4 was $195 million, with a record EBITDA margin of 20.7%, up 160 basis points year-over-year [6] - Free cash flow generation for Q4 was $135 million, an increase of $3 million from Q4 2023 [7] - For the full year, adjusted net income was $370 million, compared to $392 million in the prior year [94] Business Line Data and Key Metrics Changes - The Samsonite brand saw a 4.6% increase in Q4, while Tumi was up 4.4% in the same period [12][13] - American Tourister experienced a decline of 6.9% in Q4, but was up 1.3% when excluding India [14][15] - Non-travel product categories continued to grow, with a 2% increase overall across all brands [100] Market Data and Key Metrics Changes - Asia showed a sequential improvement, with a decline of 6% in Q4 compared to a 11.5% decline in Q3, largely influenced by India [8][10] - North America experienced a growth of 3.9% in Q4, recovering from an 8% decline in Q3 [10] - Europe delivered a solid performance with a 5.6% growth in Q4, while Latin America continued its strong trend with a 14% growth [11] Company Strategy and Development Direction - The company is focused on maintaining strong gross margins while investing in brand elevation and direct-to-consumer (DTC) channels [33][35] - There is a strategic emphasis on expanding the non-travel segment, which has shown growth potential [100] - The company plans to continue opening new stores, particularly in Asia and Europe, to enhance brand presence and consumer experience [62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about travel trends remaining robust over the next several years, which is expected to drive long-term growth [111] - The company is seeing positive early signs in India and anticipates a recovery in the market [39][99] - Management acknowledged challenges in the premium luxury sector, particularly for Tumi, but noted a recovery in Q4 [100] Other Important Information - The company reduced inventory by $44 million compared to 2023, indicating effective inventory management [36] - The company has made significant progress in sustainability, with 40% of products incorporating recycled materials [75][80] Q&A Session Summary Question: What are the trends in the travel market? - Management noted that travel trends are expected to remain robust, which will support long-term growth [111] Question: How is the company managing its inventory levels? - The company successfully reduced inventory by $44 million, indicating effective management strategies [36] Question: What is the outlook for the Indian market? - Management indicated that there are signs of stabilization in India, with hopes for positive contributions in the future [99]

Samsonite Group (01910) Q4 2024 Earnings Call March 13, 2025 08:00 AM ET Company Participants William Yue - Senior Director of Investor RelationsKyle Gendreau - CEO & Executive DirectorReza Taleghani - CFO, Executive VP & TreasurerErwan Rambourg - Managing Director, Global Head of Consumer and Retail Equity Research Conference Call Participants None - AnalystDustin Wei - Analyst Operator Good morning, good afternoon, and good evening, ladies and gentlemen. Welcome to the Samsonite Group twenty twenty four a ...

Analyst Background - The analyst specializes in Asian equity markets with over a decade of experience on both the buy and sell sides [1] Investment Focus - The research service focuses on value investing in Asia-listed stocks, particularly in the Hong Kong market [4] - The strategy targets deep value balance sheet bargains such as net cash stocks, net-nets, low P/B stocks, and sum-of-the-parts discounts [4] - The service also identifies wide moat stocks, including "Magic Formula" stocks, high-quality businesses, hidden champions, and wide moat compounders [4] Service Offerings - The service provides monthly updated watch lists for value investors [4] - The analyst offers investment ideas for value investors seeking opportunities in Asian markets [4] Personal Investment - The analyst holds a beneficial long position in SAMSONITE INTERNATIONAL (1910:HK) through stock ownership, options, or other derivatives [2]