SAMSONITE-新秀丽(01910) - 2024 - 中期财报

Financial Performance - Consolidated net sales for the first half of 2024 reached $1,768.5 million, a 2.8% constant currency increase compared to the same period in 2023[1][2] - Net sales for the six months ended June 30, 2024, were$ 1,768.5 million, a decrease of 0.4% but an increase of 2.8% on a constant currency basis compared to the same period in 2023[46][48] - Gross profit margin reached a record 60.2% for the six months ended June 30, 2024, up from 58.8% in the same period in 2023, driven by increased direct-to-consumer sales and disciplined promotional discounts[46][48] - Operating profit for the six months ended June 30, 2024, was $314.7 million, an improvement of$ 2.6 million or 0.8% (+5.6% constant currency) compared to the same period in 2023[46][48] - Profit for the six months ended June 30, 2024, was $179.1 million, an improvement of$ 7.7 million or 4.5% (+11.9% constant currency) compared to the same period in 2023[46][48] - Profit attributable to equity holders was $164.3 million for the six months ended June 30, 2024, an improvement of$ 11.8 million or 7.7% (+16.1% constant currency) compared to the same period in 2023[46][48] - Adjusted EBITDA for the six months ended June 30, 2024, was $333.5 million, a decrease of$ 0.8 million or 0.3% but an improvement of 4.3% on a constant currency basis compared to the same period in 2023[46][48] - Adjusted Net Income for the six months ended June 30, 2024, was $174.0 million, an increase of$ 3.1 million or 1.8% (+9.3% constant currency) compared to the same period in 2023[46] - Adjusted EBITDA margin for the six months ended June 30, 2024, was 18.9%, slightly up from 18.8% in the same period in 2023[46] - Diluted earnings per share for the six months ended June 30, 2024, were $0.113, an increase of 6.7% (+15.0% constant currency) compared to the same period in 2023[46] - Adjusted EBITDA margin increased by 10 basis points to a first half record of 18.9% for the six months ended June 30, 2024, compared to 18.8% for the same period in 2023[49] - Adjusted Net Income increased by$ 3.1 million, or 1.8% (+9.3% constant currency), to $174.0 million for the six months ended June 30, 2024[49] - Free Cash Flow increased by$ 18.2 million to $81.6 million for the six months ended June 30, 2024[49] - Consolidated net sales for the six months ended June 30, 2024, were$ 1,768.5 million, a 2.8% increase year-on-year, but marginally lower compared to $1,776.2 million in the first half of 2023 due to negative foreign currency translation effects[56] - Net sales in Asia increased by 2.0% despite softening sentiment among Chinese consumers and a more competitive pricing environment in India[56] - Net sales in Europe and Latin America increased by 4.6% and 20.3%, respectively, but with signs of greater consumer wariness in several markets[56] - Consolidated net sales for the first half of 2024 reached$ 1,768.5 million, a year-on-year increase of 2.8%[57] - Asia's net sales grew by 2.0% in the first half of 2024, despite weak consumer sentiment in China and intensified price competition in India[57] - Europe and Latin America saw net sales growth of 4.6% and 20.3% respectively in the first half of 2024[57] - The Samsonite brand achieved a year-on-year net sales increase of 5.8% in the first half of 2024, with growth across all regions[58] - The Group's direct-to-consumer channel net sales increased by 4.7% and accounted for 38.1% of total net sales in the first half of 2024[58] - Gross profit margin expanded by 140 basis points to a new first half record of 60.2% in 2024[59] - Marketing investment increased to $117.4 million, or 6.6% of net sales, in the first half of 2024[60] - Fixed SG&A expenses increased by$ 17.3 million year-on-year to $425.5 million in the first half of 2024, accounting for 24.1% of net sales[61] - Adjusted EBITDA margin for the first half of 2024 improved to a record 18.9% compared to 18.8% in the same period in 2023[62] - The Group generated Free Cash Flow of$ 81.6 million in the first half of 2024, an increase of $18.2 million compared to the first half of 2023[65] - Net sales for the first half of 2024 increased by 2.8% year-on-year, with Asia, Europe, and Latin America growing by 2.0%, 4.6%, and 20.3% respectively, while North America remained stable[89][95] - The Group achieved a gross profit margin of 60.2% and an Adjusted EBITDA margin of 18.9%, both setting new first-half records[88][98] - Free Cash Flow improved by$ 18.2 million year-on-year to $81.6 million, with net debt decreasing to$ 1.0 billion and a total net leverage ratio of 1.39x[100] - Direct-to-consumer (DTC) net sales grew by 4.7%, contributing to 38.1% of total net sales, a first-half record[97][101] - The Samsonite brand saw net sales increase by 5.8% year-on-year, with growth in all regions: Asia (+5.7%), North America (+2.6%), Europe (+6.8%), and Latin America (+23.9%)[92] - Tumi brand net sales grew by 0.3%, driven by increases in Asia (+2.7%) and Latin America (+31.8%), offset by declines in North America (-1.5%) and Europe (-1.1%)[92] - American Tourister brand net sales decreased by 0.9%, with Latin America growing by 24.0%, Asia remaining flat, Europe declining by 1.5%, and North America falling by 11.9%[92] - The Group's brick-and-mortar retail and DTC e-commerce net sales grew by 2.8% and 10.0% respectively compared to the same period in 2023[97] - Marketing investment increased to 6.6% of net sales, a 20-basis point increase from the first half of 2023, while fixed SG&A expenses rose by $17.3 million to$ 425.5 million[99] - The company-operated retail store fleet expanded to 1,083 stores, a net increase of 82 stores compared to June 30, 2023[99] - Marketing investment increased to 6.6% of net sales in H1 2024, up 20 basis points compared to H1 2023[102] - Fixed SG&A expenses increased by $17.3 million YoY to$ 425.5 million in H1 2024, but remained flat compared to H2 2023 despite adding 31 new retail stores[102] - Free cash flow increased by $18.2 million YoY to$ 81.6 million in H1 2024, with net debt reduced to $1.0 billion and total net leverage ratio improving to 1.39x[103][108] - Adjusted EBITDA margin improved by 10 basis points to a record 18.9% in H1 2024, with Adjusted EBITDA at$ 333.5 million, essentially unchanged YoY[104][109] - Profit attributable to equity holders increased by $11.8 million (7.7%) to$ 164.3 million in H1 2024, driven by a $11.3 million reduction in net finance costs[105] - Inventories decreased by$ 58.2 million to $637.7 million as of June 30, 2024, compared to December 31, 2023, with net working capital efficiency improving to 14.6%[106][110] - Capital expenditures increased by$ 15.5 million YoY to $41.2 million in H1 2024, driven by opening 48 new company-operated retail stores[107][111] - Net sales growth slowed to 1.5% YoY in Q2 2024, with Asia declining 2.9% and North America declining 1.2%, while Europe and Latin America grew 9.5% and 23.3%, respectively[113] - Net sales growth slowed to 1.5% YoY in Q2 2024, compared to 4.1% in Q1 2024, with Asia experiencing a 2.9% YoY decline in Q2 2024, driven by a 3.5% decline in China and an 11.3% decline in India[115] - Net sales decreased by$ 7.7 million (0.4%) but increased by 2.8% on a constant currency basis for the six months ended June 30, 2024, compared to the same period in 2023[134] - Net sales for the first half of 2024 decreased by $7.7 million or 0.4% year-over-year, but increased by 2.8% on a constant currency basis[137] - Asia region accounted for 38.5% of net sales in 1H 2024, a slight decrease from 39.1% in 1H 2023, with a 2.0% decline in sales but a 2.0% increase on a constant currency basis[140] - North America region contributed 34.4% of net sales in 1H 2024, consistent with 1H 2023, with a 0.5% decline in sales[140] - Europe region saw a 1.8% increase in net sales, contributing 21.0% of total sales in 1H 2024, with a 4.6% increase on a constant currency basis[140] - Latin America region experienced a 2.7% increase in net sales, contributing 6.1% of total sales in 1H 2024, with a significant 20.3% increase on a constant currency basis[140] - Samsonite brand sales increased by 2.7% in 1H 2024, contributing 51.1% of total net sales, with a 5.8% increase on a constant currency basis[145] - Tumi brand sales decreased by 1.7% in 1H 2024, contributing 23.4% of total net sales, but showed a 0.3% increase on a constant currency basis[145] - American Tourister brand sales declined by 4.2% in 1H 2024, contributing 17.4% of total net sales, with a 0.9% decline on a constant currency basis[145] - Other brands (including Gregory, High Sierra, etc.) saw a 7.0% decline in sales in 1H 2024, contributing 8.1% of total net sales, with a 0.5% decline on a constant currency basis[145] - Excluding sales in Argentina and Turkey, the Group's consolidated net sales for 1H 2024 increased by 1.3% on a constant currency basis compared to 1H 2023[141] - Samsonite brand achieved strong growth in all regions for the six months ended June 30, 2024, despite high sell-in to wholesale customers in the same period of 2023[147] - Tumi brand net sales increased slightly on a constant currency basis for the six months ended June 30, 2024, driven by growth in Asia and Latin America, offset by declines in North America and Europe[148] - American Tourister brand net sales decreased slightly on a constant currency basis for the six months ended June 30, 2024, due to reduced sales in India and decreased sell-in to North American wholesale customers[149] - Net sales by product category: Travel products accounted for 65.6% (US$ 1,160.8 million) and non-travel products accounted for 34.4% (US $607.7 million) of total net sales for the six months ended June 30, 2024[153] - Wholesale channel net sales increased by 1.5% on a constant currency basis for the six months ended June 30, 2024, compared to the same period in 2023[157] - DTC channel net sales increased by 2.8% on a constant currency basis for the six months ended June 30, 2024, despite a 1.3% decrease in retail net sales[161] - Total DTC e-commerce net sales increased by 6.0% (US$ 10.8 million) to US $190.8 million for the six months ended June 30, 2024, representing 10.8% of total net sales[162] - The Group added a net of 31 company-operated retail stores during the six months ended June 30, 2024, bringing the total to 1,083 stores[161] - Same store net sales on a constant currency basis decreased by 1.4% for the six months ended June 30, 2024, with declines in North America (-5.3%) and Asia (-2.2%) partially offset by growth in Latin America (+10.4%) and Europe (+2.6%)[161] - DTC retail channel sales decreased by$ 6.2 million or 1.3% (2.8% increase on a constant currency basis) for the six months ended June 30, 2024, compared to the same period in 2023[163] - The company added 48 new self-operated retail stores and closed 17, resulting in a net increase of 31 stores, bringing the total to 1,083 stores as of June 30, 2024[163] - DTC e-commerce sales increased by $10.8 million or 6.0% (10.0% on a constant currency basis) to$ 190.8 million for the six months ended June 30, 2024, compared to the same period in 2023[164] - Net sales in Asia increased by 2.0% on a constant currency basis during the first half of 2024 compared to the first half of 2023[167] - Net sales in China increased by 3.8% ( $146.2 million) in the first half of 2024 compared to the same period in 2023, driven by recovery in leisure and business travel[170][172] - Net sales in India decreased by$ 14.8 million or 11.7% (10.6% decrease on a constant currency basis) for the six months ended June 30, 2024, compared to the same period in 2023[171][172] - Net sales in Hong Kong (including Macau) decreased by $7.6 million or 12.8% (12.9% decrease on a constant currency basis) for the six months ended June 30, 2024, compared to the same period in 2023[171][172] - Adjusted EBITDA for the first half of 2024 was$ 162.3 million, with an Adjusted EBITDA margin of 23.9%[167] - Total net sales in Asia for the six months ended June 30, 2024, were $680.0 million, a 2.0% decrease compared to the same period in 2023, but a 2.0% increase on a constant currency basis[172] - Net sales in Japan increased by 5.8% ($ 96.4 million) in the first half of 2024 compared to the same period in 2023[172] - Net sales for the six months ended June 30, 2024, were $680.0 million, a decrease of 2.0% compared to$ 693.9 million in the same period in 2023, but a 2.0% increase on a constant currency basis[177] - Samsonite brand net sales increased by 1.4% to $305.7 million, representing 45.0% of total net sales, while American Tourister and Tumi brands saw decreases of 2.9% and 2.2% respectively[177] - DTC (Direct-to-Consumer) net sales in Asia increased by$ 0.3 million (0.2%) to $207.7 million, with a 6.1% increase on a constant currency basis, driven by the addition of 12 net new company-operated retail stores[181] - Total DTC e-commerce net sales in Asia increased by$ 1.6 million (2.3%) to $70.1 million, with a 6.6% increase on a constant currency basis[182] - North America net sales for the first half of 2024 were$ 608.3 million, a slight decrease of 0.5% compared to $611.3 million in the same period in 2023[184][188] - Adjusted EBITDA for the first half of 2024 was$ 121.5 million, with an Adjusted EBITDA margin of 20.0%[185] - The Group added 22 new company-operated retail stores in Asia during the six months ended June 30, 2024, partially offset by the closure of 10 stores, resulting in a net addition of 12 stores[181] - Same-store retail net sales in Asia decreased by 2.2% on a constant currency basis for the six months ended June 30, 2024, compared to the same period in 2023[181] - Wholesale net sales in Asia decreased by 3.2% to $472.3 million, while DTC net sales increased by 0.9% to$ 207.7 million[180] - Net sales in the United States for the first half of 2024 were $575.0 million, a slight decrease of 0.2% compared to$ 576.3 million in the same period in