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 3,682.4 million for 2023[46]. - Gross profit for 2024 was 2,182.8 million in 2023[46]. - Operating profit decreased by 15.4% to 743.7 million in 2023[46]. - Profit for the year attributable to equity holders was 396.9 million in 2023[46]. - Adjusted net income for 2024 was 392.4 million in 2023[46]. - Adjusted EBITDA for 2024 was 709.3 million in 2023[46]. - Basic earnings per share decreased by 13.0% to 0.275 in 2023[46]. - Diluted earnings per share decreased by 13.1% to 0.273 in 2023[46]. - The Company recorded net sales of US87 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 US311.0 million for the year ended December 31, 2024, compared to US1.4 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].
新秀丽(01910) - 2024 - 年度财报