新秀丽(01910) - 2024 Q1 - 季度业绩

Financial Performance - For the three months ended March 31, 2024, net sales were $859.6 million, an increase of 0.9$852.1 million for the same period in 2023, with a 4.1% increase when adjusted for constant currency[10]. - Gross profit for the same period was $519.5 million, up 5.0$494.5 million in the prior year, resulting in a gross margin of 60.4%, compared to 58.0% in 2023[10]. - Operating profit reported was $149.8 million, a 3.5$144.7 million year-over-year, with a 9.3% increase when adjusted for constant currency[10]. - Profit for the period was $90.5 million, reflecting a 7.8$83.9 million in the same quarter of 2023, with a 13.5% increase when adjusted for constant currency[10]. - Adjusted net income was $87.1 million, up 7.2$81.2 million in the previous year, with a 13.1% increase when adjusted for constant currency[7]. - Adjusted EBITDA for the quarter was $161.2 million, a 3.1$156.4 million year-over-year, with an adjusted EBITDA margin of 18.8%[7]. - Basic earnings per share were $0.057, an increase of 11.6$0.051 in the same quarter of 2023[7]. - For the three months ended March 31, 2024, net profit attributable to equity holders was $82.9 million, an improvement of$9.1 million or 12.3% compared to $73.8 million in the same period last year[12]. - Adjusted net income for the three months ended March 31, 2024, was$87.1 million, up $5.9 million or 7.2$81.2 million, driven by improved net sales and gross margin[12]. - The company reported a diluted earnings per share of $0.056 for the three months ended March 31, 2024, compared to$0.051 in the same period last year[20]. - The profit for the three months ended March 31, 2024, was $90.5 million, an increase of$6.6 million or 7.8% from $83.9 million in the same period last year[72]. Sales and Revenue Breakdown - Net sales for the three months ended March 31, 2024, were$859.6 million, compared to $852.1 million in the same period last year[20]. - Net sales by region showed that Asia accounted for$340.1 million (39.6%), North America $285.3 million (33.2$175.5 million (20.4%), and Latin America $58.5 million (6.8$558.3 million (64.9%), while the non-travel category generated $301.3 million (35.1$15.6 million or 3.7%, with a 6.5% increase when adjusted for constant currency for the three months ended March 31, 2024[38]. - The company's Tumi brand reported a slight decrease in net sales of $0.5 million or 0.3$7.8 million or 9.6%, with a 19.2% increase when adjusted for constant currency[41]. - The European region experienced a slight decline in net sales of 2.5% compared to the previous year, reflecting challenges in that market[33]. - DTC channel net sales increased by $11.2 million or 3.7$319.1 million[45]. - DTC e-commerce sales increased by $5.8 million or 7.1$87.0 million, with a constant currency increase of 11.0%[47]. - Sales in Germany for the three months ended March 31, 2024, decreased by $3.1 million or 12.5$1.5 million or 8.8% year-over-year, while Italy saw a decrease of $1.2 million or 5.8$52.8 million, a rise of 5.6% from $50.0 million in the prior year, representing 6.1$22.9 million or 9.8% to $257.6 million, accounting for 30.0$4.3 million or 6.6% to $59.9 million, accounting for 7.0$8.2 million or 21.4% to $30.1 million compared to$38.3 million for the same period in 2023[66]. - Interest expenses on loans and borrowings decreased by $2.1 million to$23.4 million for the three months ended March 31, 2024, compared to $25.5 million in the same period last year[69]. Cash Flow and Liquidity - Free cash flow for the period was$6.5 million, an increase of $67.9 million compared to the previous year, benefiting from positive changes in working capital and increased adjusted net income[12]. - Operating cash flow for the three months ended March 31, 2024, was$99.8 million, significantly higher than $24.2 million in the same period last year[29]. - Cash and cash equivalents rose to$744.5 million at the end of Q1 2024, compared to $716.6 million at the end of Q4 2023, marking a growth of 3.9$1,589.8 million, compared to $1,562.0 million at the end of 2023[12]. - The company experienced a positive change in working capital, contributing to the increase in operating cash flow and adjusted net income[85]. Debt and Financing - As of March 31, 2024, cash and cash equivalents totaled$744.5 million, while total financial debt was $1,824.5 million, resulting in net debt of$1,079.9 million, down from $1,107.4 million at the end of 2023[12]. - The total loans and borrowings as of March 31, 2024, amounted to$1,824.5 million, down from $2,010.7 million as of March 31, 2023[66]. - The company entered into a revised credit agreement on June 21, 2023, which includes a$800 million secured A term loan, a $600 million secured B term loan, and an$850 million revolving credit facility[90]. - The company must maintain a total net leverage ratio not exceeding 4.50:1.00 and a cash interest coverage ratio of no less than 3.00:1.00[99]. - The company has established various negative covenants in its agreements, restricting additional debt and asset sales among other activities[107]. Investments and Capital Expenditures - The company invested $13.2 million in property, plant, and equipment, and software during Q1 2024, compared to$9.7 million in Q1 2023[29]. - The company plans to continue investing in property, plant, and equipment to upgrade and expand its retail store network throughout the remainder of 2024[85].