Core Viewpoint - Samsonite's performance in the first half of 2025 is under significant pressure, with net sales declining by 6.0% to $1.662 billion and adjusted net income dropping by 29.1% to $123 million due to increased macroeconomic uncertainty and weakened consumer sentiment [1][3]. Financial Performance - All core financial indicators for Samsonite in the first half of 2025 showed a notable decline, with net sales decreasing from $1.769 billion in the same period of 2024 to $1.662 billion, a reduction of 5.2% on a constant currency basis [3]. - Gross margin fell from 60.2% in the previous year to 59.2%, a decline of 100 basis points, attributed to unfavorable changes in regional sales mix and strategic promotional measures to boost sales [3]. - Operating profit decreased significantly from $315 million in 2024 to $238 million, a drop of 24.2%, while adjusted EBITDA fell by 19.4% to $269 million, with the adjusted EBITDA margin declining from 18.9% to 16.2% [3]. Cash Flow Situation - The adjusted free cash flow was only $11.5 million, a substantial decrease of $70.1 million compared to $81.6 million in the same period of 2024, primarily due to reduced adjusted EBITDA and increased net working capital [4]. - Despite cash flow challenges, the company repurchased 16.6908 million shares for $42.9 million under its buyback program [4]. - As of June 30, 2025, the company had $669 million in cash and cash equivalents, with outstanding financial debt of $1.831 billion, resulting in a net debt of $1.162 billion, an increase from $1.103 billion at the end of 2024 [4]. Future Outlook - The management of Samsonite expressed a cautious outlook for the short term, citing macroeconomic uncertainty, fluctuating trade policies, and weakened global consumer confidence as factors affecting demand [5]. - While there is an expectation for a potential improvement in net sales in Q3 2025 compared to Q2, driven by a low base effect from Q3 2024, the overall economic environment and consumer demand remain unpredictable [5]. - The company reduced marketing expenses to $98.7 million, a 15.9% decrease from $117 million in the previous year, reflecting adjustments in advertising spending in response to weakened global consumer sentiment [5].
新秀丽2025上半年净收入减29.1%，销售额降至16.62亿美元，现金流大幅收紧