Investment Rating - The report maintains a positive outlook for Samsonite, indicating a potential recovery in sales and profitability, with expectations for mid-single-digit revenue growth trajectory around 2026 [2][19]. Core Insights - In 3Q25, Samsonite's net sales declined by 1.3% year-on-year, a significant improvement from the 5.8% decline in 2Q25, driven by recovery in DTC and non-travel businesses [2][12]. - The gross margin for 3Q25 reached 59.6%, up 30 basis points from the previous year, indicating effective cost management despite tariff pressures [3][13]. - The company completed a core debt refinancing, enhancing liquidity and financial flexibility, with net debt at approximately $1.2 billion and a net leverage ratio of around 2x [4][14]. - DTC channel sales increased by 3.5% year-on-year, with e-commerce growing over 10%, reflecting a shift towards direct-to-consumer sales [5][15]. - TUMI brand showed strong performance with a 5.0% year-on-year revenue increase in 3Q25, contributing positively to the overall group revenue [6][16]. Summary by Sections Financial Performance - 3Q25 net sales were $1.1 billion, with a notable recovery in various regions, excluding North America, which remained under pressure [2][12]. - The company expects further sales improvement in 4Q25, supported by strong October sales and positive holiday season momentum [19]. Cost Management - Gross margin improvements were achieved through supplier collaboration and product optimization, with expectations for continued strong performance into 4Q25 [3][13]. - Operating expenses increased slightly due to prior expansions, with SG&A expenses at $339 million, up 5.1% year-on-year [3][13]. Debt and Liquidity - The company successfully restructured its core debt, extending maturity dates and reducing funding costs, which enhances financial resilience [4][14]. Sales Channels - The DTC channel's revenue share increased from 38.9% to 42%, indicating a strategic shift towards direct sales [5][15]. - The wholesale channel faced challenges, but growth in third-party e-commerce helped mitigate some of the declines [5][15]. Brand Performance - Samsonite brand revenue declined by 4.1% year-on-year, while TUMI and American Tourister showed signs of recovery, with TUMI achieving a 5.0% increase [6][16][18].

Core Insights - Samsonite's stock opened nearly 15% higher, reaching HKD 19.18 with a trading volume of HKD 22.97 million [1] Financial Performance - For the nine months ending September 30, 2025, Samsonite reported a net sales of USD 2.534 billion, a decrease of 4.2% year-on-year [1] - The profit attributable to equity holders was USD 192 million, down 18.6% compared to the previous year [1] - In the third quarter alone, the company achieved net sales of USD 873 million, a slight decline of 0.6% year-on-year [1] - The profit attributable to equity holders for the third quarter was USD 73.5 million, an increase of 11% year-on-year [1] Margin Analysis - The gross margin for the three months ending September 30, 2025, increased by 30 basis points to 59.6%, compared to 59.3% for the same period in 2024 [1] - This improvement in gross margin was primarily driven by the increased contribution from the TUMI brand and DTC channels [1]

Core Viewpoint - Samsonite (01910) experienced a significant stock price increase of nearly 15%, reaching HKD 19.18, following the release of its financial results for the nine months ending September 30, 2025, which showed a decline in net sales and profit [1] Financial Performance - The company reported net sales of USD 2.534 billion, a year-on-year decrease of 4.2% [1] - Profit attributable to equity holders was USD 192 million, down 18.6% compared to the previous year [1] - For the third quarter alone, net sales were USD 873 million, showing a slight decline of 0.6% year-on-year [1] - Profit attributable to equity holders for the third quarter was USD 73.5 million, reflecting an increase of 11% year-on-year [1] Gross Margin Analysis - The gross margin for the three months ending September 30, 2025, increased by 30 basis points to 59.6%, compared to 59.3% for the same period in 2024 [1] - This improvement in gross margin was primarily driven by the increased contribution from the TUMI brand and DTC channels to total net sales [1]

Core Viewpoint - Samsonite (01910) reported a net sales of $2.534 billion for the nine months ending September 30, 2025, representing a year-on-year decrease of 4.2% [1] - The profit attributable to equity holders was $192 million, down 18.6% year-on-year, with basic earnings per share at $0.138 [1] Sales Performance - The decline in net sales is attributed to macroeconomic uncertainties and changes in trade policies, leading traditional wholesale customers to be more cautious in their purchasing [1] - Consumer sentiment has weakened, resulting in reduced demand [1] Profitability Metrics - The gross profit margin for the nine months ending September 30, 2025, was 59.3%, a decrease of 60 basis points from 59.9% for the same period ending September 30, 2024 [1] - The unfavorable change in the regional sales mix, including a decline in sales from the higher-margin Asia region, contributed to the decrease in gross profit margin [1] Strategic Initiatives - Some strategic promotional measures aimed at boosting sales volume also impacted the gross profit margin [1] - The contributions from the TUMI brand and direct-to-consumer (DTC) channels partially offset the negative impacts on sales [1]

Group 1 - The core viewpoint of the article highlights that Samsonite (01910) reported a decline in net sales and profit for the nine months ending September 30, 2025, attributed to macroeconomic uncertainties and changing trade policies [1] - The net sales amounted to $2.534 billion, representing a year-on-year decrease of 4.2% [1] - The profit attributable to equity holders was $192 million, down 18.6% compared to the previous year [1] Group 2 - The basic earnings per share were reported at $0.138 [1] - The gross profit margin for the nine months ending September 30, 2025, was 59.3%, a decrease of 60 basis points from 59.9% for the same period in 2024 [1] - The decline in gross profit margin was primarily due to unfavorable changes in the regional sales mix, including a decrease in sales from the higher-margin Asia region, along with strategic promotional measures to boost sales volume [1] - The negative impacts were partially offset by increased contributions from the TUMI brand and direct-to-consumer (DTC) channels [1]

Core Insights - The company reported a decline in net sales for the first nine months of 2025, amounting to $2.534 billion, compared to $2.646 billion for the same period in 2024, representing a decrease of $111.9 million or 4.2% [1] - The gross profit margin for the first nine months of 2025 was 59.3%, down 60 basis points from 59.9% in the same period of 2024, primarily due to unfavorable changes in regional sales mix and strategic promotional measures [1] - Operating profit for the first nine months of 2025 was $377.6 million, a decrease of $70.1 million or 15.7% from $447.7 million in the same period of 2024 [1] Financial Performance - Adjusted net income for the first nine months of 2025 was $187 million, down $66.7 million or 26.3% from $254 million in the same period of 2024 [2]