SAMSONITE(US:SMSEY)2023-11-13 13:37Financial Performance Highlights - Net sales reached US$958 million in Q3 2023, a 212% increase compared to Q3 2022[12] - Adjusted EBITDA was US$194 million in Q3 2023, representing a 203% margin and a 330 bps increase compared to Q3 2022[12] - Adjusted Net Income surged to US$126 million in Q3 2023, a 939% increase compared to Q3 2022[12] - Gross margin reached 596% in Q3 2023, a 460 bps increase compared to Q3 2022 and a 580 bps increase compared to Q3 2019[12] - Strong Free Cash Flow of US$89 million was generated in Q3 2023[10] Brand and Regional Performance - YTD September 2023 net sales increased by US$673 million, or 356% on a constant currency basis, compared to YTD September 2022[16] - Tumi sales increased by US$186 million, or 440%, YTD September 2023[18] - Samsonite sales increased by US$3437 million, or 371%, YTD September 2023[19] - Asia's YTD September 2023 net sales were up 699% from the prior year and 201% versus YTD September 2019[41] - North America's YTD September 2023 net sales were up 196% from the prior year[44] Strategic Initiatives and Financial Position - Net debt was US$1239 million as of September 30, 2023, US$159 million lower than Q3 2022[10] - The total net leverage ratio decreased to 181x at September 30, 2023, the lowest level since the acquisition of Tumi[10] - Advertising spend is targeted at approximately 65% to 70% of net sales to drive future net sales growth across all brands[68]