"Performance" Samsonite's net profit in the third quarter is $73.5 million, an increase of 11%

Samsonite (01910.HK) announced its third-quarter results for the period ending in September, with net sales of USD 873 million, a slight decrease of 0.6% year-on-year, and a decrease of 1.3% at constant exchange rates; compared to a decline of 4.8% in the second quarter, this represents an improvement, mainly due to the continued growth in global travel demand, the strong launch of new products, and support from advertising campaigns. It recorded a net profit of USD 73.5 million, an increase of 11%, with earnings per share of 5.3 cents.

During the quarter, gross profit was USD 520 million, a slight decline of 0.1%; the gross margin improved from 59.3% to 59.6%, mainly due to the favorable combination effect brought by the increased contribution of the TUMI brand and DTC channels to total net sales. Adjusted EBITDA decreased by 7.7% to USD 143 million, attributed to the slight decrease in net sales and increased distribution expenses.

In the first nine months, cumulative net sales were USD 2.534 billion, a year-on-year decrease of 4.2%; gross profit was USD 1.504 billion, down 5.1%. It recorded a net profit of USD 192 million, a decline of 18.6%, with earnings per share of 13.8 cents