Mittwoch, 16.08.2023 09:02 von PR Newswire | Aufrufe: 196

Samsonite International S.A. Announces Results for the Six Months Ended June 30, 2023

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PR Newswire

HONG KONG, Aug. 16, 2023

Consolidated net sales surpassed first half 2019 levels by 16.2%^1,2,3during the first half of 2023

Gross margin expanded 310 basis points year-over-year during the first half of 2023

Achieved record profitability with first half 2023 Adjusted EBITDA margin⁴ of 18.8%, up 340 basis points year-on-year, and up 660 basis points versus the first half of 2019

HONG KONG, Aug. 16, 2023 /PRNewswire/ -- Samsonite International S.A. ("Samsonite" or "the Company", together with its consolidated subsidiaries, "the Group"; SEHK stock code: 1910), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company, today announced its unaudited condensed consolidated interim financial information for the six months ended June 30, 2023.

In this press release, certain financial results for the six months ended June 30, 2023, are compared to both the six months ended June 30, 2022, and the six months ended June 30, 2019. Comparisons to the six months ended June 30, 2019, are provided because it is the most recent comparable period during which the Company's results were not affected by COVID-19.

Overview

Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "We are thrilled with Samsonite's performance in the first half of 2023, which reflects growing demand for our products driven by our increased marketing investment and continued travel recovery across all of our regions, particularly in Asia. Samsonite's net sales recovery noticeably accelerated during the first half of 2023, underscoring consumers' enduring enthusiasm for travel and the potential upside for the business as travel continues to grow in China."

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"Gross margin performance in the first half of 2023 was supported by increased contribution from the higher margin Asia and Tumi businesses. Our efforts to streamline our cost base in 2020 and 2021, along with our ongoing cost discipline, have fundamentally transformed the margin profile of our business, enabling us to deliver strong improvement in profitability both year-over-year and versus the first half of 2019. As a result, we achieved record Adjusted EBITDA margin⁴ of 18.8% in the first half of 2023, up 660 basis points versus the first half of 2019."

"As we look out to the remainder of 2023, the summer travel season is expected to be strong due to robust pent-up demand in North America and Europe, the recent reopening of China and other major Asian markets, and the continued recovery in international flight capacity. In particular, the recovery in outbound travel from China is still in its early stages and is expected to accelerate in the coming months, driving further net sales growth in Asia, Europe and North America. We've seen this positive momentum reflected in our net sales performance in July 2023."

Mr. Gendreau concluded, "With substantial liquidity of US$1.3 billion⁵, we are confident that Samsonite has the financial capacity and flexibility to support its long-term growth. We intend to continue investing in product innovation and sustainability initiatives, additional enhancements to our global retail store network, and marketing to drive continued net sales growth. At the same time, we are managing discounting and promotional activity and our non-marketing SG&A expenses to drive positive operating leverage and grow net sales at the fundamentally higher margin profile we've set for the business. We are confident that our diverse geographic footprint, complementary brands, and commitment to sustainability and innovation will continue to help strengthen Samsonite's market position and drive sustainable and profitable long-term growth."

Table 1: Key Consolidated Financial Highlights for the Six Months Ended June 30, 2023

US$ millions, except per share data	Six months ended June 30, 2023	Six months ended June 30, 2022	Percentage increase 2023 vs. 2022	Percentage increase 2023 vs. 2022 excl. foreign currency effects¹
Net sales	1,776.2	1,270.2	39.8 %	44.5 %
Gross profit	1,043.6	707.4	47.5 %	52.9 %
Gross profit margin	58.8 %	55.7 %
Operating profit	312.1	159.9	95.3 %	102.0 %
Profit attributable to the equity holders	152.5	56.3	171.5 %	185.3 %
Adjusted Net Income⁶	170.9	83.3	104.9 %	114.6 %
Adjusted EBITDA⁷	334.3	195.6	70.9 %	78.8 %
Adjusted EBITDA margin⁴	18.8 %	15.4 %
Basic earnings per share – US$ per share	0.106	0.039	170.4 %	184.1 %
Diluted earnings per share – US$ per share	0.105	0.039	169.3 %	183.0 %
Adjusted basic and diluted earnings per share⁸ – US$ per share	0.118	0.058	103.6 %	112.9 %

2023 Second Quarter Highlights

For the three months ended June 30, 2023, the Group registered consolidated net sales of US$924.1 million, an increase of 36.1%^{1, 2} compared to the second quarter of 2022. Gross profit margin expanded to 59.4% in the second quarter of 2023, an increase of 290 basis points year-on-year, driven by increased net sales mix from Asia and the Tumi brand, as well as overall lower promotional activity. The Group increased its investment in marketing as planned, with marketing expenses rising to 6.9% of net sales in the second quarter of 2023 compared to 4.8% of net sales in the second quarter of 2022. The team remained disciplined in managing fixed selling, general and administrative ("SG&A") expenses, enabling Samsonite to achieve a 45.4% increase in Adjusted EBITDA⁷ to US$177.9 million and a 170 basis point expansion in Adjusted EBITDA margin⁴ to 19.3% during the second quarter of 2023, even as marketing spend as a percentage of net sales increased by 210 basis points compared to the corresponding period in 2022. Driven by the increase in Adjusted EBITDA⁷, Samsonite recorded Adjusted Net Income⁶ of US$89.6 million during the three months ended June 30, 2023, a 49.1% increase from the US$60.0 million recorded in the second quarter of 2022.

Compared to the corresponding period in 2019, Samsonite's net sales for the second quarter of 2023 increased by 14.6%^{1, 2, 3}; gross profit margin increased by 400 basis points; Adjusted EBITDA⁷ and Adjusted EBITDA margin⁴ by 38.1% and 540 basis points, respectively; and Adjusted Net Income⁶ by 28.5%; despite marketing spend as a percentage of sales rising by 110 basis points. This remarkable outcome underscores the positive impact of the fixed SG&A cost savings from the Group's restructuring actions, and its ongoing discipline in controlling expenses as net sales continued to recover.

2023 First Half Results

The Group's performance for the six months ended June 30, 2023, is discussed in greater detail below.

Net Sales

The Group's net sales improvement was driven by a robust recovery in leisure and business travel and the resulting increased demand for the Group's products. There was a noticeable acceleration in the Group's net sales recovery in all regions during the first half of 2023, particularly in Asia where China, the last major market in the region to reopen, lifted restrictions at the beginning of 2023.

First Half 2023 vs First Half 2022

For the six months ended June 30, 2023, the Group recorded net sales of US$1,776.2 million, an increase of 44.5%¹ compared to the US$1,270.2 million recorded during the first half of 2022, as international travel continued to recover globally, particularly in Asia, and supported by substantial investments in marketing behind Samsonite's industry-leading brands and product assortments, as well as the strength of the Group's direct-to-consumer business. When excluding the net sales in Russia, the Group's net sales increased by US$515.8 million, or 45.7%^{1, 2}, year-on-year, during the first half of 2023.

First Half 2023 vs First Half 2019

Compared to the corresponding period in 2019, the Group's net sales for the six months ended June 30, 2023, increased by 10.9%¹, and by 16.2%^{1, 2, 3} when excluding the net sales in Russia and by Speck. This is a significant improvement compared to the second half of 2022, when the Group's net sales declined by 6.3%¹ versus the second half of 2019, and by 0.8%^{1, 2, 3} when excluding the net sales in Russia and by Speck.

Net Sales Performance by Region

Table 2: Net Sales by Region

Region⁹

Six months ended

June 30, 2023

US$ millions

Six months ended

June 30, 2022

US$ millions

Percentage increase
2023 vs. 2022

Percentage increase

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