During the nine months ended September 30, 2024, the Group's net sales in the DTC channel increased by 2.8%(1) to US$1,023.1 million, year-on year. The DTC channel contributed 38.7% of net sales in the first nine months of 2024, compared to 37.7% for the corresponding period in 2023. During the nine months ended September 30, 2024, the Group added 78 company-operated retail stores, partially offset by the permanent closure of 26 company-operated retail stores, resulting in a net addition of 52 company-operated retail stores during the first nine months of 2024, compared to a net addition of 36 company-operated retail stores during the first nine months of 2023. The total number of company-operated retail stores was 1,104 as of September 30, 2024, compared to 1,021 as of September 30, 2023.

The Group achieved gross profit margin of 59.9% for the nine months ended September 30, 2024, an increase of 80 basis points compared to the 59.1% for the same period in 2023, driven by an increased share of total net sales from the Group's DTC channel and continued discipline with respect to promotional discounts, partially offset by the decrease in net sales from the higher-margin Asia region and Tumi brand. Gross profit decreased by 1.8% year-on-year to US$1,584.9 million for the nine months ended September 30, 2024, from US$1,614.5 million for the first nine months of 2023 due to the decrease in net sales, partially offset by higher gross profit margin.

The Group spent US$173.1 million on marketing during the nine months ended September 30, 2024, compared to US$173.6 million for the nine months ended September 30, 2023, a decrease of US$0.5 million, or 0.3%, year-on-year. As a percentage of net sales, marketing expenses were relatively stable at 6.5% for the nine months ended September 30, 2024, compared to 6.4% for the first nine months of 2023.

Due to disciplined expense management, fixed SG&A expenses increased by US$18.2 million to US$641.1 million for the nine months ended September 30, 2024, from US$623.0 million for the corresponding period in 2023, despite the total number of company-operated retail stores increasing by 83 year-on-year. However, due to the year-on-year reduction in net sales, fixed SG&A expenses amounted to 24.2% of net sales in the first nine months of 2024 compared to 22.8% of net sales during the corresponding period in 2023.

For the nine months ended September 30, 2024, Samsonite's Adjusted EBITDA margin(2) decreased by 90 basis points to 18.4% due to the decrease in net sales and gross profit, and higher marketing expenses as a percentage of net sales, year-on-year. Adjusted EBITDA(6) decreased by 7.6% to US$488.1 million, and Adjusted Net Income(7) decreased by 14.5% to US$253.7 million for the first nine months of 2024 versus the corresponding period in 2023.

2024 Third Quarter Results -- Conference Call for Analysts and Investors:

 
Date:     Wednesday, November 13, 2024 
Time:     09:00 New York / 14:00 London / 22:00 Hong Kong 
Webcast   https://media.website.wisdomir.com/live/land/00311/ 
Link: 
Dial-in   https://corporate.samsonite.com/on/demandware.static/-/Sites-InvestorRelations-Library/default/dw2748cb7d/PDF/announcements/2024/E_Samsonite_3Q2024%20Results%20Date%2 
Details:  0&%20Conference%20Call%20(FINAL%202024-11-04).pdf 
 

About Samsonite

With a heritage dating back more than 110 years, Samsonite International S.A. ("Samsonite" or the "Company", together with its consolidated subsidiaries the "Group"), is a leader in the global lifestyle bag industry and is the world's best-known and largest travel luggage company. The Group is principally engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags and travel accessories throughout the world, primarily under the Samsonite$(R)$ , Tumi(R) , American Tourister(R) , Gregory(R) , High Sierra(R) , Kamiliant(R) , Lipault(R) and Hartmann(R) brand names as well as other owned and licensed brand names. The Company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK").

 
For more information, please contact: 
United States: Samsonite  Hong Kong: Samsonite International S.A. -- Hong Kong 
LLC Tel: +1 508 851       Branch Tel: +852 2422 2611 
1586 
Alvin Concepcion Email:   William Yue Email:         Helena Sau 
Alvin.Concepcion@samsoni  William.Yue@samsonite.com   Email: 
te.com                                                Helena.Sau@samsonite.com 
United States -- Joele Frank, Wilkinson Brimmer Katcher 
 Tel: +1 212 355 4449 
 Michael Freitag / Tim Ragones / Ed Trissel 
 Email: Samsonite-JF@joelefrank.com 
 
 
Notes: 
________________________________ 
1   Results stated on a constant currency basis, a non-International Financial 
    Reporting Standards ("IFRS") Accounting Standards measure, are calculated 
    by applying the average exchange rate of the same period in the year under 
    comparison to current period local currency results. 
2   Adjusted EBITDA margin, a non-IFRS measure, is calculated by dividing 
    adjusted earnings before interest, taxes, depreciation and amortization of 
    intangible assets ("Adjusted EBITDA") by net sales. 
3   Free Cash Flow, a non-IFRS measure, is defined as net cash generated from 
    (used in) operating activities less (i) purchases of property, plant and 
    equipment and software ("total capital expenditures") and (ii) principal 
    payments on lease liabilities (each as set forth on the condensed 
    consolidated statements of cash flows). 
4   Total liquidity is calculated as the sum of cash and cash equivalents per 
    the condensed consolidated statements of financial position plus available 
    capacity under the revolving credit facility. 
5   The total net leverage ratio is calculated by dividing total consolidated 
    net debt minus the aggregate amount of unrestricted cash by the 
    consolidated Adjusted EBITDA for the trailing four fiscal quarters on a 
    pro forma basis as defined in the credit agreement. 
6   Adjusted EBITDA, a non-IFRS measure, eliminates the effect of a number of 
    costs, charges and credits and certain other non-cash charges. Adjusted 
    EBITDA includes the lease interest and amortization expense under IFRS 16, 
    Leases ("IFRS 16") to account for operational rent expenses. The Group 
    believes these measures provide additional information that is useful in 
    gaining a more complete understanding of its operational performance and 
    of the underlying trends of its business. 
7   Adjusted Net Income, a non-IFRS measure, eliminates the effect of a number 
    of costs, charges and credits and certain other non-cash charges, along 
    with their respective tax effects, that impact the Group's reported profit 
    attributable to the equity holders for the period, which the Group 
    believes helps to give securities analysts, investors and other interested 
    parties a better understanding of the Group's underlying financial 
    performance. 
8   As of September 30, 2024, the Group had US$682.3 million in cash and cash 
    equivalents and outstanding financial debt of US$1,830.4 million 
    (excluding deferred financing costs of US$8.5 million), resulting in a net 
    debt position of US$1,148.1 million. As of December 31, 2023, the Group 
    had US$716.6 million in cash and cash equivalents and outstanding 
    financial debt of US$1,824.0 million (excluding deferred financing costs 
    of US$17.0 million), resulting in a net debt position of US$1,107.4 
    million. 
9   Effective since the third quarter of 2024, the Group voluntarily made a 
    change in accounting policy related to the recognition of the subsequent 
    changes in fair value of the put option financial liabilities associated 
    with the non-controlling interests in certain of the Group's majority 
    owned subsidiaries. See Change in Accounting Policy in the Group's 
    Quarterly Report for further discussion on this voluntary change in 
    accounting policy. 
10  Adjusted basic and diluted earnings per share, both non-IFRS measures, are 
    calculated by dividing Adjusted Net Income by the weighted average number 
    of shares used in the basic and diluted earnings per share calculations, 
    respectively. 
11  The geographic location of the Group's net sales generally reflects the 
    country/territory from which its products were sold and does not 
    necessarily indicate the country/territory in which its end customers were 
    actually located. 
12  Net sales reported for Hong Kong include net sales made domestically, net 
    sales made in Macau, as well as net sales to distributors in certain other 
    Asian markets. 
13  Net sales reported for Singapore include net sales made domestically and 
    net sales to distributors in certain other Asian markets. 
14  Net sales reported for the United Kingdom include net sales made in 
    Ireland. 
15  Net sales in Belgium were US$6.6 million and US$6.9 million for the three 
    months ended September 30, 2024, and September 30, 2023, respectively, a 
    decrease of US$0.3 million, or 4.2% (-6.0% constant currency). Remaining 
    sales consisted of direct shipments to distributors, customers and agents 
    in other European countries, including e-commerce. 
16  "Other" includes certain other non-core brands owned by the Group, such as 
    Gregory, High Sierra, Kamiliant, Lipault, Hartmann, Saxoline and Secret, 
    as well as certain third-party brands. 
17  The non-travel product category includes business, casual, accessories and 
    other products. 
18  "Other" primarily consists of licensing revenue. 
19  For the three months ended September 30, 2024, the Group spent US$18.6 
    million and US$1.9 million on property, plant and equipment and software 
    purchases, respectively. For the three months ended September 30, 2023, 
    the Group spent US$20.9 million and US$2.5 million on property, plant and 
    equipment and software purchases, respectively. 

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