The following is a summary of the Samsonite International S.A. (SMSOF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Samsonite reported Q1 sales of $860 million, marking a growth of 4.1%.

• Gross margin reached a record high of 60.4%, 240 basis points higher than Q1 of 2023.

• Adjusted EBITDA was $161 million, and its margin was 18.8%, an increase by 40 basis points.

• Adjusted net income was $87 million or 10.1% of sales, an increase from 9.5% in Q1 2023.

• Cash flow was strong in Q1, being $68 million higher than the previous year.

• A $150 million distribution to shareholders, proposed by the board, will be paid in July.

Business Progress:

• Samsonite recorded growth across all principal brands, with Samsonite reporting 6.5% growth, Tumi growing by 1.6%, and American Tourister by 3.2%.

• All regions reported progress, primarily driven by China, Japan, and Korea.

• The company prioritizes disciplined retail expansion, having opened 77 net new stores in the past 12 months.

• Samsonite plans to increase communication regarding its sustainability and ESG efforts, with a focus on reducing its carbon footprint.

• The company expects healthy growth in global travel and tourism into 2025 and 2026, sustaining demand for their products.

• An increase in advertising and product innovation investments is planned to maintain competitiveness.

• Samsonite is strategizing towards a secondary listing and continues to uphold sustainability, aiming to transform the luggage industry.

More details: SAMSONITE INTL SA IR

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