Samsonite Group S.a. · HKEX:1910
Samsonite — Samsonite International — Q3 2024 Earnings Presentation
39 slides from Samsonite's earnings presentation, Nov 13, 2024
Slide 1: 2024 Third Quarter Results
Slide 2: Disclosure Statement
S DISCLOSURE STATEMENT This presentation and the accompanying slides (the “Presentation”), which have been prepared by Samsonite International S.A. (“Samsonite” or the “Company”), do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for,
Slide 3: Agenda
S AGENDA O1 O2 OS O4 Business Update Financial Highlights Outlook Q&A
Slide 4: Business Update
BUSINESS UPDATE
Slide 5: Q3 2024 top line impacted by softer consumer sentiment
6 Q3 2024 top line impacted by softer consumer sentiment and comping against strong prior year; margin profile remained high + Net sales were US$878 million in Q3 2024, a decrease of 6.8% compared to an exceptionally strong Q3 2023, but still up 20.8% vs. Q3 2019. Global consumer sentiment was softe
Slide 6: Comping against record Q3 2023 sales driven by revenge travel
« Comping against record Q3 2023 sales that were driven by continued revenge travel Q3 Net Sales Evolution * Net sales were US$878 million in Q3 2024, a decrease of 6.8%) compared to an exceptionally strong Q3 2023, but still up 20.8%) vs. Q3 2019. ltl) a +20.876" * Q3 2023 was a record third quarte
Slide 7: (1)(2) (1)(2) (1) (1) (1) (1) (1) (1)
(1)(2) (1)(2) (1) (1) (1) (1) (1) (1)
Slide 8: Growth vs '23 by region
Constant Currency Growth vs ‘23 -11.5% -7.8% -1.7% 13.7% Our business in Asia was impacted by softer than expected Our business in North America was largely Within our Europe business, growth of consumer sentiment, particularly in China (-14.9%(1)), exacerbated impacted by slower retail traffic and
Slide 9: Samsonite brand showed the most sales resilience in Q3 2024
¢ Our Samsonite brand showed the most sales resilience in Q3 2024 UsSm C- AMERICAN Sams@nite TOURISTER 220 $180 9500 5 $173.8 \ $475 $210 $170 ; \ -/ , $450 $200 $193.3 s/ \s $160 cy Vie $425 $190 3 \e 5 8 $150 * \ & \ $400 B $180 g $145.6] \ $10.3 $375 $170 $140 $350 $160 $130 $325 $150 $300 $140 $
Slide 10: Samsonite sales by region
North America – Samsonite sales Asia – Samsonite sales Consolidated – Samsonite sales Europe – Samsonite sales Latin America – Samsonite sales
Slide 11: Tumi sales by region
North America – Tumi sales Asia – Tumi sales Consolidated – Tumi sales Europe – Tumi sales Latin America – Tumi sales
Slide 12: American Tourister sales by region
North America – American Tourister sales Asia – American Tourister sales Consolidated – American Tourister sales Europe – American Tourister sales Latin America – American Tourister sales 6.6%(1)
Slide 13: Comparison of net sales by channel
Comparison of net sales by channel YTD Sep 2024 • US$2,646.2 million • • YTD Sep 2023 • US$2,733.9 million • Wholesale and Other(2) Retail DTC E-Commerce
Slide 14: Continued to drive growth in DTC e-commerce across all regions
¢ Continued to drive growth in our DTC e-commerce business across all our regions * We continued to invest in DTC e-commerce across all our regions and brands. * Net sales from our DTC e-commerce channel FOR SMOOTHER JOURNEYS now represent 10.7% of total net sales for YTD September 2024, up from 10.
Slide 15: Net new store openings since September 2023 by Region
• Net new store openings since September 2023 by Region •
Slide 16: Tumi Store @ Lenox Square in Atlanta, GA
Tumi Store @ Lenox Square in Atlanta, GA • • Tumi Store @ Lenox Square in Atlanta, GA
Slide 17: Tumi Store @ Helsinki, Finland
Tumi Store @ Helsinki, Finland
Slide 18: Samsonite Store @ Berlin, Germany
Samsonite Store @ Berlin, Germany
Slide 19: Tumi Store @ Shanghai Jing'an Kerry Centre, China
Tumi Store @ Shanghai Jing’an Kerry Centre, China
Slide 20: Samsonite Store @ Suntec City, Singapore
Samsonite Store @ Suntec City, Singapore
Slide 21: Tumi Vidalia Headquarters Solar Panel Installation
• • • • • Tumi Vidalia Headquarters Solar Panel Installation •
Slide 22: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 23: Q3 2024 Results Highlights
Q3 2024 Results Highlights us$m us$m us$m $1,000 $oss sono $200 __ $194 g1a0 $900 881 $520 $180 $800 $500 $160 $120 %, $700 $400 $140 $100 $600 $120 $80 $80 $500 $300 $100 $400 Constant $80 $60 $300 onan $200 $60 $40 © $200 $40 $100 $100 $20 $20 $o + $o + $0 so + Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2
Slide 24: Other Financial Highlights
¢ Other Financial Highlights + Fixed SG&A expenses of US$216 million in Q3 2024 remained roughly flat to Q3 2023 despite the net addition of 83 company-operated stores since September 30, 2023, reflecting our ongoing discipline on expense management. + Advertising spend of US$56 million in Q3 2024 (
Slide 25: YTD Sep 2024 Results Highlights
YTD Sep 2024 Results Mehlights us$m ussm us$m us$m $3,000 $1,800 $600 $350 $ $30 $1,585 1,600 488 $2,500 $500 s $300 $1,400 $2,000 $1,200 $400 $250 $1,000 $200 $1,500 $300 Constant $800 18.4% $150 $1,000 Currency $600 $200 $100 $400 $500 $200 $100 $50 $o $0 $o + $0 YTD Sep 2023 YTD Sep 2024 YTD Sep
Slide 26: YoY gross margins impacted by regional sales mix
*« YOY gross margins impacted by regional sales mix, offset by increased DTC penetration Q3 Gross margin % Evolution 60% tee §=6 «© Q3 2024 gross margin decreased by 30bp from Q3 2023 due primarily to regional sales mix as Asia, which has the highest gross margin of all regions, decreased as a propo
Slide 27: Tightly managed fixed SG&A relatively unchanged from Q3 2023
s Tightly managed fixed SG&A which was relatively unchanged from Q3 2023, despite inflationary pressure and adding 83 net new stores over the past year Fixed SG&A Trend us$m $260 Fixed SG&A % of net sales in Q3 2024 increased by 220bp from Q3 2023 due 28% * to lower sales, but was 270bp lower in Q3
Slide 28: Adjusted EBITDA margin structurally better than 2019
6 While Adjusted EBITDA margin was down compared to prior year, we continued to maintain an efficient cost structure resulting in margins being structurally better than 2019 Q3 Adjusted EBITDA margin Evolution 21% 18% | 310 basis points vs. 03 2019 —_— 77.046 15% 17.6% ; 14.5% 12% 13.0% 9% » 6% 8 +
Slide 29: YTD net sales modestly down across most regions
g@ YTD net sales were modestly down across most of our regions as we comped strong prior year results and were impacted by more challenged macro conditions Growth % vs '23 Const Curr % vs '23 - YTD Sep 2022 “YTD Sep 2023 ™ YTD Sep 2024 +2.3%0) E 185%" 6579.9 $581.5 & $600 18.5%" $57: . i) $494. $400
Slide 30: Comparison of travel vs. non-travel net sales
Comparison of travel vs. non-travel net sales YTD Sep 2023 YTD Sep 2024 US$2,733.9 million US$2,646.2 million - Travel growth of -1.7%(1) - Non-Travel growth of +1.6%(1) Travel Non-Travel
Slide 31: Samsonite Ecodiver Backpacks and Pro-DLX 6
Samsonite Ecodiver Backpacks Samsonite Pro-DLX 6
Slide 32: Tumi Voyageur Leather and 19 Degree Frame collections
Tumi Voyageur Leather and 19 Degree Frame collections
Slide 33: Balance sheet summary
US$m September 30, September 30, $ Chg Sep-24 % Chg Sep-24 2023 2024 vs. Sep-23 vs. Sep-23 • Cash and cash equivalents 603.4 682.3 78.9 13.1% Trade and other receivables, net 343.7 325.0 (18.6) -5.4% Inventories, net 734.8 672.9 (61.9) -8.4% Other current assets 92.0 95.5 3.5 3.8% Non-current assets
Slide 34: Working Capital Items
US$m September 30, December 31, September 30, $ Chg Sep-24 % Chg Sep-24 • 2023 2023 2024 vs. Sep-23 vs. Sep-23 Working Capital Items Inventories $ 734.8 $ 695.9 $ 672.9 $ (61.9) -8.4% Trade and Other Receivables $ 343.7 $ 319.6 $ 325.0 $ (18.6) -5.4% • Accounts Payable $ 523.2 $ 500.4 $ 489.8 $ (33.
Slide 35: Capital Expenditures
• US$m YTD Sep 2023 YTD Sep 2024 Retail 25.4 29.5 • Manufacturing / Supply 9.6 23.1 • Information Services and Facilities 6.3 4.7 Software 7.3 4.0 • Other 0.6 0.5 Total Capital Expenditures 49.1 61.8
Slide 36: Outlook
OUTLOOK
Slide 37: Outlook
° Outlook (a) Travel trends are expected to remain robust over the next several years and will continue to drive long-term growth in our business. In 2024, the comparison to strong prior year sales impacted our growth rate. Our view on full year sales remains relatively unchanged since our last earn
Slide 38: Q&A
Q&A
Slide 39: Thank You
THANK YOU.
Samsonite International — Q3 2024 Earnings Presentation on 6ix