Samsonite Group S.a. · HKEX:1910
Samsonite — Q1 2025 Earnings Presentation
37 slides from Samsonite's earnings presentation, May 13, 2025
Slide 1: First Quarter Results 2025
2025 FIRST QUARTER RESULTS MAY 13, 2025 Samsonite Group S.A. Stock Code: 1910 JOURNEY BEYOND LIMITS
Slide 2: Disclosure Statement
DISCLOSURE STATEMENT This presentation and the accompanying slides (the “Presentation”), which have been prepared by Samsonite Group 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, or be rel
Slide 3: Agenda
AGENDA 01 BUSINESS UPDATE 02 FINANCIAL HIGHLIGHTS 03 OUTLOOK 04 Q&A All net sales growth rates throughout the presentation are presented on a constant currency basis, unless stated otherwise. 3
Slide 4: Business Update
BUSINESS UPDATE 4
Slide 5: We are managing through market uncertainty with agility and focus
We are managing through market uncertainty with agility and focus • Macroeconomic Environment is Uncertain: Macroeconomic uncertainty has risen considerably worldwide, and the tariff situation in the United States remains fluid, impacting consumer sentiment across our markets. Our teams around the w
Slide 6: Macroeconomic uncertainty impacted Q1 2025
Macroeconomic uncertainty impacted Q1 2025 • Net sales were US$797 million in Q1 2025, a decrease of 4.5%(1), compared to record Q1 net sales in 2024 and in-line with our outlook. Q1 2025 faced the toughest prior year comparison of the year, which further impacted our year-over-year growth rate. • D
Slide 7: Continued growth in Europe offset by lower net sales in Asia and North America
Continued growth in Europe offset by lower net sales in Asia and North America Adjusting for the wholesale timing shift in North America, Q1 2025 net sales would have been down approximately 5.2% compared to Q1 2024. Q4 ‘24 Q1 ‘25 Q4 ‘24 Q1 ‘25 Q4 ‘24 Q1 ‘25 Q4 ‘24 Q1 ‘25 Constant Currency Growth vs
Slide 8: Net sales highlights by region
Net sales highlights by region • Net sales in Asia were down 7.0%(1) in Q1 2025 compared to record Q1 net sales in Asia in Q1 2024, which was up 7.5%(1) from Q1 2023, with mixed performance by country. • Net sales trends improved in India with Q1 2025 net sales back to positive growth of 2.6%(1) com
Slide 9: Core brand sales results
Core brand sales results • Samsonite brand net sales grew 4.5%(1) and 1.2%(1) in Latin • TUMI brand grew 15.7%(1), 11.1%(1), and 0.4%(1) in • American Tourister was down primarily due to America and Europe, respectively, offset by lower net sales in Latin America, Europe, and Asia, respectively, but
Slide 10: Our TUMI business in China delivered strong results in Q1 2025 with double-digit growth
Our TUMI business in China delivered strong results in Q1 2025 with double-digit growth TUMI China - constant currency net sales growth rates vs. prior year TUMI China – Future flagship store openings Planning to open regional flagship TUMI stores in key cities in China this year to drive future gro
Slide 11: Opened a stunning TUMI store in Chengdu International Finance Center
Opened a stunning TUMI store in Chengdu International Finance Center (IFC) in Q1 2025 to serve as TUMI’s west China flagship location Chengdu IFS, opened March 2025 11
Slide 12: We continue to take decisive actions to mitigate the impact from the evolving tariff landscape
We continue to take decisive actions to mitigate the impact from the evolving tariff landscape in the U.S. • The U.S. tariff landscape remains fluid. The timing of implementation, scope and extent of tariffs, as well as their effect on global supply chains and consumer demand, remains unknown. This
Slide 13: We believe our scale advantages will position us to better navigate these additional pressures
We believe our scale advantages will position us to better navigate these additional pressures Product Innovation & Design Marketing & Advertising Go-To-Market Strategy Sourcing & Manufacturing Deep materials science expertise Investments to drive awareness and Over 40,000 points of sale in ov
Slide 14: Highly diversified revenue base across regions, categories and channels
Highly diversified revenue base across regions, categories and channels helps us navigate headwinds Total percentages may vary due to rounding (1) Net sales by region excludes Corporate net sales of $0.7 million. (2) For comparative purposes, prior period net sales are adjusted to exclude Russia, wh
Slide 15: Net sales growth strongly correlated to growth in travel
Our net sales growth has historically been strongly correlated to growth in travel, and outlook for travel remains strong Samsonite Net Sales vs. Global Passenger Traffic (2) Revenge Travel ~5% ’25E Forecasted YoY Growth in Global Passenger Travel (1)(2) (1)(2) (1) (1) (1) (1) (1) (1) Global Travel
Slide 16: New, exciting, and innovative products in the pipeline in 2025
We have a lot of new, exciting, and innovative products in the pipeline in 2025 • Several of our recent collections have been honored with the prestigious Red Dot Design Award – one of the most respected design accolades in the world. • PARALUX – thoughtfully designed to merge form and function, thi
Slide 17: Launched 19 Degree Lite, TUMI's lightest luggage yet
Launched 19 Degree Lite, TUMI’s lightest luggage yet, in Q1 2025 • Launched 19 Degree Lite at the end of Q1 2025, and 19 DEGREE LITE the collection has been very well received. • 19 Degree Lite, TUMI’s lightest luggage yet, is the perfect blend of TUMI’s lightweight Tegris® material and its most ico
Slide 18: We've launched our first suitcase made with bio-circular material
We’ve launched our first suitcase made with bio-circular material We’ve been using recycled materials since 2018, but for the first time have developed a limited edition Proxis containing bio-circular material that has launched on Earth Day 2025. • Over 70% of the outer shell material is bio-circula
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS 19
Slide 20: Q1 2025 Results Highlights
Q1 2025 Results Highlights • Net sales decreased by 4.5%(1) from • Gross margin for Q1 2025 was • Adjusted EBITDA decreased by US$34 • Adjusted net income a record Q1 2024 that was up 4.1%(1) strong at 59.4% but decreased million from record Q1 2024 adjusted decreased by US$35 million from a very st
Slide 21: Focus on Moving Production, Managing Tariffs, Protecting Margins
Focus on Moving Production, Managing Tariffs, Protecting Margins • Our sourcing teams have made tremendous progress in U.S. Product Sourcing moving our production for the U.S. outside of China. • If the tariffs are implemented at the original “Liberation Day” rates, we estimate the blended increment
Slide 22: Other Financial Highlights
Other Financial Highlights • Combined Q1 2025 distribution and G&A expenses of US$318 million, were essentially flat compared to Q1 2024 despite adding 62 net new stores compared to prior year, reflecting ongoing disciplined expense management. • Advertising spend of US$42 million in Q1 2025 (5.3% o
Slide 23: Continued to tightly manage our distribution and G&A expenses
Continued to tightly manage our distribution and G&A expenses despite inflationary pressure and adding 62 net new stores since Q1 2024 Distribution and G&A expenses trend Our combined distribution and G&A expenses in Q1 2025 were flat compared to Q1 2024. 23
Slide 24: Our DTC net sales were more resilient
Our DTC net sales were more resilient, leading to an increased net sales contribution percentage from DTC channels Comparison of net sales by channel - DTC E-Commerce relatively flat at -0.1%(1). Q1 2024 - Retail declined -2.6%(1), due to same-store sales decline of 7.2% (1) from reduced store Q1 20
Slide 25: We continued to diversify our category mix with non-travel products
We continued to diversify our category mix with long-term growth opportunities in non-travel products Comparison of travel vs. non-travel net sales Q1 2024 Q1 2025 US$859.6 million US$796.6 million Travel Non-Travel (1) Stated on a constant currency basis. 25
Slide 26: Balance Sheet
Balance Sheet US$m March 31, March 31, $ Chg Mar-25 % Chg Mar-25 2024 2025 vs. Mar-24 vs. Mar-24 • Total borrowings were down Cash and cash equivalents 744.5 601.7 (142.8) -19.2% US$20 million year over year as Trade and other receivables, net 335.0 331.0 (4.0) -1.2% we continued to pay down our Inv
Slide 27: Working Capital
Working Capital US$m March 31, December 31, March 31, $ Chg Mar-25 % Chg Mar-25 • Net working capital was $20.8m lower 2024 2024 2025 vs. Mar-24 vs. Mar-24 compared to March 31, 2024 but % of sales Working Capital Items was higher due to the lower sales in Q1 2025. Inventories $ 667.9 $ 651.4 $ 674.
Slide 28: Q1 Capex investments focused on retail store remodels, new stores, and core strategic initiatives
Q1 Capex investments focused on retail store remodels, new stores, and investment in core strategic initiatives Capital Expenditures by project type • Retail capex of US$9.0 million in US$m Q1 2024 Q1 2025 Q1 2025 consisted primarily of US$5.5 million for store remodels Retail 8.0 9.0 and relocation
Slide 29: Outlook
OUTLOOK 29
Slide 30: Outlook
Outlook • Travel trends are expected to remain robust over the next several years, which we believe will support long-term growth in our business. However, significant uncertainty in the macroeconomic environment has softened consumer demand in the near term. • Net sales growth for Q2 2025 is expect
Slide 31: Q&A
Q&A 31
Slide 32: Thank You
THANK YOU. 32
Slide 33: Appendix
APPENDIX 33
Slide 34: Non-IFRS Financial Measures
Non-IFRS Financial Measures In addition to the Company's results determined in accordance with IFRS Accounting Standards, management reviews certain non-IFRS financial measures, including constant currency net sales growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic
Slide 35: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation Adjusted EBITDA eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. Adjusted EBITDA is defined as profit for the period, adjusted to eliminate income tax expense, finance costs (excluding intere
Slide 36: Adjusted Net Income and Adjusted Net Income Margin Reconciliation
Adjusted Net Income and Adjusted Net Income Margin Reconciliation Adjusted net income 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 Company's reported profit attributable to equity holders,
Slide 37: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Adjusted free cash flow is defined as cash generated (used in) from operating activities, less (i) purchases of property, plant and equipment and software and (ii) principal payments on lease liabilities. The Company believes adjusted free cash flow provides he