公司發佈2024年度中期業績公告
24H1收入17.69億美元，同增2.8%；歸母淨利1.64億美元，同增16.1%；24H1收入增長主要系購物和旅遊需求以及批發客戶重建庫存的需要。 24Q2收入9.09億美元，同增1.5%；歸母淨利0.81億美元，同增13.6%；歸母淨利的增長主要由財務費用淨額減少所致。
分品牌，
24H1新秀麗品牌收入9.04億美元，同增5.8%，佔比51.1%；
Tumi收入4.14億美元，同增0.3%，佔比23.4%；
American Tourister收入3.07億美元，同減0.9%，佔比17.4%；其他收入1.43億美元，同減0.5%，佔比8.1%；American Tourister收入下降的原因爲印度競爭對手激烈的促銷活動以及北美主要客戶銷售的減少。
分地區，
24H1亞洲地區收入6.80億美元，同增2.0%，其中中國市場收入1.5億美元，同增7.6%，其中24Q2同減3.5%，或顯現一定消費壓力；北美洲收入6.08億美元，同減0.5%；歐洲收入3.72億美元，同增4.6%；拉丁美洲收入1.08億美元，同增20.3%。
24H1E results: revenue growth driven by shopping, travel, wholesale restocking
Key metrics:
Samsonite International recently announced unaudited 24H1E results:
•H1E revenue amounted to USD1.77bn, up 2.8% yoy, while net profit leapt 16.1% yoy to USD164m. Revenue growth drivers included shopping and travel demand and wholesale customers’ inventory replenishments.
•Q2E contributed USD909m revenue, up 1.5% yoy, and USD81m net profit, up 13.6% yoy, on lower net financial expenses.
Brands by revenue size:
•Samsonite: the main brand generated USD904m in 24H1E, up 5.8% yoy; accounting for 51.1% of total revenue.
•Tumi: revenue came to USD414m, up 0.3% yoy; accounting for 23.4% of the total.
•American Tourister: revenue fell 0.9% yoy to USD307m (17.4% of the total), which the company attributes to aggressive promotions by competitors in India as well as lower sales from key North American customers.
•Other brands amounted to USD143m, down 0.5% yoy; accounting for 8.1%.
Markets by revenue size:
•Asia posted revenue of USD680m in 24H1E, up 2.0% yoy, with the Chinese market contributing USD150m, up 7.6% yoy, even with a 3.5% yoy dip in Q2E on some consumption pressure.
•North America generated USD608m revenue, down 0.5% yoy,
•Europe drew revenue of USD372m, up 4.6% yoy.
•Latin America contributed revenue of USD108m, up 20.3% yoy.
毛利率增長系所有地區毛利率均按年改善，DTC佔比至38.1%，同增0.4pct，品牌組合變化及持續對促銷折扣的嚴格控制。
銷售費率29.4%，同增1.9pct；銷售費用增長主要系由新自營零售店的開設所帶來的租賃使用權資產折舊及攤銷；支持銷售增長的其他開支增加；2023年上半年多家自營零售店在人手縮減及租金臨時寬減的情況下營運而造成的低基數。
管理費率6.7%，同減0.5pct，反映公司繼續嚴格控制業務的固定成本結構；財務費率3.9%，同減0.6pct，財務費用減少部分原因系公司持續償還優先信貸融通下的借款，貸款及借款的利息開支減少。
24H1經調整EBITDA利潤率爲18.9%，同增0.1pct，改善主要系毛利率增長至60.2%所推動；公司的營銷投資收入佔比同增0.2pct。
Profitability: gross and adjusted EBITDA margin expansions set H1 records
Margin analysis:
•Gross margin was 60.2% in 24H1E, up 1.4ppt yoy, with yoy rises across all regions. The company attributes the healthy gross margin to a 0.4ppt yoy bigger proportion of direct-to-consumer net sales at 38.1%, as well as brand mix changes and tight control of promotional discounts.
•Net margin came to 9.29% in H1E, up 0.7ppt yoy.
•Adjusted EBITDA margin came to 18.9%, up 0.1ppt yoy, which the company attributes to the gross margin expansion despite 0.2ppt yoy heavier marketing investment.
Expense profile:
•Sales expense ratio rose 1.9ppt yoy to 29.4% in H1E. The increase in sales expenses was due to:
-Depreciation and amortization of leasehold right-of-use assets related to openings of new direct-business retail stores;
-Other expense increases to support sales growth;
-The low 23H1 comparative base related to a number of direct-business retail stores amid staff cuts and temporary rental relief.
•Management fee ratio was 6.7%, down 0.5ppt yoy, which reflected the company’s strict control of the fixed-cost business structure.
•Financial ratio was 3.9%, down 0.6ppt yoy, partly due to loan repayments on senior credit facilities and lower loan interest expenses.
公司將繼續專注於通過利潤率更高的品牌、渠道和地區，推動收入增長，繼續投資於升級及擴充實體零售及電子商貿業務。公司將繼續嚴格控制促銷折扣及管理開支，尤其是固定SG&A開支，以維持公司穩健的利潤率。
全球旅遊業及觀光業的趨勢仍然樂觀，可對公司產品需求有所支持。 國際旅客人次繼續提升並預計於2024年恢復到疫情前水平，而北半球夏季高峯期對航空旅行的需求仍然殷切。 由於消費者繼續優先考慮旅遊而非其他可自由支配的支出，儘管目前存在不利因素，但公司依然看好前景。
公司將2024年廣告支出定爲收入的7.0%。公司憑藉雄厚流動資金，具備充裕能力繼續投資業務以促進未來增長。 隨着消費者更有選擇性及更謹慎地消費，公司對產品創新、質量、功能性、可靠性及可持續性的不懈追求，將增強公司品牌對消費者的吸引力，進而使公司在競爭中脫穎而出。
2024E outlook: keep investing to boost both physical retail and online channels
Company:
Samsonite International plans to focus on growing revenue through higher-margin brands, channels and markets. Meanwhile, it would keep investing to upgrade and expand both the brick-and-mortar retail and ecommerce businesses. It believes that curbing promotional discounts and management expenses, especially fixed SG&A, will ensure healthy profit margins.
Industry:
the company expects global travel and tourism market trends will remain positive, which would support product demand. It believes international traveler numbers will return to pre-pandemic levels in 2024E and expects strong air travel demand in the peak summer season in the Northern Hemisphere. As consumers prioritize travel over other discretionary spending, the company sees bullish prospects despite the current headwinds.
Sufficient budget:
Samsonite set its 2024E advertising budget at 7.0% of revenue. The sufficient funds would enable the company to keep investing for future growth. As consumers become increasingly selective and cautious in spending, we believe the company’s unmitigated pursuit of product innovations, quality, functionality, reliability and sustainability will maintain its brand appeal and differentiation over the competition.
開展2億美元股票回購計劃
鑑於公司強勁的表現及財務狀況，董事會在2024年恢復對公司股東的年度現金分派，於2024年7月派付1.5億美元。 2024年6月董事會批准一項最高達2.0億美元的股份回購計劃，公司於2024年上半年業績公告禁售期結束後啓動股份回購。
Dividends and share buybacks:
•USD150m to shareholders: in light of Samsonite International’s healthy results and financial position, the board of directors approved on 6 June to restart shareholder payouts to the tune of USD150m for 2024.
•USD200m share buybacks: the board also approved in June 2024 a share repurchase program of up to USD200m, which the company plans to kick off once the blackout period ends after the 24H1 results announcement.
