Samsonite (01910) announced its first quarter results for 2019, achieving net sales of US$832 million, down 6.3% year-on-year; profit attributable to equity holders was US$22.8 million, down 48.2% year-on-year; adjusted net income was 27.3 million The US dollar decreased by 45.5% year-on-year; the adjusted EBITDA was US$84.6 million, a decrease of 31.1% year-on-year; and the basic and diluted earnings per share was US$0.016.
In the first quarter of 2019, certain major markets of the group were affected by negative economic factors. In North America, the US market continues to be affected by uncertainties related to the timing and Zaful Coupon Code results of Sino-US trade negotiations and the decline in passenger numbers. In Asia, China's business-to-business order declines and concerns over US trade relations have led to weak consumer sentiment, and South Korea's geopolitical tensions have led to weak consumer sentiment, which has continued to negatively impact the group's performance in Asia. In Latin America, Chile’s relaxation of import restrictions by the Argentine authorities has led to more domestic consumption of Argentine tourists, coupled with weak consumer sentiment by local consumers, which has led to a continuous decline in the number of Chilean consumers, which has put pressure on the Group’s operations in Chile.
Excluding the above four markets, the net sales calculated on a constant exchange rate basis during the period increased by 3.4% compared with the same period of last year, while the net sales reported in US dollars decreased by 3.0% due to unfavorable foreign exchange conversion. Due to the adverse effects of foreign exchange conversion, net sales during the period decreased by approximately US$35.2 million.
Among them, according to the brand, the sales of Samsonite brand decreased by 8.7% year-on-year to 373 million US dollars, mainly due to the negative economic factors of the United States, China and South Korea. The net sales of the Tumi brand increased by 6.4% year-on-year to US$178 million, benefiting from the continued successful expansion of the brand in the international market. American Tourister brand sales decreased by 10.4% year-on-year to US$141 million, in part due to strong brand sales in the first quarter of 2018, which was driven by the launch of a large global marketing campaign that boosted the American Tourister brand's strong net sales growth of 22.3%. (calculated on a constant exchange rate basis).
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