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Samsonite International S.A. Announces Results for the Three Month Period Ended March 31, 2022
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PR Newswire
HONG KONG, May 12, 2022
HONG KONG, May 12, 2022 /PRNewswire/ -- Samsonite International S.A. ("Samsonite" or "the Company", together with its consolidated subsidiaries, "the Group"; SEHK stock code: 1910), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company, today announced its unaudited consolidated financial results for the three-month period ended March 31, 20221.
Overview
Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "We achieved a great start to 2022. The Group's net sales continued to improve, rising to US$573.6 million for the three months ended March 31, 2022, an increase of 74.9%2, 3 year-on-year. Our core brands Samsonite, Tumi and American Tourister all attained strong year-on-year net sales gains, rising by 87.9%2, 61.1%2 and 89.6%2, respectively. Compared to the first quarter of 2019, net sales in the first quarter of 2022 were lower by 25.2%2, 3, reflecting steady progress versus the 28.0%2, 3 decline recorded in the fourth quarter of 2021 when compared to the same period in 2019, despite the impact from a resurgence of COVID-19 cases and the resultant reinstatement of lockdowns in certain markets, particularly in Asia, as well as slower stock replenishment due to shipping delays in North America."
"We increased our investment in marketing to drive net sales growth, while remaining vigilant in managing our fixed selling, general and administrative ("SG&A") expenses. Marketing expenses made up 4.2% of net sales in the first quarter of 2022, 120 basis points higher than the 3.0% during the same period in 2021 but 170 basis points lower than the 5.9% during the first quarter of 2019. Meanwhile, fixed SG&A expenses as a percentage of net sales were 27.8% for the first quarter of 2022, compared to 41.4% and 29.7% for the first quarter of 2021 and 2019, respectively."
"As a result, first quarter 2022 Adjusted EBITDA4 improved by US$101.7 million to earnings of US$73.2 million compared to a loss of US$28.5 million for the same period in 2021, and just US$11.4 million below the Adjusted EBITDA4 of US$84.6 million recorded in the first quarter of 2019. More notably, our Adjusted EBITDA margin5 increased to 12.8%, a significant improvement from the negative 8.0% in the first quarter of 2021 and 260 basis points higher compared to the 10.2% for the first quarter of 2019, despite net sales in the first quarter of 2022 being 25.2%2, 3 lower than the first quarter of 2019."
The Group achieved Adjusted Net Income6 of US$23.3 million for the three months ended March 31, 2022, a significant improvement compared to the Adjusted Net Loss6 of US$67.4 million during the same period in 2021, and just US$4.0 million below the US$27.3 million Adjusted Net Income6 recorded in the first quarter of 2019.
Mr. Gendreau continued, "We also remain focused on reducing our debt. As sales and profitability continued to improve, we voluntarily prepaid an additional US$200.0 million of outstanding borrowings under our Amended Senior Credit Facilities during the first quarter of 2022, following debt prepayments totalling US$370.0 million in 2021. With approximately US$1.4 billion7 in liquidity as of March 31, 2022, Samsonite is well positioned to continue investing in the business to drive long-term growth."
The Group increased its investment in inventories during the first quarter of 2022 ahead of the important summer travel season and the second half of the year. As a result, the Group's inventories increased by US$57.8 million during the first quarter of 2022 to US$406.2 million as of March 31, 2022. In comparison, inventories decreased by US$21.0 million during the first quarter of 2021. Nevertheless, total cash burn8 improved to (US$58.5) million for the three months ended March 31, 2022 compared to (US$64.6) million for the same period in 2021, driven by improvement in the Group's Adjusted EBITDA4 year-on-year.
"As countries around the globe open up again and restrictions continue to ease, there is renewed enthusiasm for people to travel, be active and experience the world. We maintained the strong positive momentum and financial performance from the second half of 2021 to achieve a great start for 2022, and we are well positioned to capitalize on the ongoing recovery to increase market share at a fundamentally higher margin profile as our first quarter 2022 results clearly demonstrate."
"In China, our largest market in Asia, we are seeing a temporary slowdown in our recovery due to the new wave of COVID-19 cases and the resultant reinstatement of lockdowns and travel restrictions. That said, the pace of recovery in the rest of Asia is showing signs of acceleration as governments relax travel and other restrictions. In our other regions, net sales performance continued to improve during April, despite some inventory replenishment delays in North America. Overall, the decline in net sales for April 2022 compared to April 20192, 9 further moderated versus the 25.2%2, 3 decline in the first quarter of 2022 when compared to the first quarter of 2019."
Mr. Gendreau concluded, "All our regions and business units are focused on driving profitable net sales growth as travel and demand for our products continue to recover, leveraging our commitment to innovation and sustainability to offer new bags and luggage to customers eager to travel again. With our customers increasingly conscious of environmental and social responsibility, we launched our sustainability program, Our Responsible Journey, in 2020 and continued to drive it forward in 2021. Earlier today, we published our 2021 Environmental, Social and Governance ("ESG") Report, sharing our progress in making our products more sustainable, reducing the environmental impact of our operations, and creating a more supportive environment for our people. We are implementing additional flexibility in our workplaces around the world to offer greater support as we continue to welcome team members back to our offices. We will maintain our strong focus on ESG for Samsonite to continue to lead our industry in sustainability."
Table 1: Key Financial Highlights for the Three Months Ended March 31, 2022
|
US$ millions, except per share data | Three months March 31, 2022 | Three months March 31, 2021 | Percentage 2022 vs. 2021 | Percentage 2022 vs. 2021 excl. foreign currency effects2 |
| Net sales | 573.6 | 354.7 | 61.7% | 67.7% |
| Operating profit (loss)10 | 58.1 | (47.0) | nm | nm |
| Operating profit (loss) | 59.1 | (43.2) | nm | nm |
| Profit (loss) attributable to the | 16.4 | (72.7) | nm | nm |
| Adjusted Net Income (Loss)6 | 23.3 | (67.4) | nm | nm |
| Adjusted EBITDA4 | 73.2 | (28.5) | nm | nm |
| Adjusted EBITDA margin5 | 12.8% | (8.0)% | | |
| Basic and diluted earnings | 0.011 | (0.051) | nm | nm |
| Adjusted basic and diluted – US$ per share | 0.016 | (0.047) | nm | nm |
| |
| nm: Not meaningful. |
The Group's performance for the three months ended March 31, 2022 is discussed in greater detail below.
Net Sales
For the three months ended March 31, 2022, the Group recorded net sales of US$573.6 million, an increase of 67.7%2 compared to the US$354.7 million recorded during the first quarter of 2021. When excluding the net sales of Speck3 for the first quarter of 2021, the Group's net sales increased by US$233.6 million, or 74.9%2, 3, year-on-year, during the first quarter of 2022.
The Group's net sales performance continued to recover during the first quarter of 2022, despite a rise in COVID-19 cases and the resultant reinstatement of travel restrictions and social distancing measures in certain markets, particularly in Asia, and slower stock replenishment due to shipping delays in North America. For the three months ended March 31, 2022, the Group recorded a net sales decline of 25.2%2, 3 compared to the first quarter of 2019 when excluding the net sales of Speck3, and a decrease of 27.6%2 when such net sales are included. This represents a continued improvement from the fourth quarter of 2021, when the Group's net sales decline compared to the fourth quarter of 2019 was 28.0%2, 3 when excluding the net sales of Speck3 for the fourth quarter of 2019, and 30.2%2 when such net sales are included.
The Company suspended all commercial activities in Russia with effect from March 14, 2022, due to the war in Ukraine. When excluding the net sales of Speck3 and the net sales in Russia for April 2019, the decline in the Group's net sales for April 2022 compared to April 2019 further moderated versus the 25.2%2, 3 decline in the first quarter of 2022 when compared to the first quarter of 2019, despite ongoing travel restrictions and social distancing measures in certain markets, particularly in China, and some inventory replenishment delays in North America.
Net Sales Performance by Region
North America
For the three months ended March 31, 2022, the Group recorded net sales of US$215.8 million in North America, an increase of 91.6%2, 3 year-on-year when excluding the net sales of Speck3 for the first quarter of 2021, and an increase of 69.5%2 year-on-year when such net sales are included. During the first quarter of 2022, the Group's net sales in the United States increased by 88.8%3 year-on-year when excluding the net sales of Speck3 for January through March 2021, and by 66.5% when such net sales are included. The Group's net sales in Canada increased by 189.4%2 year-on-year.
For the three months ended March 31, 2022, the Group's net sales in North America decreased by 21.6%2, 3 compared to the first quarter of 2019 when excluding the net sales of Speck3 in the first quarter of 2019, and by 28.6%2 when such net sales are included, primarily due to slower stock replenishment as a result of shipping delays. In comparison, the Group's net sales for the fourth quarter of 2021 compared to the fourth quarter of 2019 decreased by 21.3%2, 3 when excluding the net sales of Speck3 in the fourth quarter of 2019, and by 27.6%2 when such net sales are included.
Net sales in North America continued to recover in April 2022, with the decline in the Group's net sales compared to April 2019 further moderating versus the 21.6%2, 3 decline recorded in the first quarter of 2022 when compared to the first quarter of 2019, despite some inventory replenishment delays.
Asia
For the three months ended March 31, 2022, the Group recorded net sales of US$185.7 million in Asia, an increase of 22.2%2 compared to the same period in 2021, driven by year-on-year net sales increases of 37.2%2 in India, 140.7%2 in Australia, 29.9%2 in South Korea, 24.4%2 in Hong Kong13 and 24.3%2 in Japan, partially offset by a year-on-year net sales decrease of 12.1%2 in China due to renewed lockdowns and continued restrictions on travel. Excluding China, first quarter 2022 net sales in Asia increased by 38.7%2 year-on-year.
While the rise in COVID-19 cases and the resultant reinstatement of travel restrictions and social distancing measures in certain markets in Asia temporarily slowed the net sales recovery in the region during January 2022, sales performance improved in February and March 2022. During the first quarter of 2022, the Group recorded a net sales decline of 38.6%2 in Asia when compared to the first quarter of 2019. This represents a slight improvement relative to the 39.3%2 decline during the fourth quarter of 2021 when compared to the fourth quarter of 2019. Excluding China, first quarter 2022 net sales in Asia were lower by 39.2%2 compared to the same period in 2019, versus a decline of 40.1%2 for the fourth quarter of 2021 compared to the same period in 2019.
The decline in the Group's net sales for April 2022 compared to the same period in 2019 increased slightly versus the 38.6%2 decline recorded in the first quarter of 2022 compared to the first quarter of 2019, as renewed lockdowns and travel restrictions temporarily slowed recovery in China. Excluding China, Samsonite's net sales in Asia for April 2022 compared to April 2019 noticeably improved versus the 39.2%2 decline recorded in the first quarter of 2022 when compared to the same period in 2019, as the pace of net sales recovery accelerated as governments relaxed travel and other restrictions.
Europe
For the three months ended March 31, 2022, the Group recorded net sales of US$126.5 million in Europe, an increase of 169.7%2 compared to the same period in 2021, driven by year-on-year net sales increases of 498.4%2 in the United Kingdom14, 177.3%2 in Germany, 247.7%2 in Spain, 144.2%2 in Italy and 138.4%2 in France.
The rise in COVID-19 cases temporarily slowed net sales recovery in Europe in January 2022, but sales performance improved in February and March. While the Company has suspended all commercial activities in Russia from mid-March 2022 due to the war in Ukraine, this suspension had a minimal impact on net sales in Europe during the first quarter of 2022. For the three months ended March 31, 2022, the Group recorded a net sales decline of 21.5%2 in Europe when compared to the first quarter of 2019. This represents a continued improvement relative to the 28.4%2 decline recorded in the fourth quarter of 2021 when compared to the fourth quarter of 2019.
Net sales in Europe continued to recover in April 2022, with the decline in the Group's net sales compared to April 20192 (excluding the net sales in Russia for April 2019) noticeably improving versus the 21.5%2 decline recorded in the first quarter of 2022 when compared to the first quarter of 2019.
Latin America
For the three months ended March 2022, the Group recorded net sales of US$45.3 million in Latin America, an increase of 151.9%2 compared to the same period in 2021, driven by year-on-year net sales increases of 98.7%2 in Chile, 219.5%2 in Mexico, and 160.9%2 in Brazil.
Samsonite's net sales in Latin America for the first quarter of 2022 increased by 28.7%2 compared to the same period in 2019. This represents a noticeable improvement relative to the 7.7%2 increase recorded in the fourth quarter of 2021 when compared to the fourth quarter of 2019.
Net sales in Latin America continued to improve in April 2022. Compared to April 2019, net sales for April 2022 noticeably improved versus the 28.7%2 increase recorded in the first quarter of 2021 when compared to the same period in 2019.
Table 2: Net Sales by Region
| Region15 | Three months ended March 31, 2022 US$ millions | Three months ended March 31, 2021 US$ millions | Percentage increase 2022 vs. 2021 | Percentage increase 2022 vs. 2021 excl. foreign Werbung Mehr Nachrichten zur Samsonite International SA ADR Aktie kostenlos abonnieren
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