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Samsonite International S.A. Announces Results for the Three Month Period Ended March 31, 2021
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PR Newswire
HONG KONG, May 13, 2021
HONG KONG, May 13, 2021 /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, 20211.
Overview
Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "Samsonite saw a promising start to 2021, despite difficult trading conditions persisting due to the ongoing COVID-19 pandemic. The Group's net sales performance continued to gradually improve during the first quarter of 2021, even though a resurgence of COVID-19 cases and the reinstatement of lockdowns in certain markets, particularly in Europe, Latin America and India, temporarily slowed the pace of recovery. As a result of the approximately US$200 million in annualized run-rate fixed cost savings from our comprehensive cost reduction program implemented during 2020, and our continued focus on cost controls, Samsonite's first quarter 2021 Adjusted EBITDA2 improved by US$16.6 million from the fourth quarter of 2020. This represents a third quarter of sequential improvement. In particular, Adjusted EBITDA in Asia has consistently been positive since the third quarter of 2020, and North America is approaching Adjusted EBITDA breakeven going into the second quarter of 2021. While challenges related to the COVID-19 pandemic persist, we are encouraged by our performance and positive momentum."
For the three months ended March 31, 2021, the Group recorded net sales of US$354.7 million, a decrease of 42.4%3 compared to the same period in 2020. Sales recovery has slowed with first quarter 2021 net sales down by 57.3%3 compared to first quarter of 2019, reflecting a slight improvement from the fourth quarter of 2020, which saw net sales decrease by 58.1%3 compared to the fourth quarter of 2019.
The Group remained vigilant in controlling its costs. In addition to the approximately US$200 million in annualized run-rate fixed cost savings from the comprehensive cost reduction program implemented in 2020, the Group continued to tightly manage expenses in the first quarter of 2021.
The Group reduced its first quarter 2021 marketing spend and non-marketing fixed operating expenses by US$24.1 million and US$86.8 million, respectively, compared to the first quarter of 2020, and by US$38.8 million and US$100.1 million, respectively, when compared to the first quarter of 2019. As a result, the Group recorded an Adjusted EBITDA2 loss of US$28.5 million for the three months ended March 31, 2021, US$16.6 million less than the Adjusted EBITDA loss of US$45.1 million for the fourth quarter of 2020, despite first quarter 2021 net sales being lower than the fourth quarter of 2020 due to normal seasonality factors.
The Group also continued to focus on cash conservation, keeping capital expenditures and software purchases to a minimum, as well as maintaining close control on working capital, especially inventories. These initiatives together enabled the Group to reduce its total cash burn4 to (US$64.6) million during the first quarter of 2021, a significant improvement compared to (US$122.2) million during the first quarter of 2020. Along with the actions the Company took in 2020 to enhance its liquidity5 and its financial flexibility6, Samsonite had liquidity of US$1,445.9 million7 as of March 31, 2021, versus US$1,518.3 million7 as of December 31, 2020, well in excess of the US$500 million minimum liquidity required by the amended financial covenants under the Company's credit agreement6. With its substantial liquidity position, Samsonite is in a strong financial position to navigate the ongoing challenges from the COVID-19 pandemic.
Mr. Gendreau continued, "All our regions and business units are focused on driving profitable net sales growth as travel and demand for our products continue to gradually recover, leveraging our longstanding commitment to product innovation. Most recently, the launch of our new Tumi | McLaren luggage and travel collection, which was developed in partnership with luxury supercar maker and Formula 1 team, McLaren, received an enthusiastic reception from consumers and the media alike. Another recent product launch, Magnum Eco, is also generating a great deal of excitement. Ultra-light in weight, with its shell and interior manufactured using 100% post-consumer recycled materials, Magnum Eco is our most sustainable luggage to date. I believe that this past year has reinforced the importance of sustainability in our interconnected world, and we remain committed to reaching our long-term sustainability goals. Last week, we published our 2020 Environmental, Social and Governance Report, which details our progress in implementing Our Responsible Journey, the sustainability strategy that we launched last year."
Mr. Gendreau concluded, "Looking ahead, while we are optimistic about the future, we remain cautious about the timing of the recovery. The United States and China are seeing encouraging increases in domestic travel, and we expect these two key markets to lead our recovery going into the rest of 2021. After a slow start during the first two months of 2021, our net sales recovery in the United States has shown signs of gathering pace in March and April. Meanwhile, our net sales trend in China recorded a third consecutive quarter of improvement during the three months ended March 31, 2021. However, the resurgence of COVID-19 cases and reinstatement of travel restrictions and lockdowns in certain markets, particularly in Europe, Latin America and India, have caused a temporary slowdown in our overall recovery. As such, we continue to exercise caution in managing our business. We remain focused on identifying and implementing further cost reduction and cash conservation initiatives, and we also expect to keep a tight rein on our capital expenditures and software investments for the rest of 2021. Meanwhile, we are monitoring the COVID-19 situation closely and will maintain our people-first approach, prioritizing the health and well-being of our employees, customers, business partners and consumers around the world."
Table 1: Key Financial Highlights for the Three Months Ended March 31, 2021
| US$ millions, except per share data | Three months March 31, 2021 | Three months March 31, 2020 | Percentage 2021 vs. 2020 | Percentage 2021 vs. 2020 excl. foreign currency effects3 |
| Net sales | 354.7 | 601.2 | (41.0)% | (42.4)% |
| Operating loss8 | (47.0) | (842.0) | nm | nm |
| Operating loss excluding impairment charges and restructuring charges8, 9 | (43.2) | (15.6) | nm | nm |
| Loss attributable to the equity holders8 | (72.7) | (787.3) | nm | nm |
| Adjusted Net Loss 10 | (67.4) | (38.6) | nm | nm |
| Adjusted EBITDA2 | (28.5) | 4.9 | nm | nm |
| Adjusted EBITDA Margin11 | (8.0)% | 0.8% | | |
| Basic and diluted loss per share – US$ per share8 | (0.051) | (0.550) | nm | nm |
| Adjusted basic and diluted loss per share12 – US$ per share | (0.047) | (0.027) | nm | nm |
nm: Not meaningful.
The Group's performance for the three months ended March 31, 2021 is discussed in greater detail below.
Net Sales
For the three months ended March 31, 2021, the Group recorded net sales of US$354.7 million, a decrease of 42.4%3 compared to the same period in 2020.
The Group's net sales performance continued to improve during the first quarter of 2021. After decreasing by 77.9%3 year-on-year during the second quarter of 2020, when most of the Group's markets were subject to government-mandated lockdowns, the year-on-year decline in the Group's net sales narrowed to 64.7%3 during the third quarter of 2020 and 58.1%3 during the fourth quarter of 2020, as governments began to relax social-distancing restrictions and markets around the world began to reopen. This encouraging trend continued into the first quarter of 2021, with the decline in the Group's net sales further narrowing to 57.3%3 when compared to the first quarter of 2019, despite a resurgence in COVID-19 cases and the resulting reinstatement of travel restrictions and social distancing measures in certain markets, particularly in Europe, Latin America and India, which slowed the pace of net sales recovery.
Net sales for the month ended April 30, 2021 increased by 136.4%3 compared to the month ended April 30, 2020, when most of the Group's wholesale and retail points-of-sale in many of its key markets around the world were temporarily closed due to government mandated lockdowns. Compared to the month ended April 30, 2019, the Group's April 2021 net sales were down by 54.1%3 due to continued challenging conditions in most markets and particularly in Europe due to continued government-mandated lockdowns, and in Latin America and India, which have experienced a resurgence in COVID-19 cases.
Net Sales Performance by Region
North America
For the three months ended March 31, 2021, the Group recorded net sales of US$127.2 million in North America, a decrease of 44.6%3 compared to the same period in 2020.
After decreasing by 74.0%3 year-on-year during the second quarter of 2020, the decline in the Group's net sales in North America steadily improved to a year-on-year decline of 64.3%3 during the third quarter of 2020, and further narrowed to a year-on-year decline of 56.6%3 during the fourth quarter of 2020. The recovery was temporarily slowed by a resurgence in COVID-19 cases in early 2021, with the Group recording a net sales decline of 61.9%3 in North America for the first two months of 2021 compared to the corresponding period in 2019. However, with continued progress in the vaccination rollout and increased demand for domestic travel, the Group's recovery began to accelerate in March, and the positive trend has continued into April. For the month ended March 31, 2021, the decline in the Group's net sales in North America improved to 50.4%3 when compared to the corresponding month in 2019. Overall, for the three months ended March 31, 2021, the Group recorded a net sales decline of 57.9%3 in North America when compared to the first quarter of 2019. For the month ended April 30, 2020, the decline in the Group's net sales in North America further narrowed to 46.5%3 when compared to the corresponding month in 2019.
For the three months ended March 31, 2021, net sales in the United States and Canada decreased by 43.6% and 68.2%3, respectively, when compared to the first quarter of 2020. Compared to the first quarter of 2019, first quarter 2021 net sales in the United States and Canada decreased by 56.9% and 78.3%3, respectively, due to a resurgence in COVID-19 cases in early 2021.
Asia
For the three months ended March 31, 2021, the Group recorded net sales of US$156.4 million in Asia, a decrease of 25.9%3 compared to the same period in 2020.
The Group's net sales performance in Asia continued to improve during the first quarter of 2021. Compared to the first quarter of 2019, the Group recorded a net sales decline of 49.9%3 in Asia during the first quarter of 2021. This represents a third consecutive quarter of improvement, with the decline in the Group's net sales in Asia, steadily narrowing from a year-on-year decline of 75.6%3 in the second quarter of 2020 to a year-on-year decline of 63.4%3 in the third quarter of 2020, and a year-on-year decline of 56.1%3 in the fourth quarter of 2020.
China continued to drive the Group's net sales recovery in Asia. After decreasing by 60.7%3 year-on-year during the second quarter of 2020, the decline in the Group's net sales in China narrowed to a 47.2%3 year-on-year decline during the third quarter of 2020, a 33.7%3 year-on-year decline during the fourth quarter of 2020, and further improved to a 27.6%3 decline during the first quarter of 2021 when compared to the first quarter of 2019. Meanwhile, the Group recorded net sales decreases of 0.6%3 in India, 57.5%3 in Japan, 66.8%3 in South Korea and 68.0%3 in Hong Kong13 during the first quarter of 2021 when compared to the corresponding quarter in 2019.
For the three months ended March 31, 2021 the Group recorded net sales increases of 25.5%3 in China and 5.7%3 in India compared to the same period in the previous year, as business operations in these countries were partially or fully shut down during the first quarter of 2020 due to COVID-19. These net sales increases were offset by year-on-year net sales decreases of 49.0%3 in Japan, 42.5%3 in South Korea and 8.0%3 in Hong Kong.
Europe
For the three months ended March 2021, the Group recorded net sales of US$51.5 million in Europe, a decrease of 62.1%3 compared to the same period in 2020.
After decreasing by 85.7%3 year-on-year during the second quarter of 2020, the decline in the Group's net sales in Europe improved to a year-on-year decline of 65.7%3 during the third quarter of 2020. This recovery was interrupted by a resurgence in COVID-19 cases in late 2020 and early 2021, with the Group recording a year-on-year net sales decline of 67.1%3 in Europe during the fourth quarter of 2020, and a net sales decline of 70.9%3 during the first quarter of 2021 when compared to the first quarter of 2019.
During the first quarter of 2021, the Group recorded year-on-year net sales decreases of 72.6%3 in Germany, 58.4%3 in Italy, 62.7%3 in France, 9.4%3 in Russia and 84.1%3 in the United Kingdom14. Compared to the first quarter of 2019, the Group recorded net sales decreases of 79.6%3 in Germany, 73.8%3 in Italy, 72.1%3 in France, 20.3%3 in Russia and 88.6%3 in the United Kingdom during the first quarter of 2021.
Latin America
For the three months ended March 2021, the Group recorded net sales of US$19.3 million in Latin America, a decrease of 48.8%3 compared to the same period in 2020.
After decreasing by 94.3%3 year-on-year during the second quarter of 2020, the decline in the Group's net sales in Latin America improved to a year-on-year decline of 74.2%3 during the third quarter of 2020, and a year-on-year decline of 43.2%3 during the fourth quarter of 2020. This recovery was interrupted by a resurgence in COVID-19 cases in early 2021, with the Group recording a net sales decline in Latin America of 51.1%3 during the first quarter of 2021 when compared to the first quarter of 2019.
For the three months ended March 31, 2021, net sales in the Chile and Mexico decreased by 40.9%3 and 57.8%3, respectively, when compared to the first quarter of 2020; and by 43.0%3 and 71.7%3, respectively, when compared to the first quarter of 2019.
Table 2: Net Sales by Region
| Region15 | Three months ended March 31, 2021 US$ millions | Three months ended March 31, 2020 US$ millions | Percentage increase Werbung Mehr Nachrichten zur Samsonite International SA ADR Aktie kostenlos abonnieren
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