Tumi posts 7.1% rise in Q1 net sales
Tumi Holdings, the premium travel, business and lifestyle products and accessories brand, just reported financial results for the first quarter ended March 27, 2016.
The brand saw net sales increase 7.1% to $118.3m in the period, compared to $110.5m in the first quarter ended March 29, 2015. On a constant currency basis, net sales increased 7.8%. Total comparable store sales for all Direct-to-Consumer channels, including company-owned websites, increased 0.8%.
Gross profit increased 6.2% to $69.4m, compared to $65.3m in the first quarter ended March 29, 2015. Gross margin was 58.6% compared to 59.1% in the first quarter of 2015. Tumi saw its operating income fall from 18.8% to $7.8m from $9.6m in the first quarter of 2015. Operating income margin was 6.6%, compared to 8.7% in the first quarter of 2015.
Net income was $7.9m, up from $6.4m in the first quarter of 2015. During the first quarter of 2016, Tumi opened 3 new stores, renovated 2 stores, relocated 1 store, closed 1 store, and added 13 stores as a result of the Tumi Japan acquisition. As of March 27, 2016, Tumi operated 192 company-owned stores.
On March 3, 2016, Tumi announced a that it had entered into a definitive agreement with Samsonite International S.A. under which Samsonite will acquire Tumi for $26.75 per share in an all cash transaction. Tumi still expects the transaction to close in the second half of 2016.
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