Tumi'S Fourth Quarter Profits Have Skyrocketed And Global Expansion Is Imperative.
Recently, the US travel bag brand Tumi released its fourth quarter earnings report.
Despite foreign exchange resistance, the high-end luggage company is pushing ahead with global expansion strategy, and sales are soaring.
Tumi's fourth quarter sales rose 2.3% to $167 million, net income rose 5.6% to $25 million 51 thousand, and earnings per share rose 5.7% to $0.37.
The company opened 6 new stores in the quarter, and opened 27 new stores in 2015.
But the total sales volume of direct selling channels declined by 4.6%.
By region, total sales in North America decreased by 5.6% in the same store.
Online retailers
Sales fell by 14.8%, and discount store sales fell by 6%.
According to the euro conversion, the total sales of the same area in the international area increased by 7%, the sales of discount stores increased by 11.6%, and the sales of electronic business increased by 35.1%.
However, in the case of conversion by US dollar, the total sales of the same store decreased by 6.9%, the sales of discount stores decreased by 2.9%, and the sales of electronic business increased by 18.4%.
Tumi
The company's CEO Jerome Griffith said at a press conference: "on the basis of a constant exchange rate, corporate profits in fiscal 2015 increased by 6.7%, adjusted earnings per share rose by 17.2%, further driving the growth of gross margins and providing support for brand expansion."
Despite the sluggish sales performance, Tumi's profitability is growing.
The fourth quarter
Gross profit
Rose 6.6% to 100 million 700 thousand dollars, gross margin rose to 60.1%.
Excluding the acquisition related expenses and other special items, Tumi's operating profit in the fourth quarter increased by 8.4% to 40 million US dollars, up 1.4% compared with the same period in 2014. According to the constant exchange rate, business profit margin increased 12.3%, net profit increased 12.5% to 26 million 700 thousand dollars, benefiting from stock repurchase, the share price rose 12.7% to 0.39 dollars.
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