Gregory’s sales declined by 13.0 percent to $15.9 million in the third quarter. They again outperformed the results of Samsonite International’s less functional brand of backpacks, High Sierra, which plunged down by 70.2 percent to $4.5 million. Across all the numerous brands of Samsonite, sales went down by 74.6 percent in the “travel” category and by 50.4 percent in the “non-travel” category. Direct-to-consumer sales represented 13.4 percent of total revenues, up from 9.7 percent in the year-ago period.
As the world’s largest travel luggage company, the Samsonite group had to endure a 64.7 percent slump in its total revenues to $326.6 million in the third quarter, as compared to the year-ago period, but the trend improved from the second quarter and continued to improve in the subsequent months. As compared to a year earlier, sales were down by 69.8 percent in July, by 63.3 percent in August, by 60.4 percent in September and by about 58 percent in October.
The company booked an adjusted net loss of $98.7 million for the quarter, compared with a profit of $62.0 million a year earlier. The management said, however, that it is confident of its ability to navigate the ongoing challenges from the Covid-19 pandemic, noting that it continues to cut costs and that it still had $1.5 billion in cash at the end of September.
It continued to launch innovative products such as the new Samsonite branded Konnect-1 backpack featuring the Jacquard by Goggle application, which enables control of the wearer’s smartphone with a simple hand gesture on the backpack’s interactive strap.