Samsonite International saw mixed results in the third quarter of this year for its two backpack brands. High Sierra and Gregory had net quarterly sales of $14.5 million and $14.8 million respectively. This represented a year-on-year gain of 4.3 percent for the former, but a decline of 2 percent for the latter. With foreign-currency effects excluded, High Sierra was up 5.3 percent and Gregory down 1.7 percent.
The group's financial report for the quarter didn't give any explanations for Gregory's slight dip in the latest quarter, which followed increases in the previous ones.
The Samsonite group's overall net sales for the third quarter were up 5.2 percent to $945 million year on year in U.S. dollars as well as in constant currencies. All four of the company's regions – North America, Asia, Europe and Latin America – posted gains. Sales were particularly strong in Japan, up 12.5 percent; Hong Kong, up 23.5 percent; and India, up 28.6 percent. Europe and Latin America posted double-digit growth of 10.0 percent and 13.4 percent. Sales were softer in the U.S., China and South Korea.
For the nine-month period ended Sept. 30, net sales were up 10.1 percent to $2,793.9 million in constant currencies.
The group's gross profit margin was also up for three- and nine-month periods, rising from 57.1 to 57.4 percent and from 56.0 to 56.8 percent. Samsonite attributes this in part to the higher proportion of net sales through its direct-to-consumer channel.
For the third quarter, the group's profit attributable to equity holders increased by 33 percent to $75.5 million, and its adjusted net income for the same period rose by 23.9 percent to $81.4 million. The adjusted Ebitda margin decreased from 16.1 to 15.4 percent.