Gregory Mountain Products continues to grow faster than High Sierra, a less technical and more lifestyle-oriented brand of backpacks which, like Gregory, belongs to the Samsonite Group, the world's largest travel luggage company.
In its financial report for the six months ended June 30, Samsonite says that Gregory's sales increased by 10.0 percent to $29.1 million during the period, while those of High Sierra went up by 2.4 percent to $45.0 million. On a constant-currency basis, Gregory rose by 6.8 percent and High Sierra by 1.9 percent.
The Samsonite brand grew by 5.0 percent to $847.3 million, accounting for 45.8 percent of the group's turnover. In local currencies, the brand's sales increased by 8.9 percent, but Tumi and American Tourister grew at faster rates of 18.9 percent and 28.9 percent, respectively.
In constant currencies, the group's total sales increased by 12.9 percent in the first half, reaching a level of $1,848.7 million, with increases of 12.4 percent in North America, 14.4 percent in Asia, 11.4 percent in Europe and 17.0 percent in Latin America. Direct-to-consumer sales rose by 25.7 percent, going up to $620.6 million. Excluding eBags, a U.S. online operator acquired by the group in May 2017, group sales advanced by 9.9 percent, including growth of 4.6 percent in North America.
The group's gross profit margin improved by 1.2 percentage points to 56.5 percent. Adjusted Ebitda increased by 14.6 percent to $276.8 million. Attributable net income declined by 18.7 percent to $67.8 million, but on an adjusted basis it grew by 19.5 percent to $119.8 million.