Gregory’s sales reached $34.9 million in the six months ended June 30, increasing 6.6 percent on a reported basis and 12.8 percent on a currency-neutral basis, according to its parent, Samsonite International.
Overall, Samsonite recorded net sales of $1,270.2 million for the six months ended June 30, 2022, an increase of 75.3 percent year-on-year when excluding net sales of Russia and Speck, or 66.9 percent year-on-year when such sales are included. Samsonite sold Speck in July 2021.
Compared to the first half of 2019, the Group’s first half of 2022 net sales decreased by 20.4 percent, excluding net sales of Russia and Speck, or 23.5 percent when included.
Further excluding the net sales of China for the second quarters of 2022 and 2019, consolidated net sales for the six months ended June 30, 2022 decreased by 18.4 percent compared to the same period in 2019.
Samsonite’s core brands include Samsonite, Tumi and American Tourister. Other smaller brands include High Sierra, Kamiliant, ebags, Lipault, and Hartmann, as well as other owned and licensed brands.
Kyle Gendreau, CEO, commented on the results and said, “We are very pleased with Samsonite’s performance in the first half of 2022, particularly during the second quarter. For the three months ended June 30, 2022, the Group registered consolidated net sales of US$696.5 million, up by US$122.9 million compared to the US$573.6 million recorded in the first quarter of 2022. Second quarter 2022 net sales increased by US$251.7 million, or 66.4 percent, versus the US$444.8 million recorded for the second quarter of 2021. Excluding Russia and Speck, second quarter 2022 net sales increased by 75.6 percent year-on-year, reflecting the continued recovery of our business driven by increased demand for travel. Further excluding China, where recovery has been impeded by renewed lockdowns, second quarter 2022 net sales increased by 96.2 percent year-on-year. All our regions made good progress, with second quarter 2022 net sales rising by 39.7 percent (+50.5 percent excluding Speck) in North America, 46.3 percent (+108.1 percent excluding China) in Asia, 152.8 percent (+187.9 percent excluding Russia) in Europe, and 150.1 percent in Latin America.”
Samsonite recorded an adjusted EBITDA of $195.6 million for the six months, an improvement of $212.6 million compared to the adjusted EBITDA loss of $17.0 million in the first half of 2021. Adjusted net income was $83.3 million for the six months ended June 30, 2022, compared to an adjusted net loss of $103.7 million for the same period in 2021.
Gendreau concluded, “After more than two years of disruptions caused by the COVID-19 pandemic, consumers not only have a strong desire to get away but also a greater appreciation of the joys travel can bring. Both domestic and overseas travel are experiencing a robust rebound in North America and Europe this summer, and with Asian countries loosening restrictions and reopening borders, we expect global travel to continue to recover, powering our net sales growth. Indeed, the second quarter’s positive net sales trends in North America, Europe, Latin America, and Asia, excluding China, extended into July, while net sales in China have been gradually recovering since April. We are confident that our diverse geographic footprint, complementary brands, and commitment to sustainability and innovation will help strengthen Samsonite’s long-term market position as travel returns to pre-pandemic levels.”
Photo courtesy Gregory