Samsonite International S.A. reported a decline in the High Sierra backpack brand in the three months ended September 30 due to a change in distribution strategy while Gregory delivered robust growth, led by North America.
On a currency-neutral basis, net sales of the High Sierra brand decreased by $3.2 million, or 18.9 percent, to $13.9 million, driven by the brand’s decision to focus on selling backpacks under its other brand names in certain markets outside of the U.S.
Excluding foreign currency effects, net sales of the Gregory brand increased $2.6 million, or 19.7 percent, to $15.1 million, with North America recording double-digit net sales growth.
Net sales through eBags, which was acquired on May 5, 2017, amounted to $42.7 million for the three months ended September 30, 2017.
Overall, U.S. dollar reported net sales increased 19.6 percent to $915.6 million. Net profits almost doubled to $61.1 million from $35.7 million. The company’s other brands include Samsonite, American Tourister, Hartmann and Speck.
The full report is HERE.