Half Year 2024 Samsonite International SA Earnings Call Transcript
Key Points
- Samsonite International SA (SMSEY) achieved net sales growth of 2.8% in the first half of 2024, reaching $1.769 billion.
- The company maintained a record gross margin of 60.2%, up 140 basis points from the previous year.
- First-half adjusted EBITDA was $333 million, with a record adjusted EBITDA margin of 18.9%.
- Free cash flow increased significantly from $18 million to $82 million year-over-year.
- The company is pursuing a dual listing in the United States to enhance value creation and improve liquidity.
- Consumer sentiment softened in the second quarter, contributing to a slower sales trend.
- The Tumi brand experienced only 0.3% growth, indicating pressure in the premium and luxury segments.
- Sales in India were down 10.6% year-over-year due to increased competitive discounting.
- North America saw moderating consumer traffic, impacting overall sales growth.
- The company faces ongoing exchange rate pressures affecting reported topline numbers and profitability.
Good morning, good afternoon, good evening, ladies and gentlemen. Welcome to the Samsonite International's 2024 interim results earnings call. Please note that this event is being recorded.
I would now like to hand the conference over to Mr. William Yue, Senior Director of Investor Relations. Thank you. Please go ahead, sir.
Thank you very much, operator. Good evening, good morning, good afternoon, good evening, everyone. We've just announced our first-half results. And today, we have our CEO, Kyle Gendreau; and our CFO, Reza Taleghani with us to present our first-half results.
And to begin, our CEO Kyle Gendreau will make a few opening remarks. Thank you.
Okay. Thanks, William. I'm starting on page 5 of our investor deck. Thanks everyone for joining us. So just to jump right in, we've maintained strong profitability on net sales
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