Samsonite'S Third Quarter Net Profit Slump Was Dragged Down By The US Dollar.

Group Samsonite recently announced the third quarter September report, net profit fell 41% to 31 million 730 thousand U.S. dollars.

In the first nine months of this year, the group's total net sales rose 8.5% to 1 billion 975 million US dollars compared with the same period last year, and net profit fell 23% to 114 million US dollars.

On a fixed monetary basis, adjusted EBITDA rose by 25.3% to $135 million in the first three months of September 30, 2016.

The adjusted EBITDA and net sales excluding Tumi should be adjusted by EBITDA to US $116 million, or 17.3% of net sales.

As of press release, the group's share price rose 1.07% to HK $23.7, with a market value of HK $33 billion 444 million.

Samsonite is currently in operation.

They include Samsonite, Tumi, American Tourister, Hartmann, High Sierra, Gregory, Speck, Lipault and Kamiliant.

In the first three months of September 30, 2016, group net sales increased by 22.7% to $765 million on a fixed currency basis, excluding the amount of Tumi brands acquired in August 1, 2016, and net sales increased by 7.6% on a fixed currency basis.

By region, net sales in Asia increased by 13.4% over the same period last year, while net sales in North America increased by 39.1% over the same period, while net sales in Europe increased by 16.5% over the same period last year and net sales in Latin America were 26.2%.

Excluding the amount of Tumi brand, the sales growth in the above regions was 3.7%, 9.8%, 9.4% and 26.2% respectively.

Timothy Parker, chairman of the group, pointed out at the Hongkong stock exchange that the strength of the US dollar is damaging the income of Asia and Europe. In addition, the strong development of global electricity suppliers has further weakened consumer demand for luggage.

In the first nine months of September 30, 2016, group net sales increased by 8.5% to $1 billion 974 million on a fixed currency basis, excluding the amount of Tumi brands acquired in August 1, 2016, and net sales increased by 3.3% on a fixed currency basis.

By region, net sales in Asia increased by 7% over the same period last year, while net sales in North America increased by 13.3% over the same period, while net sales in Europe increased by 11.5% over the same period last year and net sales in Latin America were 17.2%.

Excluding the amount of Tumi brand, the sales growth in the above regions was 3.7%, 3.6%, 8.9% and 17.2% respectively.

Timothy Parker said that the group is still facing the most challenging market environment in the short term since the subprime crisis in 2008. Consumer spending is continuing, but their consumption has become more cautious and more focused on product sales. It is worth noting that the focus of more consumer spending has shifted to the Internet, so the group is at a number of key points.

The traditional distribution channels have begun to be adjusted to online businesses.

Samsonite chief executive Ramesh Tainwala said earlier that the group will perform better in the second half of the year, but the Hongkong market is still challenging. It is difficult to improve in the second half of the year. The retail market will not see the bottom. It will be cautious about Hongkong's store performance. It will not exclude shops that are not performing well.

He stressed that Hongkong accounted for only 2% of the total sales in the world, and most importantly, the strong increase in the number of Chinese tourists and the company's business. It is expected that the number of Chinese mid and high sales units will increase in the second half of this year.

Kyle Gendreau, chief financial officer, said that the group's cash flow is rising. In the next 12 to 18 months, it will focus on Tumi brand integration and deleveraging. It will not take the initiative to look for acquisition opportunities, but stressed that it does not mean that the group will stop buying plans.

In March this year, Samsonite group announced that it would buy Tumi, a high-end business travel accessories and accessories company, for $1 billion 824 million. The paction will be completed in the second half of this year.

By the year June 30, 2016, the Tumi brand had about 2200 outlets, and its sales network was distributed in 75 department stores, stores and tourist retailers in 75 countries.

Since January 1, 2012, up to September 30, 2016, the group has acquired six brands, namely, the High Sierra purchased in July 2012, the Hartmann purchased in August 2012, the Lipault purchased in April 2014, the Speck purchased in May 2014, the Gregory Gregory and the Tumi purchased this year.

As of press release, the group's share price rose 2.11% to HK $24.2, the group's share price rose 4.7% in the past 6 months, and its current market value is about 33 billion 444 million Hong Kong dollars.