Home / Knowledge / News / Apparel/Garments / Tumi Holdings Q1 gross profit lifts 8.7% to $63.1mn
Tumi Holdings Q1 gross profit lifts 8.7% to $63.1mn
10
May '14
Tumi Holdings, Inc., the leading global brand of premium travel, business and lifestyle products and accessories, announced its financial results for the first quarter ended March 30, 2014.
 
For the first quarter of 2014:
Net sales increased 5.5% to $108.6 million from $102.9 million in the first quarter ended March 31, 2013, impacted by a reduction of wholesale orders in the Asia Pacific region, as well as weaker wholesale sales in North America.
 
Total comparable store sales for all Direct-to-Consumer channels, including company-owned websites, increased 5.3%, compared to an increase of 16.4% in the first quarter of 2013.
 
Direct-to-Consumer North America comparable store sales (including e-commerce sales) increased 4.0%. Excluding e-commerce sales, Direct-to-Consumer North America comparable store sales increased 2.6%.
 
Direct-to-Consumer International comparable store sales (including e-commerce sales) increased 19.7% in U.S. dollars, or 15.3% in Euros. Excluding e-commerce sales, Direct-to-Consumer International comparable stores sales increased 12.5% in U.S. dollars, or 8.4% in Euros.
 
Gross profit increased 8.7% to $63.1 million from $58.0 million in the first quarter of 2013. Gross margin was 58.1% compared to 56.4% in the first quarter of 2013.
 
Operating income decreased 24.0% to $13.4 million from $17.6 million in the first quarter of 2013 due to planned investments. Operating income margin was 12.3% compared to 17.1% in the first quarter of 2013.
 
In the first quarter of 2013, the company incurred approximately $0.5 million in operating expenses in conjunction with the secondary common stock offering completed in April 2013. Excluding this one-time expense, operating income would have been $18.1 million, and operating income margin would have been 17.6% in the first quarter of 2013.
 
Net income was $8.2 million, or $0.12 per diluted share, based on 67.9 million diluted weighted average common shares outstanding, compared to $10.5 million, or $0.16 per diluted share, based on 67.9 million diluted weighted average common shares outstanding in the first quarter of 2013.
 
Excluding the aforementioned one-time expense incurred in conjunction with the secondary common stock offering completed in April 2013, net income would have been $10.8 million, or $0.16 per diluted share, in the first quarter of 2013.
 
During the first quarter of 2014, Tumi opened one new store, relocated two stores, renovated two stores, and closed one store. At March 30, 2014, Tumi operated 130 company-owned stores.
 

Must ReadView All

Textiles | On 6th Dec 2016

Garments, yarn export entitlement quota extended for 1 yr

Indian government has extended the export entitlement quota for...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search