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

Apparel/Garments | On 4th May 2016

Ahead of FTA talks with China, Lanka worried about TPP

Even as Sri Lanka prepares for the third round of talks for a Free...

Textiles | On 4th May 2016

IMF predicts Asian growth to remain strong

The International Monetary Fund (IMF) expects growth in Asia and the...

Courtesy: GMAC Cambodia

Apparel/Garments | On 4th May 2016

Cambodia’s garment exports rise 13% in Q1

Garment and footwear exports from the Southeast Asian nation of...

Interviews View All

Paolo Briatore
INVISTA India Sales & Services Ltd.

How do you find the market for intimate wear in India as compared to the...

Shawn Neville
Avery Dennison RBIS

What is on-garment branding? You claim that on-garment branding is...

Binoy Ravjani
Hero's Fashion

What are the latest trends in hand block printing?

Mr. Anant Kanoi
TechFab India Industries Ltd

Mr. Anant Kanoi is the Managing Director of TechFab India Industries Ltd....

Avi Bash

Avi Bash is an Independent Nonwovens Sales & Marketing Consultant with...

Mr. Johann Philipp Oskar Dilo
DILO Group of companies

Mr. Johann Philipp Oskar Dilo is a post graduate in Mechanical Engineering ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search