Samsonite bags US$75m

Business | Jeannie Tang 14 Nov 2018

Luggage maker Samsonite International (1910) recorded a net profit of US$75.5 million (HK$591.1 million) in the third quarter this year, a 33.3 percent jump year-on-year, due to a decline in income tax expenses.

Revenues for the three months ended September 30 rose 3.2 percent to US$945.2 million, of which Europe market performed the best, with a 6.3 percent increase in revenues to US$213.3 million. Revenues from North America, its biggest market, increased 0.2 percent to US$366.8 million. However, China saw a 4.8 percent drop due to weak consumer sentiment amid trade concerns.

Earnings per share was US$0.053 and the gross profit margin was 57.4 percent.

Chief executive officer Kyle Gendreau expected trading conditions to be unsettled for some time since the global economic outlook has become more clouded.

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