Tumi reports strong sales growth for Q3 2015

By

Obi Anyanwu

Published
Nov 6, 2015

Tumi on Wednesday announced its financial results for its third quarter of fiscal 2015 ended September 27, 2015.

Net sales increased 4.4% to $136 million compared to $130.2 million in the previous year’s comparable period. Direct-to-Consumer full-price comparable store sales for North America and International increased 1.3% and 5.5%, respectively. Outlet comparable sales increased 8.7% and international e-commerce website sales increased 25.4%.

In addition, net income increased 16.6% to $16.2 million on a constant currency basis.
 
Jerome Griffith, Chief Executive Officer and President, commented, “While we continue to face the same external headwinds that are impacting the global retail sector generally, we believe that the core tenets of our strategy are solid and we will continue to focus on expanding our brand and develop our superior product offerings to position us to deliver healthy, sustainable growth and shareholder value over the long-term.

For the nine months ended September 27, 2015, net sales increased 7.7% to $391.4 million from $363.4 million in the corresponding period in 2014. Net income for the period increased 19.8% to $41.1 million compared to $34.3 million in the previous year’s corresponding period.
 
Griffith continued, “Our Board has authorized a $150 million share repurchase program, as we view the recent market fluctuations as providing an opportunity to acquire our shares at an attractive price and return value to our shareholders.”
 
The company updated its outlook for fiscal 2015 and now expects net sales for the year to increase between 2% and 4%, and it expects to open 25 to 27 new stores for 2015.