For the nine months ended September 30, 2025:Consolidated net sales were US$2,534.3 million, a decrease of 4.2% (-3.9% on a constant currency basis(1)) period-over-period Delivered gross profit margin of 59.3% and adjusted EBITDA margin(2) of 16.2%
MANSFIELD, Mass. and HONG KONG, Nov. 12, 2025 /PRNewswire/ -- Samsonite Group S.A. (together with its consolidated subsidiaries, the "Company", "our", "us" or "we"; SEHK stock code: 1910), the world's best-known and largest travel luggage company and a leader in global lifestyle bags, today published its unaudited condensed consolidated financial information for the three months and nine months ended September 30, 2025.
Unless otherwise stated, all net sales growth rates are presented on a constant currency basis(1).
Overview Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "We are encouraged by Samsonite Group's performance in the third quarter of 2025. Net sales decreased by 1.3%(1) compared to the same period in 2024, in line with our expectations and a marked improvement relative to the 5.8%(1) period-over-period net sales decline recorded in the second quarter of 2025. Encouragingly, we exited the third quarter of 2025 with positive constant currency(1) net sales growth in August and September, and we continued to see positive constant currency(1) net sales growth in October. During the third quarter of 2025, period-over-period constant currency(1) net sales performance saw sequential improvement across all our core brands and regions, led by positive constant currency(1) net sales growth for the TUMI brand and significant improvement in Asia during the third quarter of 2025. In addition, we achieved period-over-period constant currency(1) net sales gains during the third quarter of 2025 in our direct-to-consumer ("DTC") channel and non-travel product category(3), as well as a sequential improvement in travel product category net sales. Our improved net sales performance was supported by continued growth in global travel demand, strong new product launches and elevated advertising campaigns."
"Despite U.S. tariff pressures, third quarter 2025 gross profit margin remained strong at 59.6%, up 60 basis points compared to the second quarter of 2025 and 30 basis points higher than the third quarter of 2024, due to a positive mix effect from higher contributions to total net sales from the TUMI brand and DTC channel, supported by tariff mitigation efforts in the U.S. driven by our capable sourcing teams, our scale advantages, and our close partnerships with our long-standing suppliers. We continued to invest in our business through the expansion and upgrade of our retail store fleet, as well as ongoing investment in marketing, which represented a similar percentage of net sales in the third quarter of 2025 as in the third quarter of 2024. Our third quarter 2025 adjusted EBITDA margin(2) was stable compared to the second quarter of 2025, a testament to our nimble, focused and disciplined teams around the world."
"With positive constant currency(1) net sales growth in recent months, we expect some level of sequential improvement in constant currency(1) net sales growth for the fourth quarter of 2025 relative to the third quarter of 2025. While we expect results for the fourth quarter of 2025 to continue to benefit from continued growth in global travel demand, strong new product launches and elevated advertising campaigns, consumer demand remains challenging to predict, and we also face a sequentially tougher prior year comparison than the third quarter of 2025 due to a stronger demand environment towards the latter part of the fourth quarter of 2024."
"Looking ahead, our focus remains on delivering profitable growth over the medium and long term. We are confident in our ability to capture rising travel demand and unlock white space opportunities in the non-travel product category(3), underpenetrated geographies and distribution channels. We will continue to strategically invest in our business to widen our competitive advantages in product innovation and marketing, as well as platform and scale benefits, while maintaining strict discipline over our highly efficient cost structure."
"Winning in the marketplace through compelling, innovative product launches is a key focus. Our new products this year, such as the Samsonite Paralux collection, have gained strong traction and exceeded our expectations. In particular, the Paralux collection received two prestigious Red Dot awards for Sustainability Design and overall Design, and it has achieved strong sales since its global rollout in September 2025. We are also amplifying brand awareness and leveraging our scale in marketing and digital channels more efficiently. The TUMI brand's "Icons Tested" campaign drove a significant spike in global social channel performance since its September 2025 launch."
"We recently successfully completed the refinancing of our senior notes and senior credit facilities to optimize our debt structure. The refinancing extended debt maturities to 5 years for our term loan A, 7 years for our term loan B, and 7.25 years for the senior notes and modestly increased available liquidity. In addition, the refinancing did not result in a significant change in our cash interest expense. The refinancing is well received in the debt markets and we appreciate the support of our lenders. The fact that we were able to extend the maturities across all tranches of our corporate debt without a significant change in our cash interest expense underscores investors' confidence in the strength of our business and its bright long-term prospects."
"Our balance sheet remains healthy and positions us well to capitalize on strong long-term growth prospects. We believe that our scale advantages, supplier relationships, tariff mitigation efforts and disciplined expense management will continue to enable us to maintain a strong margin profile. We remain focused on leveraging our asset-light business model to invest in growth, return cash to our shareholders, and deleverage our balance sheet going forward."
Mr. Gendreau concluded, "Preparations for the dual listing of the Company's securities in the United States are ongoing. Though we are closely monitoring the global economic backdrop and trading conditions, we are encouraged by the recent improvement in trends in our business. Our Board of Directors and management firmly believe a dual listing of the Company's securities in the United States will enhance shareholder value creation over time, and assuming a constructive environment, we intend to complete our dual listing in 2026."
Results Highlights for the Three Months Ended September 30, 2025For the three months ended September 30, 2025, Samsonite Group reported net sales of US$872.7 million, a decrease of 1.3%(1) compared to the same period in 2024, with all regions seeing sequential improvements in constant currency(1) net sales performance during the third quarter of 2025. Net sales in Asia were approximately flat, down 0.3%(1) in the third quarter of 2025 compared to the third quarter of 2024, a significant improvement versus the 7.6%(1) period-over-period decline in the second quarter of 2025. Net sales in North America decreased by 4.5%(1) in the third quarter of 2025, period-over-period, a sequential improvement compared to the 7.3%(1) period-over-period net sales decrease in the second quarter of 2025. This improvement was driven by the TUMI brand, which recorded a 3.3%(1) increase in net sales in North America during the third quarter of 2025. Europe and Latin America reported net sales gains of 0.9%(1) and 1.2%(1), respectively, in the third quarter of 2025, compared to the third quarter of 2024. In comparison, net sales in Europe and Latin America decreased by 0.9%(1) and 2.2%(1), respectively, in the second quarter of 2025, period-over-period. Excluding North America, which was impacted by cautious purchasing by key wholesale customers resulting from soft consumer sentiment and careful management of inventory levels, as well as lower inbound international tourism, our net sales increased by 0.3%(1) in the third quarter of 2025, period-over-period.
Constant currency(1) net sales performance improved across all our core brands in the third quarter of 2025 when compared to the second quarter of 2025, led by the TUMI brand, which reported a 5.0%(1) increase in net sales compared to the third quarter of 2024, a significant improvement compared to the 3.0%(1) period-over-period decline in the second quarter of 2025. We believe the improvement was driven by more resilient demand among higher income consumers, as well as continued strategic expansion of TUMI retail stores, particularly in Asia and Europe. The TUMI brand recorded period-over-period net sales gains across all regions in the third quarter of 2025: Asia (+7.1%(1)), North America (+3.3%(1)), Europe (+6.3%(1)) and Latin America (+9.5%(1)). As a result, the TUMI brand accounted for 23.4% of net sales in the third quarter of 2025 versus 22.0% for the third quarter of 2024. The Samsonite brand saw period-over-period net sales decline narrow to 4.1%(1) in the third quarter of 2025 compared to 4.9%(1) in the second quarter of 2025, driven largely by improvement in Asia (-4.3%(1) in the third quarter of 2025 from -9.0%(1) in the second quarter of 2025), coupled with positive growth in Europe (+1.3%(1)) and Latin America (+8.0%(1)). Net sales of the American Tourister brand decreased by 3.7%(1) in the third quarter of 2025, a considerable improvement versus the 14.4%(1) decline in the second quarter of 2025, driven by improved entry level product offerings, particularly in India where American Tourister brand net sales saw positive growth of 2.9%(1) in the third quarter of 2025, period-over-period.
Our DTC channel and non-travel product category(3) both posted period-over-period constant currency(1) net sales gains in the third quarter of 2025. DTC net sales increased by 3.5%(1) in the third quarter of 2025, a notable improvement compared to the 1.3%(1) decline in the second quarter of 2025, period-over-period. The improvement in the third quarter of 2025 was driven by a 10.1%(1) increase in DTC e-commerce net sales and a 1.1%(1) increase in net sales from company-operated retail stores, period-over-period, reflecting our ongoing investments in the DTC channel, including the strategic expansion and upgrade of our retail store fleet, which increased to 1,147 company-operated retail stores as of September 30, 2025, compared to 1,104 as of September 30, 2024. As a result, the DTC channel accounted for 42.0% of net sales in the third quarter of 2025 versus 39.8% for the third quarter of 2024. Non-travel product category(3) net sales increased by 6.7%(1) period-over-period and contributed 35.6% of net sales in the third quarter of 2025 versus 32.9% for the same period in 2024. This was driven by strong non-travel(3) net sales growth across our portfolio of brands, including Gregory, TUMI and Samsonite, and highlights the significant long-term growth opportunities which we believe the non-travel product category(3) offers.
Despite U.S. tariff pressures, our gross profit margin remained strong at 59.6% for the three months ended September 30, 2025, up 30 basis points versus 59.3% for the third quarter of 2024. While we believe we have managed the impact on gross margin from tariffs well to date, the ongoing and longer term impact on consumer demand remains difficult to predict. We believe our extensive, diversified and efficient sourcing platform is a key strength in managing through these uncertainties.
We continued to strategically invest in our business while maintaining strict discipline over our overall cost structure. For the three months ended September 30, 2025, we invested US$53.0 million in marketing to support our brands, a reduction of US$2.7 million, or 4.9%, compared to the third quarter of 2024, as we continued to manage advertising investments to appropriate levels on a market-by-market basis. Nevertheless, marketing expenses as a percentage of net sales remained relatively stable at 6.1% for the third quarter of 2025 versus 6.3% for the same period in 2024. Total distribution and general and administrative expenses increased by US$16.5 million, or 5.1%, to US$339.3 million in the third quarter of 2025 with the addition of 43 net new company-operated retail stores opened in the past 12 months, as well as inflationary increases in expenses. As a result, total distribution and general and administrative expenses represented 38.9% of net sales for the third quarter of 2025 versus 36.8% of net sales in the third quarter of 2024.
Consequently, we reported adjusted EBITDA margin(2) of 16.3% for the three months ended September 30, 2025, a decline of 130 basis points compared to 17.6% for the same period in 2024, but stable compared to 16.3% for the second quarter of 2025. Our Adjusted EBITDA(4) decreased by US$12.0 million to US$142.6 million, and our adjusted net income(5) decreased by US$16.1 million to US$63.6 million for the third quarter of 2025 compared to the same period in 2024. Adjusted free cash flow(6) was US$64.7 million in the third quarter of 2025 compared to US$94.2 million for the same period in 2024.
Our balance sheet remained healthy, with substantial liquidity(7) of US$1.3 billion as of September 30, 2025, and we are well positioned to capitalize on strong long-term growth prospects. We have significantly de-leveraged over the past few years, and our financial discipline has enabled the business to continue to generate cash despite challenging market conditions.
Table 1: Key Financial Highlights for the Third Quarter Ended September 30, 2025
Three months ended September 30,
(Expressed in millions of U.S. dollars, except per share data)
2025
2024
Percentage increase (decrease)
Net sales
872.7
877.7
(0.6) %
Gross profit
519.8
520.1
(0.1) %
Gross profit margin
59.6 %
59.3 %
Operating profit
139.2
133.0
4.6 %
Profit for the period
78.8
71.5
10.3 %
Profit attributable to equity holders
73.5
66.2
11.0 %
Adjusted net income(5)
63.6
79.7
(20.2) %
Adjusted EBITDA(4)
142.6
154.6
(7.7) %
Adjusted EBITDA margin(2)
16.3 %
17.6 %
Net cash generated from operating activities
131.4
150.2
(12.5) %
Adjusted free cash flow(6)
64.7
94.2
(31.3) %
Basic earnings per share (Expressed in U.S. dollars per share)
0.053
0.046
16.6 %
Diluted earnings per share(Expressed in U.S. dollars per share)
0.053
0.045
16.3 %
Adjusted basic earnings per share(8)
(Expressed in U.S. dollars per share)
0.046
0.055
(16.2) %
Adjusted diluted earnings per share(8) (Expressed in U.S. dollars per share)
0.046
0.055
(16.4) %
Results for the Third Quarter Ended September 30, 2025Samsonite Group's performance for the three months ended September 30, 2025, is discussed in greater detail below.
Net SalesWe reported net sales of US$872.7 million for the three months ended September 30, 2025, a decrease of 1.3%(1) period-over-period. This was a sequential improvement relative to the 5.8%(1) period-over-period net sales decline recorded in the second quarter of 2025 and the 4.5%(1) period-over-period net sales decrease in the first quarter of 2025. Net sales for the third quarter of 2025 were supported by continued growth in global travel demand, strong new product launches and elevated advertising campaigns.
Net Sales Performance by RegionTable 2: Net Sales by Region
Three months ended September 30,
2025
2024
2025 vs. 2024
US$ millions
Percentageof net sales
US$ millions
Percentage
of net sales
Percentage increase
(decrease)
Percentage increase(decrease) excl. foreign currency effects(1)
Net sales by region(9):
Asia
324.8
37.2 %
327.6
37.3 %
(0.9) %
(0.3) %
North America
282.2
32.4 %
295.8
33.7 %
(4.6) %
(4.5) %
Europe
221.0
25.3 %
209.2
23.8 %
5.6 %
0.9 %
Latin America
44.6
5.1 %
45.1
5.2 %
(1.1) %
1.2 %
Corporate
0.0
0.0 %
0.1
0.0 %
(100.0) %
(100.0) %
Net sales
872.7
100.0 %
877.7
100.0 %
(0.6) %
(1.3) %
AsiaFor the third quarter of 2025, net sales in Asia were US$324.8 million, a decrease of 0.3%(1) compared to the third quarter of 2024, and a significant improvement compared to the 7.6%(1) period-over-period decline in the second quarter of 2025, driven by improved net sales trends in China and India. Net sales in China recorded a 2.1%(1) decrease in the third quarter of 2025 compared to a 6.2%(1) decrease in the second quarter of 2025, period-over-period. Net sales in India increased by 8.5%(1) period-over-period in the third quarter of 2025, versus a 2.7%(1) period-over-period decrease in the second quarter of 2025. In the third quarter of 2025, net sales in Japan increased by 5.2%(1) compared to a 1.3%(1) decrease in the second quarter of 2025, period-over-period. In South Korea, the period-over-period net sales decline narrowed to 6.1%(1) in the third quarter of 2025 from a 13.5%(1) decrease in the second quarter of 2025.
North AmericaFor the three months ended September 30, 2025, net sales in North America were US$282.2 million, a decrease of 4.5%(1) period-over-period, due primarily to more cautious purchasing by key wholesale customers resulting from soft consumer sentiment and careful management of inventory levels, as well as lower inbound international tourism, partially offset by growth in DTC e-commerce. Nevertheless, the 4.5%(1) net sales decrease in North America in the third quarter of 2025 represented a sequential improvement compared to the 7.3%(1) period-over-period net sales decrease in the second quarter of 2025. This improvement was driven by the TUMI brand, which recorded a 3.3%(1) increase in net sales in North America during the third quarter of 2025, a sequential improvement versus the 3.3%(1) decline in the second quarter of 2025, period-over-period.
EuropeFor the three months ended September 30, 2025, net sales in Europe were US$221.0 million, an increase of 0.9%(1) compared to the same period in 2024, and an improvement compared to the 0.9%(1) period-over-period decline in the second quarter of 2025. The net sales increase in the third quarter of 2025 compared to the third quarter of 2024 was driven by net sales gains in France (+4.5%(1)), the United Kingdom (+3.2%(1)) and Germany (+2.8%(1)), partially offset by declines in Spain (-4.2%(1)) and Italy (-3.7%(1)).
Latin AmericaFor the three months ended September 30, 2025, net sales in Latin America were US$44.6 million, an increase of 1.2%(1) compared to the same period in 2024, and a sequential improvement compared to the 2.2%(1) period-over-period reduction in the second quarter of 2025. During the third quarter of 2025, net sales in Brazil increased by 31.3%(1) compared to the third quarter of 2024 primarily driven by net sales improvements in the wholesale and DTC e-commerce channels in Brazil, while net sales in Mexico decreased by 15.5%(1) due to declining consumer confidence and net sales in Chile decreased by 1.4%(1) due to decreased consumer spending.
Net Sales Performance by BrandTable 3: Net Sales by Brand
Three months ended September 30,
2025
2024
2025 vs. 2024
US$ millions
Percentageof net sales
US$ millions
Percentageof net sales
Percentage increase (decrease)
Percentage increase(decrease) excl. foreign currency effects(1)
Net sales by brand:
Samsonite
465.0
53.3 %
479.0
54.6 %
(2.9) %
(4.1) %
TUMI
204.3
23.4 %
193.3
22.0 %
5.7 %
5.0 %
American Tourister
139.0
15.9 %
144.3
16.4 %
(3.7) %
(3.7) %
Other(10)
64.2
7.4 %
61.1
7.0 %
5.1 %
5.8 %
Net sales
872.7
100.0 %
877.7
100.0 %
(0.6) %
(1.3) %
During the third quarter of 2025, the Samsonite brand reported net sales of US$465.0 million, a decrease of 4.1%(1) compared to the third quarter of 2024. This represented a sequential improvement compared to the 4.9%(1) period-over-period net sales decline in the second quarter of 2025. The sequential improvement in period-over-period net sales growth during the third quarter of 2025 was driven largely by improvement in Asia (-4.3%(1) in the third quarter of 2025 from -9.0%(1) in the second quarter of 2025), coupled with positive growth in Europe (+1.3%(1)) and Latin America (+8.0%(1)). Net sales of the Samsonite brand in North America decreased by 10.5%(1) in the third quarter of 2025 compared to the same period in 2024 due primarily to more cautious purchasing by key wholesale customers resulting from soft consumer sentiment and careful management of inventory levels, as well as lower inbound international tourism.
During the third quarter of 2025, the TUMI brand reported net sales of US$204.3 million, an increase of 5.0%(1) compared to the third quarter of 2024. This represented a sequential improvement compared to the 3.0%(1) period-over-period net sales decline in the second quarter of 2025. The net sales increase in the third quarter of 2025 compared to the third quarter of 2024 was attributable to period-over-period net sales gains across all regions: North America (+3.3%(1)), Asia (+7.1%(1)), Europe (+6.3%(1)) and Latin America (+9.5%(1)). We believe demand among higher income consumers was more resilient than demand among lower income consumers during the third quarter of 2025, which helped to contribute to the net sales growth of the TUMI brand during the third quarter of 2025. Strategic expansion of the TUMI brand's retail footprint, particularly in Europe and Asia where the TUMI brand is underpenetrated, also helped drive the net sales growth period-over-period.
During the third quarter of 2025, the American Tourister brand reported net sales of US$139.0 million, a decrease of 3.7%(1) compared to the third quarter of 2024. This represented a sequential improvement compared to the 14.4%(1) period-over-period net sales decline in the second quarter of 2025. This improvement was driven by enhanced entry level product offerings, particularly in India where net sales returned to positive growth of 2.9%(1) during the third quarter of 2025. During the third quarter of 2025, American Tourister brand net sales in North America increased by 4.9%(1) compared to a decline of 26.8%(1) in the second quarter of 2025, period-over-period. Net sales in Europe and Latin America decreased by 6.1%(1) and 19.1%(1), respectively, in the third quarter of 2025 compared to the same period in 2024 due to macroeconomic uncertainty dampening consumer sentiment and more cautious purchasing by wholesale customers.
Net Sales Performance by Product CategoryTable 4: Net Sales by Product Category
Three months ended September 30,
2025
2024
2025 vs. 2024
US$ millions
Percentageof net sales
US$ millions
Percentage
of net sales
Percentage increase (decrease)
Percentage increase(decrease) excl. foreign currency effects(1)
Net sales by product category:
Travel
562.0
64.4 %
588.7
67.1 %
(4.5) %
(5.3) %
Non-travel(3)
310.6
35.6 %
289.1
32.9 %
7.4 %
6.7 %
Net sales
872.7
100.0 %
877.7
100.0 %
(0.6) %
(1.3) %
For the three months ended September 30, 2025, net sales in the non-travel product category(3) increased by 6.7%(1) and accounted for 35.6% of net sales, compared ...
