Samsonite International S.A. (SMSOF) Q2 2023 Earnings Call Transcript

Samsonite International S.A. (OTCPK:SMSOF) Q2 2023 Earnings Conference Call August 16, 2023 9:00 PM ET

Company Participants

William Yue – Investor Relations

Kyle Gendreau – Chief Executive Officer

Reza Taleghani – Chief Financial Officer

William Yue

Great. Good morning, everyone. Thank you for taking the time to join the Samsonite’s First Half Results Presentation. Today, we have our CEO, Kyle Gendreau; CFO, Reza Taleghani, with us.

And without further ado, Kyle will begin the presentation.

Kyle Gendreau

Okay. Great. Thanks, everyone. Well, we’re pretty excited to be back in Hong Kong. It’s been a bit of time since we’ve been here. We’ve been traveling quite a bit, but we’re here. And I think it’s a perfect time to be here talking about our first half results, which are really tremendous. And so, we’ll walk you through that. William, are you turning the slides? You’re already on the page.

So, a little differently, I’m going to start with Q2, because I think the trends and what we’re seeing continue to move in a way that are very positive. And each quarter that passes, we’re seeing actually building momentum. So, if you look at Q2 and you look at where we are, our net sales up 36% versus last year, 15%.

I think importantly, in Q2, look at gross margin, really an amazing number in our adjusted EBITDA, which is at 19.3%. Everyone is going to ask me at the end, what’s your guidance for margin for the rest of the year. We’ll cover that. But really an amazing EBITDA for the quarter.

Adjusted net income, really tremendous, up 50%. Gross margin is at 59.4%. We’re going to cover it in the deck. But really, what’s happening with margin is the mix effects of brands like Tumi moving at a faster pace. Asia really kind of kicking in from

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