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Tumi Holdings Announces Financial Results For The First Quarter Of 2012

Tumi Holdings, Inc. (NYSE: TUMI) today announced its financial results for the first quarter ended March 25, 2012.

For the first quarter of 2012:

  • Net sales increased 21.4% to $80.0 million from $65.9 million in the first quarter ended March 27, 2011.
  • Direct-to-Consumer North America comparable store sales (including e-commerce sales) increased 16.9%, following an increase of 22.7% in the first quarter of 2011. Excluding e-commerce sales, Direct-to-Consumer North America comparable store sales increased 12.4%, following an increase of 21.5% in the first quarter of 2011.
  • Direct-to-Consumer International comparable store sales (including e-commerce sales) in U.S. dollars decreased 1.6%, compared with an increase of 21.4% in the first quarter of 2011. Excluding e-commerce sales, Direct-to-Consumer International comparable store sales in U.S. dollars decreased 4.8%, compared with an increase of 20.8% in the first quarter of 2011. In local currency, Direct-to-Consumer International comparable store sales (including e-commerce sales) increased 2.6%, compared with an increase of 23.3% in the first quarter of 2011. Excluding e-commerce sales, Direct-to-Consumer International comparable store sales in local currency decreased 0.7%, compared with an increase of 22.7% in the first quarter of 2011.
  • Gross profit increased by 22.3% to $45.4 million from $37.1 million in the first quarter of 2011. Gross margin was 56.7% compared with 56.3% in the first quarter of 2011.
  • Operating income increased 41.5% to $13.3 million, or 16.6% of net sales, compared with $9.4 million, or 14.2% of net sales, in the first quarter of 2011.
  • Net income was $2.9 million, or $0.06 per diluted share, compared with a net loss of $0.1 million, or less than $0.01 per diluted share, in the first quarter of 2011.
  • Net income before preferred dividend expense (non-cash), a non-GAAP financial measure, was $9.2 million, or $0.17 per diluted share, which excludes $6.3 million of non-cash dividend expense on mandatorily redeemable preferred stock and preferred equity interests. In the first quarter of 2011, net income before preferred dividend expense (non-cash) was $5.6 million, or $0.11 per diluted share, which excludes $5.7 million of non-cash dividend expense on mandatorily redeemable preferred stock and preferred equity interests.
  • Tumi opened 15 new stores since March 27, 2011, and closed 2 stores over that period. During the first quarter of 2012, Tumi opened 4 new stores and closed 2.
  • At March 25, 2012, Tumi operated 99 company-owned stores.

Jerome Griffith, Chief Executive Officer, President and Director, commented, “The strong start to 2012 builds on the positive momentum we have seen over the past two years as we execute on our strategic growth initiatives. Our recent results have been driven by our ability to successfully leverage Tumi’s iconic position in travel and business categories into the broader global premium lifestyle market. The combined performance of our core product lines and newer product extensions have fueled higher productivity in our retail and wholesale doors and helped to advance our growth into new markets. With just $330 million in annual sales in 2011 and 99 company-owned stores worldwide, we believe we have only just begun to harness the full potential of the brand. We enter the public company arena well positioned to capitalize on the many near- and long-term growth opportunities that lie ahead.”

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