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Tumi Holdings Announces Financial Results For The Second Quarter Of 2012

Tumi Holdings, Inc. (NYSE: TUMI), the leading global brand of premium travel, business and lifestyle products and accessories, today announced its financial results for the second quarter ended June 24, 2012.

For the second quarter of 2012:
  • Net sales increased 21.8% to $95.8 million from $78.7 million in the second quarter ended June 26, 2011.
  • Direct-to-Consumer North America comparable store sales (including e-commerce sales) increased 8.4%, following an increase of 32.1% in the second quarter of 2011. Excluding e-commerce sales, Direct-to-Consumer North America comparable store sales increased 7.2%, following an increase of 29.1% in the second quarter of 2011.
  • Direct-to-Consumer International comparable store sales in local currency increased 12.5% excluding e-commerce sales, and 16.2% including e-commerce sales. In U.S. dollars, Direct-to-Consumer International comparable store sales increased 1.3% excluding e-commerce sales and 4.5% including e-commerce sales.
  • Gross profit increased by 25.6% to $54.7 million from $43.6 million in the second quarter of 2011. Gross margin was 57.1% compared to 55.4% in the second quarter of 2011.
  • Operating income was $12.0 million compared to $13.6 million in the second quarter of 2011. Tumi paid a $5.5 million ($3.1 million after tax) one-time special bonus to its Chief Executive Officer, President and Director in connection with the successful completion of its IPO in the second quarter of 2012. Excluding this one-time special bonus expense, operating income increased 29.2% to $17.5 million, or 18.3% of net sales, compared to $13.6 million, or 17.3% of net sales, in the second quarter of 2011.
  • Net income was $6.5 million, or $0.10 per diluted share based on 63.8 million diluted weighted average common shares outstanding, as compared to $2.3 million, or $0.04 per diluted share, based on 52.5 million diluted weighted average common shares outstanding in the second quarter of 2011.
  • Net income before preferred dividend expense (non-cash), a non-GAAP financial measure, which excluded a $1.6 million non-cash dividend expense on mandatorily redeemable preferred stock and preferred equity interests, was $8.1 million, or $0.13 per diluted share. Excluding the aforementioned one-time special bonus expense of $3.1 million after tax, net income before preferred dividend expense (non-cash) was $11.2 million or $0.18 per diluted share in the second quarter of 2012. In the second quarter of 2011, net income before preferred dividend expense (non-cash), which excluded $5.7 million of non-cash dividend expense on mandatorily redeemable preferred stock and preferred equity interests, was $8.0 million, or $0.15 per diluted share.
  • During the second quarter of 2012, Tumi opened 7 new stores.
  • At June 24, 2012, Tumi operated 106 company-owned stores.

Jerome Griffith, Chief Executive Officer, President and Director, commented, “We were extremely pleased with the continued momentum in our business during the second quarter. Our results reflect our ability to capitalize on our market position as an iconic global premium lifestyle brand to broaden our product offering beyond travel related merchandise and to expand into international markets where we are achieving exceptional growth despite difficult market conditions. Our recent successes have increased our conviction that significant long-term opportunities lie ahead.”

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