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Tumi Holdings Announces Financial Results For The Third Quarter Of 2012

Stocks in this article: TUMI

Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:

TUMI HOLDINGS ANNOUNCES FINANCIAL RESULTS FOR THE THIRD 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 third quarter ended September 23, 2012.

For the third quarter of 2012:

  • Net sales increased 22.3% to $95.9 million from $78.4 million in the third quarter ended September 25, 2011.
  • For all Direct-to-Consumer channels, comparable store sales increased 10.9%, following an increase of 23.9% in the third quarter of 2011.
  • Direct-to-Consumer North America comparable store sales (including e-commerce sales) increased 10.7%, following an increase of 24.7% in the third quarter of 2011. Excluding e-commerce sales, Direct-to-Consumer North America comparable store sales increased 8.0%, following an increase of 21.4% in the third quarter of 2011.
  • Direct-to-Consumer International comparable store sales in local currency increased 21.8% excluding e-commerce sales, and 27.0% including e-commerce sales. In U.S. dollars, Direct-to-Consumer International comparable store sales increased 7.7% excluding e-commerce sales and 12.4% including e-commerce sales.
  • Gross profit increased by 22.7% to $55.2 million from $45.0 million in the third quarter of 2011. Gross margin was 57.6% compared to 57.4% in the third quarter of 2011.
  • Operating income increased by 42.2% to $17.3 million from $12.1 million in the third quarter of 2011. Operating income margin was 18.0% compared to 15.5% in the third quarter of 2011.
  • Net income was $10.5 million, or $0.15 per diluted share based on 67.9 million diluted weighted average common shares outstanding, as compared to $1.6 million, or $0.03 per diluted share based on 52.5 million diluted weighted average common shares outstanding in the third quarter of 2011.
  • During the third quarter of 2012, Tumi opened 5 new stores.
  • At September 23, 2012, Tumi operated 111 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 third quarter. Our results reflected 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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