This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tumi Holdings Announces Financial Results For The Third Quarter 2013

Stocks in this article: TUMI

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 29, 2013.

For the third quarter of 2013:

  • Net sales increased 13.6% to $108.9 million from $95.9 million in the third quarter ended September 23, 2012.
  • Total comparable store sales for all Direct-to-Consumer channels, including company-owned websites, increased 8.5% compared to an increase of 10.9% in the third quarter of 2012.
  • Direct-to-Consumer North America comparable store sales increased 7.4%. Excluding e-commerce sales, Direct-to-Consumer North America comparable store sales increased 5.0%.
  • Direct-to-Consumer International comparable store sales increased 17.1% in U.S. dollars, or 11.1% in Euros. Excluding e-commerce sales, Direct-to-Consumer International comparable stores sales increased 19.4% in U.S. dollars, or 13.2% in Euros.
  • Gross profit increased 16.0% to $64.0 million from $55.2 million in the third quarter of 2012. Gross margin was 58.8% compared to 57.6% in the third quarter of 2012.
  • Operating income increased 7.4% to $18.5 million, or 17.0% of sales, from $17.3 million, or 18.0% of sales, in the third quarter of 2012. Higher operating expenses in the third quarter of 2013 reflect increased investment in marketing and the incremental investment required to transition Tumi’s web stores to what the Company believes to be a more effective and efficient model. As previously announced, Tumi intends to implement an internal web-service function next year. In addition, Tumi continued to invest in human resources in design, IT, finance, and logistics in the third quarter of 2013 compared to the third quarter of 2012.
  • Net income was $12.1 million, or $0.18 per diluted share, based on 67.9 million diluted weighted average common shares outstanding, compared to $10.5 million, or $0.15 per diluted share, based on 67.9 million diluted weighted average common shares outstanding in the third quarter of 2012.
  • During the third quarter of 2013, Tumi opened 5 new stores.
  • At September 29, 2013, Tumi operated 124 company-owned stores.

Jerome Griffith, Chief Executive Officer, President and Director, commented, “We feel very good about the third quarter as there were many examples of the team’s ability to execute our strategic plan, which included opening new Tumi retail locations, and rolling out a new global marketing campaign. Our focus on raising brand awareness is beginning to have an impact, and we feel good about how we are positioned for the holiday season. Looking ahead, we will continue to invest in the Company’s significant long-term potential by increasing our marketing spend, transitioning e-commerce to being run in-house, and developing our global distribution platform.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs