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 fourth quarter and full year ended December 31, 2013.
For the fourth quarter of 2013:
- Net sales increased 16.2% to $147.4 million from $126.8 million in the fourth quarter ended December 31, 2012. There were six fewer sales days in the fourth quarter of 2013 compared to 2012.
- Total comparable store sales for all Direct-to-Consumer channels, including company-owned websites, increased 2.4%, compared to an increase of 14.6% in the fourth quarter of 2012.
- Direct-to-Consumer North America comparable store sales (including e-commerce sales) increased 1.3%. Excluding e-commerce sales, Direct-to-Consumer North America comparable store sales decreased 1.9%. Adjusting for the six fewer sales days, Direct-to-Consumer North America comparable store sales (excluding e-commerce sales) would have increased 2.7%.
- Direct-to-Consumer International comparable store sales (including e-commerce sales) increased 14.3% in U.S. dollars, or 9.3% in Euros. Excluding e-commerce sales, Direct-to-Consumer International comparable stores sales increased 11.5% in U.S. dollars, or 6.6% in Euros. Adjusting for the six fewer sales days, Direct-to-Consumer International comparable store sales (excluding e-commerce sales) would have increased 19.4% in U.S. Dollars.
- Gross profit increased 15.5% to $84.5 million from $73.2 million in the fourth quarter of 2012. Gross margin was 57.3% compared to 57.7% in the fourth quarter of 2012.
- Operating income increased 11.2% to $32.4 million from $29.1 million in the fourth quarter of 2012. Operating income margin was 22.0% compared to 23.0% in the fourth quarter of 2012.
- Excluding approximately $0.6 million ($0.4 million after tax) in operating expenses in conjunction with the secondary common stock offering completed in November 2012, operating income in the fourth quarter of 2012 would have been $29.8 million, or 23.5% of net sales.
- Net income was $20.8 million, or $0.31 per diluted share, based on 67.9 million diluted weighted average common shares outstanding, compared to $16.9 million, or $0.25 per diluted share, based on 67.9 million diluted weighted average common shares outstanding in the fourth quarter of 2012.
- Excluding the aforementioned one-time expense incurred in conjunction with the secondary common stock offering completed in November 2012, net income would have been $17.3 million, or $0.25 per diluted share, in the fourth quarter of 2012.
- During the fourth quarter of 2013, Tumi opened six new stores.
- At December 31, 2013, Tumi operated 130 company-owned stores.
Jerome Griffith, Chief Executive Officer, President and Director, commented, “We advanced on several of our strategic objectives and delivered solid financial performance in 2013, despite the challenging retail environment that persisted throughout the year. We expanded our global presence, broadened our product base and customer reach, and bolstered our standing as the go-to global premium travel lifestyle brand. Importantly, our growth was broad-based, stemming from our industry-leading product innovation, impactful marketing programs, channel penetration, and growth in existing and new markets. Looking to 2014, we will continue to invest in the business and plan to launch a new e-commerce platform globally as well as open key retail locations around the world and remain focused on developing innovative and premium quality products. Overall, we have great momentum behind the business and we are positioned very well for future growth.”
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