For the fourth quarter Tumi reported earnings of 31 cents a share, beating analysts' estimates of 30 cents a share by 1 cent. Revenue rose 16.2% from the year-ago period to $147.4 million in the quarter. Analysts expected revenue of $144.9 million.
Total comparable store sales for all direct-to-consumer channels increased 2.4% in the quarter, compared to a 14.6% increase in the fourth quarter of 2012.
"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," CEO, president, and director Jerome Griffith said in a press release. "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."
Must read: Tumi Holdings Enters Oversold Territory
TheStreet Ratings team rates TUMI HOLDINGS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate TUMI HOLDINGS INC (TUMI) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, revenue growth and notable return on equity. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and weak operating cash flow."