- Fourth quarter net sales increased
2.3% to $167.7 million (up 4.4% in constant currency)
- Fourth quarter gross margin expanded
240 basis points to 60.1%
- Fourth quarter diluted EPS increased
5.7% to $0.37; excluding the expenses for business development
activities, including the acquisition of Tumi Japan, adjusted
diluted EPS was $0.38 (up 8.8%, and up 12.7% in constant
currency)
- Full year 2015 net sales increased
3.9% to $547.7 million (up 6.7% in constant currency).
- Full year 2015 gross margin expanded
170 basis points to 59.7%
- Full year 2015 diluted EPS increased
8.6% to $0.93; excluding the expenses related to the cost reduction
program in the first quarter of 2015, and the expenses for business
development activities, including the acquisition of Tumi Japan,
adjusted diluted EPS was $0.97 (up 13.0%, and up 17.2% in constant
currency)
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, 2015.
Jerome Griffith, Chief Executive Officer and President,
commented, “In fiscal 2015, we delivered revenue growth on a
constant currency basis of 6.7%, adjusted EPS growth on a constant
currency basis of 17.2%, drove significant gross margin expansion
while protecting our brand in a promotional environment, and
continued to push forward on our multiple growth initiatives. In
addition, we announced plans to buy the remaining 50% stake of our
Japanese JV, which we closed in early 2016. Looking ahead, we will
continue to make strategic investments to support our long-term
growth initiatives and remain deeply committed to creating
innovative products with exceptional quality and functionality for
the global citizen. We are also committed to growing our
direct-to-consumer distribution worldwide through store openings,
particularly in the international markets, as well as through the
expansion of our global e-commerce platform. In 2015, we opened 27
new stores, and expanded our e-commerce platform to 18 countries
globally. Finally, we will focus our marketing programs and brand
building initiatives on creating a deeper connection with our core
customers and on extending our global reach. Overall, we are
excited about the growth opportunities ahead of us.”
For the fourth quarter of 2015:
- Net sales increased 2.3% to $167.7
million compared to $163.8 million in the fourth quarter ended
December 31, 2014. On a constant currency basis, net sales
increased 4.4%.
- Total comparable store sales for all
Direct-to-Consumer channels, including company-owned websites,
decreased 4.6%. On a constant currency basis, total comparable
store sales for all Direct-to-Consumer channels, including
company-owned websites, decreased 3.4%.
- Direct-to-Consumer North America
full-price comparable store sales decreased 5.6%, outlet comparable
store sales increased 6.0%, and e-commerce comparable sales
decreased 14.8%.
- In Euros, Direct-to-Consumer
International full-price comparable store sales increased 7.0%,
outlet comparable store sales increased 11.6%, and international
e-commerce website sales increased 35.1%. In U.S. dollars,
Direct-to-Consumer International full-price comparable store sales
decreased 6.9%, outlet comparable store sales decreased 2.9%, and
international e-commerce website sales increased 18.4%.
- Gross profit increased 6.6% to $100.7
million compared to $94.5 million in the fourth quarter ended
December 31, 2014. Gross margin was 60.1% compared to 57.7% in the
fourth quarter of 2014.
- Operating income increased 5.4% to
$38.9 million from $36.9 million in the fourth quarter of 2014.
Operating income margin was 23.2% compared to 22.5% in the fourth
quarter of 2014.
- In the fourth quarter of 2015, the
Company incurred approximately $1.1 million in operating expenses
for business development activities, including the acquisition of
Tumi Japan. Excluding these expenses, adjusted operating income was
$40.0 million, an increase of 8.4%, and adjusted operating income
margin was 23.9% for the fourth quarter of 2015. On a constant
currency basis, adjusted operating income increased 12.3%.
- The effective tax rate was 35.3%,
compared to 37.5% in the fourth quarter of 2014.
- Net income was $25.1 million, or $0.37
per diluted share, based on 67.8 million diluted weighted average
common shares outstanding. Net income in the fourth quarter of 2014
was $23.7 million, or $0.35 per diluted share, based on 67.9
million diluted weighted average common shares outstanding.
- Excluding the aforementioned expenses
for business development activities, including the acquisition of
Tumi Japan, adjusted net income was $25.8 million, or $0.38 per
diluted share, an increase of 8.8%, in the fourth quarter of 2015.
On a constant currency basis, adjusted diluted earnings per share
increased 12.7%.
- During the fourth quarter of 2015, Tumi
opened 6 new stores, renovated 4 stores, and closed 1 store.
- At December 31, 2015, Tumi operated 177
company-owned stores.
For the year ended December 31, 2015:
- Net sales increased 3.9% to $547.7
million compared to $527.2 million in year ended December 31, 2014.
On a constant currency basis, net sales increased 6.7%.
- Gross profit increased 6.8% to $326.9
million compared to $306.0 million in the corresponding period of
2014. Gross margin was 59.7% compared to 58.0% in the year ended
December 31, 2014.
- Operating income increased 3.7% to
$96.9 million, or 17.7% of net sales, from $93.4 million, or 17.7%
of net sales, in the year ended December 31, 2014.
- Excluding the expenses relating to the
cost reduction program in the first quarter of 2015, and the
expenses for business development activities, including the
acquisition of Tumi Japan, in 2015, adjusted operating income was
$100.8 million, an increase of 7.9%, and adjusted operating income
margin was 18.4% in the year ended December 31, 2015. On a constant
currency basis, adjusted operating income increased 12.3%.
- The effective tax rate was 35.3%,
compared to 38.2% in the corresponding period of 2014.
- Net income was $63.0 million, or $0.93
per diluted share, based on 67.9 million diluted weighted average
common shares outstanding. Net income in the year ended December
31, 2014 was $58.0 million, or $0.85 per diluted share, based on
67.9 million diluted weighted average common shares
outstanding.
- Excluding the aforementioned expenses
relating to the cost reduction program in the first quarter of
2015, and the expenses for business development activities,
including the acquisition of Tumi Japan, in 2015, adjusted net
income was $65.5 million, or $0.97 per diluted share, an increase
of 13.0%, based on 67.9 million diluted weighted average common
shares outstanding. On a constant currency basis, adjusted diluted
earnings per share increased 17.2%.
Balance Sheet as of December 31, 2015:
Cash and cash equivalents were $94.6 million as of December 31,
2015, compared with $52.8 million as of December 31, 2014.
Inventories were $99.7 million as of December 31, 2015, compared
with $89.2 million as of December 31, 2014.
Share Repurchase Program
During the fourth quarter, the Company repurchased 485,400 of
the Company's common shares for approximately $8.5 million in open
market transactions. As of December 31, 2015, the remaining
availability under the Company’s share repurchase program was
$141.5 million. The amount and timing of the purchases will depend
on a number of factors including the price and availability of the
Company’s shares, trading volume and general market conditions.
Repurchases may also be made under a Rule 10b5-1 plan, which would
permit shares to be repurchased when the Company might otherwise be
precluded from doing so under insider trading laws. The share
repurchase program may be suspended or discontinued at any
time.
Fiscal 2016 Outlook
- For 2016, assuming current exchange
rates, the Company expects net sales to increase between 4% and 6%.
In the event that foreign currency exchange rates fluctuate from
prevailing levels, these estimates could be favorably or
unfavorably impacted.
- Total comparable store sales growth for
all Direct-to-Consumer channels is expected to be flat for the full
year.
- Diluted earnings per share are expected
to be between $0.93 and $0.97, which includes $0.02 per share
expense related to certain cost reduction actions taken in the
first quarter of 2016.
- These estimates also assume diluted
weighted-average common shares outstanding of approximately 65.5
million, and an effective tax rate of approximately 34.5%.
- For fiscal 2016, the Company expects to
open between 15 and 20 stores, with an increasing focus on
international markets.
- Capital expenditures for fiscal 2016
are expected to be in the range of $23.0 million to $28.0
million.
Conference Call
Tumi Holdings, Inc. will host a conference call to discuss
fourth quarter results today, February 24, 2016, at 4:30 p.m. ET.
The general public can access the call by dialing 1-888-771-4371
(domestic) or 1-847-585-4405 (international). The passcode is
41827382. Please dial in 5 minutes before the start of the call.
The conference call will also be webcast live in the Investor
Relations section of www.tumi.com. A telephone replay of the call
will be available through March 2, 2016; to access the replay, dial
1-888-843-7419 for domestic callers or 1-630-652-3042 for
international callers and enter access code 41827382. The webcast
will be accessible on the website for approximately 90 days after
the call.
About Tumi
Tumi is the leading global brand of premium travel, business and
lifestyle products and accessories. The brand is sold in
approximately 2,000 points of distribution from New York to Paris
to London and Tokyo, as well as in the world’s top department,
specialty and travel retail stores in over 75 countries. For more
information, please visit www.tumi.com.
Forward-Looking Statements
This release contains forward-looking statements, which address
a variety of subjects including, for example, the Company’s
expectation to continue making strategic investments to support its
long-term growth initiatives, creating innovative products, and
growing its direct-to-consumer distribution through store openings
and expansion of its e-commerce platform and the Company’s
expectations for net sales and earnings per share in 2016, the
number of new store openings in 2016, the estimated effective tax
rate, comparable store sales growth rate and capital expenditures
in 2016. All statements other than statements of historical fact,
including without limitation, those with respect to the Company’s
goals, plans, expectations and strategies set forth herein are
forward-looking statements. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking
statements: changes in consumer spending and general economic
conditions; a decrease in travel levels; interruption in supply;
inventory management and product quality control issues with our
contract manufacturers; an inability to open new store locations in
a timely and profitable manner; increases in costs of materials,
labor or freight; the impact of counterfeiting and transshipping;
risks of operating internationally, including exchange rate
fluctuations; risks associated with transitioning to a direct sales
model in certain geographies; changes in effective tax rates; and
the success of new product introductions. For a detailed discussion
of cautionary statements that may affect the Company’s future
results of operations and financial results, please refer to the
Company’s filings with the Securities and Exchange Commission,
including the Company’s most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Forward-looking statements
represent management’s current expectations and are inherently
uncertain. We do not undertake any obligation to update
forward-looking statements made by us except as otherwise required
under federal securities laws.
TUMI HOLDINGS, INC. AND SUBSIDIARIES
Unaudited Selected Quarterly Financial Data For
the Three Months Ended March 29, 2015
June 28, 2015 September 27, 2015
December 31, 2015 (In thousands, except
share and per share data) Net sales $ 110,461 $ 138,520 $
131,013 $ 167,661 Year over year growth %(1) 2 % 11 % 1 % 2 % Gross
margin $ 65,271 $ 81,615 $ 79,320 $ 100,694 Selling, general and
administrative expenses $ 55,708 $ 56,335 $ 56,198 $ 61,771
Operating income $ 9,563 $ 25,280 $ 23,122 $ 38,923 Net income $
6,374 $ 16,719 $ 14,869 $ 25,051 Basic weighted average common
shares outstanding 67,868,867 67,874,098 67,880,156 67,790,291
Diluted weighted average common shares outstanding 67,918,438
67,920,124 67,883,410 67,790,291 Basic earnings per common share $
0.09 $ 0.25 $ 0.22 $ 0.37 Diluted earnings per common share $ 0.09
$ 0.25 $ 0.22 $ 0.37 (1) Year-over-year growth %
compares net sales for a particular period with net sales for the
comparable prior year interim period.
For the
Three Months Ended March 30, 2014 June
29, 2014 September 28, 2014
December 31, 2014 (In thousands, except per share
data) Net sales $ 108,602 $ 124,582 $ 130,195 $ 163,815 Year
over year growth %(1) 6 % 15 % 20 % 11 % Gross margin $ 63,083 $
72,102 $ 76,307 $ 94,475 Selling, general and administrative
expenses $ 49,702 $ 52,246 $ 53,040 $ 57,549 Operating income $
13,381 $ 19,856 $ 23,267 $ 36,926 Net income $ 8,153 $ 12,219 $
13,917 $ 23,720 Basic weighted average common shares outstanding
67,866,667 67,866,667 67,867,852 67,868,867 Diluted weighted
average common shares outstanding 67,867,852 67,872,947 67,876,522
67,895,249 Basic earnings per common share $ 0.12 $ 0.18 $ 0.21 $
0.35 Diluted earnings per common share $ 0.12 $ 0.18 $ 0.21 $ 0.35
(1)
Year-over-year growth % compares net sales
for a particular period with net sales for the comparable prior
year interim period.
TUMI HOLDINGS, INC. AND
SUBSIDIARIES
Consolidated Statements of
Operations
(In thousands, except share and per
share data)
For the Years Ended December 31, 2015
2014 2013 Net sales $ 547,655 $ 527,194 $
467,438 Cost of sales 220,755 221,227 198,593
Gross margin 326,900 305,967 268,845 OPERATING
EXPENSES Selling 33,946 36,447 28,875 Marketing 18,565 17,539
17,373 Retail operations 127,848 114,752 98,720 General and
administrative 49,653 43,799 37,514 Total
operating expenses 230,012 212,537 182,482
Operating income 96,888 93,430 86,363 OTHER
INCOME (EXPENSES) Interest expense (347 ) (477 ) (733 ) Earnings
from joint venture investment 411 279 184 Foreign exchange gains
427 475 388 Other non-operating income (expenses) 74 132
(94 ) Total other income (expenses) 565 409
(255 ) Income before income taxes 97,453 93,839 86,108 Provision
for income taxes 34,440 35,830 31,549 Net
income $ 63,013 $ 58,009 $ 54,559 Weighted
average common shares outstanding: Basic 67,852,534
67,867,529 67,866,667 Diluted 67,876,772
67,878,340 67,870,688 Basic earnings per common share
$ 0.93 $ 0.85 $ 0.80 Diluted earnings per
common share $ 0.93 $ 0.85 $ 0.80
TUMI HOLDINGS, INC. AND
SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per
share data)
At December 31, 2015 2014
ASSETS CURRENT ASSETS Cash and cash equivalents $ 94,632 $
52,796 Accounts receivable, less allowance for doubtful accounts of
approximately $877 and $580 at December 31, 2015 and 2014,
respectively 32,434 31,890 Other receivables 3,543 3,003
Inventories, net 99,688 89,231 Prepaid income taxes 996 — Prepaid
expenses and other current assets 12,096 8,315 Total current
assets 243,389 185,235 Property, plant and equipment, net
83,501 79,067 Deferred tax assets, noncurrent 771 386 Joint venture
investment 1,840 2,156 Goodwill 142,773 142,773 Intangible assets,
net 130,400 130,414 Other assets 9,270 11,279 Total assets $
611,944 $ 551,310
TUMI HOLDINGS, INC. AND
SUBSIDIARIES
Consolidated Balance Sheets
(continued)
(In thousands, except share and per
share data)
At December 31, 2015 2014
LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES
Accounts payable $ 35,844 $ 33,898 Accrued expenses 39,130 34,786
Income taxes payable 615 2,334 Total current
liabilities 75,589 71,018 Other long-term
liabilities 12,775 11,407 Deferred tax liabilities 42,734
42,002 Total liabilities 131,098 124,427
Commitments and contingencies STOCKHOLDERS’ EQUITY
Common stock—$0.01 par value; 350,000,000 shares authorized,
68,158,428 shares issued and 67,394,756 shares outstanding as of
December 31, 2015; 68,146,673 shares issued and 67,868,867 shares
outstanding as of December 31, 2014 681 681 Preferred stock—$0.01
par value; 75,000,000 shares authorized and no shares issued or
outstanding as of December 31, 2015 and 2014 — — Additional paid-in
capital 317,140 314,217 Treasury stock, at cost; 763,672 and
277,806 shares as of December 31, 2015 and December 31, 2014,
respectively (13,338 ) (4,874 ) Retained earnings 182,747 119,734
Accumulated other comprehensive loss (6,384 ) (2,875 ) Total
stockholders’ equity 480,846 426,883 Total
liabilities and stockholders’ equity $ 611,944 $ 551,310
TUMI HOLDINGS, INC. AND SUBSIDIARIES
Segment Results
Direct-to-
Consumer
North
America
Direct-to-
Consumer
International
Indirect-to-
Consumer
North
America
Indirect-to-
Consumer
International
Unallocated
Amounts
Consolidated
Totals
(In thousands) Year ended December 31, 2015 Net sales
$ 262,185 $ 32,264 $ 108,074 $ 145,132 $ — $ 547,655 Operating
income $ 71,932 $ 3,357 $ 44,005 $ 48,488 $ (70,894 ) $ 96,888
Total assets $ 80,022 $ 18,036 $ 20,755 $ 27,020 $ 466,111 $
611,944 Depreciation and amortization $ 11,364 $ 1,746 $ 2,002 $
3,960 $ 2,422 $ 21,494
Year ended December 31, 2014 Net
sales $ 243,142 $ 28,265 $ 111,191 $ 144,596 $ — $ 527,194
Operating income $ 69,871 $ 2,793 $ 41,213 $ 45,291 $ (65,738 ) $
93,430 Total assets $ 69,208 $ 19,862 $ 17,669 $ 24,927 $ 419,644 $
551,310 Depreciation and amortization $ 8,477 $ 1,459 $ 1,808 $
4,041 $ 2,371 $ 18,156
Year Ended December 31, 2013 Net
sales $ 209,214 $ 22,408 $ 107,303 $ 128,513 $ — $ 467,438
Operating income $ 62,485 $ 2,941 $ 40,637 $ 39,829 $ (59,529 ) $
86,363 Total assets $ 55,236 $ 10,624 $ 15,158 $ 24,416 $ 401,053 $
506,487 Depreciation and amortization $ 6,944 $ 740 $ 1,315 $ 3,367
$ 1,821 $ 14,187
TUMI HOLDINGS, INC. AND
SUBSIDIARIES
Constant Currency Financial Measures (In
thousands, except per share data) Three Months
Ended December 31, 2015 December 31,
2014 % Change As Reported Constant
Currency1 As Reported As Reported
Constant Currency Net sales $ 167,661 $ 171,060 $
163,815 2.3 % 4.4 % Operating income $ 38,923 $ 40,360 $
36,926 5.4 % 9.3 % Operating income margin 23.2 % 23.6 % 22.5 % Net
income $ 25,051 $ 25,967 $ 23,720 5.6 % 9.5 % Diluted earnings per
share $ 0.37 $ 0.38 $ 0.35 5.7 % 9.6 % 1 Constant
currency amounts exclude both the impact of translating foreign
currencies into U.S. dollars and the impact of currency rate
changes on foreign currency denominated transactions.
Constant Currency Financial Measures (In thousands,
except per share data) For the Years Ended December
31, 2015 2014 % Change As
Reported Constant Currency1 As
Reported As Reported Constant Currency Net
sales $ 547,655 $ 562,503 $ 527,194 3.9 % 6.7 %
Operating income $ 96,888 $ 100,987 $ 93,430 3.7 % 8.1 % Operating
income margin 17.7 % 18.0 % 17.7 % Net income $ 63,013 $ 65,438 $
58,009 8.6 % 12.8 % Diluted earnings per share $ 0.93 $ 0.96 $ 0.85
8.6 % 12.8 % 1 Constant currency amounts exclude both
the impact of translating foreign currencies into U.S. dollars and
the impact of currency rate changes on foreign currency denominated
transactions.
TUMI HOLDINGS, INC. AND
SUBSIDIARIES
Reconciliation of Operating Income to Adjusted Operating
Income on a Constant Currency Basis (In millions)
Three Months Ended December 31, 2015
December 31, 2014 % Change Operating income $ 38.9 $
36.9 5.4 % Operating expenses for business development activities,
including the acquisition of Tumi Japan 1.1 —
Adjusted operating income 1 $ 40.0 $ 36.9
8.4 % Adjusted operating income margin 23.9 % 22.5 % Impact
of foreign currency 1.4 —
Adjusted
operating income on a constant currency basis 1 $ 41.5
$ 36.9 12.3 % Adjusted operating income margin on a
constant currency basis 24.3 % 22.5 % 1 The totals in
the table may not foot due to rounding.
Reconciliation of Operating Income to Adjusted Operating Income
on a Constant Currency Basis (In millions) For
the Years Ended December 31, 2015
2014 % Change Operating income $ 96.9 $ 93.4 3.7 %
Operating expenses in conjunction with the cost reduction program
2.5 — Operating expenses for business development activities,
including the acquisition of Tumi Japan 1.4 —
Adjusted operating income 1 $ 100.8 $ 93.4
7.9 % Adjusted operating income margin 18.4 % 17.7 % Impact
of foreign currency 4.1 —
Adjusted
operating income on a constant currency basis 1 $ 104.9
$ 93.4 12.3 % Adjusted operating income margin on a
constant currency basis 18.6 % 17.7 % 1 The totals in
the table may not foot due to rounding.
TUMI HOLDINGS, INC. AND
SUBSIDIARIES
Reconciliation of Net Income to Adjusted Net Income on a
Constant Currency Basis (In millions, except per share
data) Three Months Ended December 31,
2015 December 31, 2014 % Change Net income
$ 25.1 $ 23.7 5.6 % Operating expenses for business development
activities, including the acquisition of Tumi Japan (after tax) 0.7
—
Adjusted net income 1 $ 25.8
$ 23.7 8.7 %
Adjusted diluted earnings per
share 2 $ 0.38 $ 0.35 8.8 % Impact of
foreign currency 0.9 —
Adjusted net income
on a constant currency basis 1 $ 26.7 $ 23.7
12.5 %
Adjusted diluted earnings per share on a constant
currency basis 2 $ 0.39 $ 0.35 12.7 %
1 The totals in the table may not foot due to
rounding. 2 Diluted EPS calculated using 67.8 million shares for
three months ended December 31, 2015 and 67.9 million shares for
the three months ended December 31, 2014.
Reconciliation of Net Income to Adjusted Net Income on a
Constant Currency Basis (In millions, except per share
data) For the Years Ended December 31,
2015 2014 % Change Net income $ 63.0 $
58.0 8.6 % Operating expenses in conjunction with the cost
reduction program
(after tax)
1.6 — Operating expenses for business development activities,
including the acquisition of Tumi Japan (after tax) 0.9 —
Adjusted net income 1 $ 65.5 $
58.0 13.0 %
Adjusted diluted earnings per share
2 $ 0.97 $ 0.85 13.0 % Impact of foreign
currency 2.4 —
Adjusted net income on a
constant currency basis 1 $ 68.0 $ 58.0
17.2 %
Adjusted diluted earnings per share on a constant
currency basis 2 $ 1.00 $ 0.85 17.2 %
1 The totals in the table may not foot due to
rounding. 2 Diluted EPS calculated using 67.9 million shares for
both years ending December 31, 2015 and December 31, 2014.
Non-GAAP Financial Measures
This release refers to “constant currency” amounts for the
fourth quarter and year ended December 31, 2015. Constant currency
amounts exclude both the impact of translating foreign currencies
into U.S. dollars and the impact of currency rate changes on
foreign currency denominated transactions, and are non-GAAP
financial measures. This release also refers to “reported” amounts
in accordance with U.S. generally accepted accounting principles
(“GAAP”), which include translation and transactional impacts from
foreign currency exchange rates. Generally, when the dollar either
strengthens or weakens against other currencies, constant currency
results will be higher or lower than growth reported at actual
exchange rates. Reconciliations of GAAP measures to constant
currency amounts for the fourth quarter and year ended December 31,
2015 are presented in the attached supplemental financial
information, which identify and quantify all excluded items.
“Adjusted net income” and “adjusted operating income” are also
non-GAAP financial measures. Adjusted net income is defined as net
income plus the costs associated with the cost reduction program,
and certain business development costs, including the costs
associated with the acquisition of the Japan joint venture.
Adjusted operating income is defined as operating income plus the
costs associated with the cost reduction program, and certain
business development costs, including the costs associated with the
acquisition of the Japan joint venture. These non-GAAP financial
measures are important supplemental measures for Tumi’s internal
reporting, including for its board of directors and management, and
are key measures used to evaluate profitability and operating
performance. We believe these measures provide investors and other
users of Tumi’s financial information, when viewed in conjunction
with its consolidated financial statements, consistency and
comparability with Tumi’s past financial performance, facilitate
period-to-period comparisons of operating performance and may
facilitate comparisons with other companies. Tumi uses these
measures in conjunction with GAAP operating performance measures as
part of its overall assessment of its performance. Undue reliance
should not be placed on these measures as Tumi’s only measures of
operating performance. Constant currency results should not be
viewed as a substitute for GAAP results, adjusted net income should
not be viewed as a substitute for net income, and adjusted
operating income should not be viewed as a substitute for operating
income.
Comparable Store Sales Growth
Comparable store sales are calculated based on Tumi’s
company-owned stores that have been open for at least a full
calendar year as of the end of Tumi’s fiscal year. For example, a
store opened in October 2015 will not impact the comparable store
comparison until January 1, 2017. Additionally, temporary store
closings, store expansions and store relocations are excluded from
the comparable store base under most circumstances.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160224006421/en/
Tumi Holdings, Inc.Investor Relations:ICR, Inc.Jean Fontana /
Joseph Teklits, 203-682-8200jean.fontana@icrinc.comorMedia
Relations:ICR, Inc.Alecia Pulman / Brittany Fraser,
646-277-1231brittany.fraser@icrinc.com
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