Samsonite Group S.A. — Earnings Release 2012

Nov 5, 2012

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Samsonite®

SAMSONITE INTERNATIONAL S.A.

新秀麗國際有限公司*

13–15 Avenue de la Liberté, L-1931 Luxembourg
R.C.S. LUXEMBOURG: B 159469
(Incorporated in Luxembourg with limited liability)
(Stock code: 1910)

Trading Update at September 30, 2012

The Board of Directors of Samsonite International S.A. (together with its consolidated subsidiaries, the "Company") is pleased to present the unaudited trading update of the Company for the period ended September 30, 2012. This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

For the Three Months Ended September 30, 2012

The Company's net sales for the three months ended September 30, 2012 increased by 12.7%, excluding foreign currency effects, compared to the third quarter of 2011. Including foreign currency effects, consolidated net sales increased by US$30.6 million, or 7.3%, to US$451.0 million from US$420.4 million for the third quarter of 2011. Performance on a constant currency basis¹ by region was as follows:

• Asia – net sales increased by US$30.1 million, or 18.9%, to US$182.9 million;
• North America – net sales increased by US$17.6 million, or 17.5%, to US$117.8 million;
• Europe – net sales increased by US$5.1 million, or 3.8%, to US$124.7 million; and
• Latin America – net sales increased by US$1.3 million, or 5.6%, to US$23.6 million.

¹ Net sales on a constant currency basis is calculated by applying the exchange rate of the comparable period in the prior year to current period local currency net sales.

• For identification purposes only.

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The following table sets forth a breakdown of the net sales by region for the three months ended September 30, 2012 and September 30, 2011, both in absolute terms and as a percentage of total net sales.

	Three months ended September 30,
	2012		2011		2012 vs 2011
	US$'000	Percentage of net sales	US$'000	Percentage of net sales	% increase (decrease)	% increase (decrease) excluding currency effects
Net sales by region:
Asia	182,855	40.6%	159,232	37.9%	14.8%	18.9%
North America	117,803	26.1%	100,381	23.9%	17.4%	17.5%
Europe	124,709	27.7%	134,957	32.1%	(7.6)%	3.8%
Latin America	23,637	5.2%	23,230	5.5%	1.7%	5.6%
Corporate	1,997	0.4%	2,588	0.6%	(22.9)%	(22.9)%
Net Sales	451,001	100.0%	420,388	100.0%	7.3%	12.7%

Excluding net sales attributable to the recently acquired High Sierra® and Hartmann® brands, net sales increased by 5.4%, or 10.9% excluding foreign currency effects, for the three months ended September 30, 2012 compared to the third quarter of 2011.

Net Sales by Region

Net sales for the Asian region increased by US$23.6 million, or 14.8%, for the three months ended September 30, 2012 compared to the third quarter of 2011. Excluding foreign currency effects, net sales in Asia increased by 18.9%. The key markets of China (+15.8%)², Japan (+19.4%)² and South Korea (+51.9%)² achieved strong sales growth over the previous year, while India (-2.5%)² was negatively impacted by weak consumer sentiment primarily due to economic and political uncertainty within the country. Net sales growth in Asia continued to be driven by point of sale expansion and the success of the American Tourister brand.

Net sales in North America, which includes the United States and Canada, increased by US$17.4 million, or 17.4%, for the three months ended September 30, 2012 compared to the third quarter of 2011. Excluding foreign currency effects, net sales in North America increased by 17.5%. Excluding net sales attributable to High Sierra and Hartmann, net sales increased by 9.6% for the three months ended September 30, 2012 compared to the third quarter of 2011. The Company's success in North America has been due in large part to tailoring the design of its products and expanding its product range to accommodate evolving customer needs and preferences. Strong consumer demand for the Company's products has allowed it to continue to gain additional product placement with new and existing wholesale customers, as well as gain additional market share within the region.

² Excluding foreign currency effects.

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In Europe, net sales decreased by US$10.2 million, or 7.6%, for the three months ended September 30, 2012 compared to the third quarter of 2011. Excluding foreign currency effects, net sales in Europe increased by 3.8%. Several countries within the region experienced strong local currency sales growth, most notably Germany (+13.8%), France (+13.9%) and Russia (+44.1%). Local currency sales growth in these markets is attributable to positive sell-through of new product introductions and the continued success of products manufactured using the Curv material and process, as demand for hardside luggage continues to grow strongly in Europe. The Company's business in certain Southern European markets was negatively impacted by the continuing economic challenges within the region affecting consumer sentiment, particularly in markets such as Italy (-17.4%) and Spain (-11.6%). Excluding Italy and Spain, net sales for the European region increased by US$10.2 million, or 10.1%, excluding foreign currency effects.

In Latin America, net sales increased by US$0.4 million, or 1.7%, for the three months ended September 30, 2012 compared to the third quarter of 2011. Excluding foreign currency effects, net sales in Latin America increased by 5.6%. Several markets in the region experienced robust sales growth, including Chile (+12.9%), Mexico (+10.6%) and Brazil (+17.9%); however this was partially offset by Argentina (-28.5%), where restrictions on imports imposed by the local government continue to be a challenge. Excluding net sales attributable to Argentina, net sales for the Latin American region increased by US$2.2 million, or 10.9%, excluding foreign currency effects.

Net sales attributable to the Corporate segment, which consists of licensing income, decreased by US$0.6 million, or 22.9%, for the three months ended September 30, 2012 compared to the third quarter of 2011. This decrease is the result of the Company's decision to terminate certain licensing agreements with third parties and to sell the formerly licensed products directly to its customers.

For the Nine Months Ended September 30, 2012

The Company's net sales for the nine months ended September 30, 2012 increased by 16.2%, excluding foreign currency effects, compared to the same period in 2011. Including foreign currency effects, consolidated net sales increased by US$133.5 million, or 11.5%, to US$1,297.7 million from US$1,164.2 million for the nine months ended September 30, 2011. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by US$96.2 million, or 22.5%, to US$507.4 million;
• North America – net sales increased by US$69.7 million, or 24.3%, to US$356.3 million;
• Europe – net sales increased by US$19.6 million, or 5.4%, to US$345.9 million; and
• Latin America – net sales increased by US$3.9 million, or 4.8%, to US$80.5 million.

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The following table sets forth a breakdown of the net sales by region for the nine months ended September 30, 2012 and September 30, 2011, both in absolute terms and as a percentage of total net sales.

	Nine months ended September 30,				2012 vs 2011
	2012		2011
	US$'000	Percentage of net sales	US$'000	Percentage of net sales	% increase (decrease)	% increase (decrease) excluding currency effects
Net sales by region:
Asia	507,426	39.1%	426,794	36.7%	18.9%	22.5%
North America	356,333	27.5%	287,181	24.7%	24.1%	24.3%
Europe	345,941	26.7%	360,690	31.0%	(4.1)%	5.4%
Latin America	80,534	6.2%	81,424	7.0%	(1.1)%	4.8%
Corporate	7,444	0.5%	8,123	0.6%	(8.4)%	(8.4)%
Net Sales	1,297,678	100.0%	1,164,212	100.0%	11.5%	16.2%

Excluding net sales attributable to the recently acquired High Sierra® and Hartmann® brands, net sales increased by 10.8%, or 15.5% excluding foreign currency effects, for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011.

Net Sales by Region

Net sales for the Asian region increased by US$80.6 million, or 18.9%, for the nine months ended September 30, 2012 compared to the same period in 2011. Excluding foreign currency effects, net sales in Asia increased by 22.5%. All Asian markets experienced strong sales growth, most notably China (+24.4%)², Japan (+28.8%)², South Korea (+31.3%)² and India (+10.9%)².

Net sales in North America increased by US$69.2 million, or 24.1%, for the nine months ended September 30, 2012 compared to the same period in 2011. Excluding foreign currency effects, net sales in North America increased by 24.3%. Excluding net sales attributable to High Sierra and Hartmann, net sales increased by 21.4% for the nine months ended September 30, 2012 compared to the same period in 2011.

In Europe, net sales decreased by US$14.7 million, or 4.1%, for the nine months ended September 30, 2012 compared to the same period in 2011 primarily due to the strengthening of the US Dollar. Excluding foreign currency effects, net sales in Europe increased by 5.4%. Several countries within the region experienced strong local currency sales growth, most notably Germany (+16.1%)², France (+7.1%)² and Russia (+38.1%)². The Company's business in certain Southern European markets was negatively impacted by the continuing economic challenges within the region affecting consumer sentiment, particularly in markets such as Italy (-14.2%)² and Spain (-9.8%)². Excluding Italy and Spain, net sales for the European region increased by US$30.5 million, or 11.2%, excluding foreign currency effects.

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In Latin America, net sales decreased by US$0.9 million, or 1.1%, for the nine months ended September 30, 2012 compared to the same period in 2011. Excluding foreign currency effects, net sales in Latin America increased by 4.8%. Several markets in the region experienced robust sales growth, including Mexico (+15.4%) and Brazil (+28.8%), followed by Chile (+4.0%) which was negatively impacted by the timing of back to school shipments that were recognized in the fourth quarter of 2011; partially offset by Argentina (-27.1%), where restrictions on imports imposed by the local government continue to be a challenge. Excluding net sales attributable to Argentina, net sales for the Latin American region increased by US$6.8 million, or 9.6%, excluding foreign currency effects.

Net sales attributable to the Corporate segment decreased by US$0.7 million, or 8.4%, for the nine months ended September 30, 2012 compared to the same period in 2011.

By Order of the Board
Samsonite International S.A.
Timothy Charles Parker
Chairman

Hong Kong, November 5, 2012

As of the date of this announcement, the Executive Directors are Timothy Charles Parker, Kyle Francis Gendreau and Ramesh Dungarmal Tainwala, the Non-Executive Directors are Nicholas James Clarry, Bruce Hardy McLain (Hardy) and Keith Hamill and the Independent Non-Executive Directors are Paul Kenneth Etchells, Miguel Kai Kwun Ko and Ying Yeh.

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