Samsonite Group S.A. — Earnings Release 2013

Nov 5, 2013

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, 2013

The Board of Directors of Samsonite International S.A. (the "Company"), together with its consolidated subsidiaries (the "Group"), is pleased to present the unaudited trading update of the Group for the period ended September 30, 2013. 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, 2013

The Group's net sales increased by 18.6% for the three months ended September 30, 2013 compared to the same period in 2012, excluding foreign currency effects. US Dollar reported net sales increased by US$78.2 million, or 17.3%, to US$529.2 million for the third quarter of 2013 from US$451.0 million for the third quarter of 2012. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by 13.3% to US$199.0 million;
• North America – net sales increased by 37.8% to US$162.0 million;
• Europe – net sales increased by 9.8% to US$140.7 million; and

• Latin America – net sales increased by 12.6% to US$25.6 million.

• 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, 2013 and September 30, 2012, both in absolute terms and as a percentage of total net sales.

	Three months ended September 30,				2013 vs 2012
	2013		2012
	US$'000	Percentage of net sales	US$'000	Percentage of net sales	% increase (decrease)	% increase (decrease) excluding currency effects
Net sales by region:
Asia	199,041	37.6%	182,855	40.6%	8.9%	13.3%
North America	161,964	30.6%	117,803	26.1%	37.5%	37.8%
Europe	140,735	26.6%	124,709	27.7%	12.8%	9.8%
Latin America	25,583	4.8%	23,637	5.2%	8.2%	12.6%
Corporate	1,913	0.4%	1,997	0.4%	(4.2)%	(4.2)%
Net Sales	529,236	100.0%	451,001	100.0%	17.3%	18.6%

Excluding net sales attributable to the High Sierra® and Hartmann® acquisitions, which were completed during the third quarter of 2012, net sales increased by 15.4%, or 16.6% excluding foreign currency effects, for the three months ended September 30, 2013 compared to the third quarter of 2012.

Net Sales by Region

Excluding foreign currency effects, net sales in Asia increased by 13.3% for the three months ended September 30, 2013 compared to the third quarter of 2012. US Dollar reported net sales for the Asian region increased by US$16.2 million, or 8.9%. The key markets of South Korea (+21.5%) and Japan (+13.4%) achieved strong sales growth over the previous year. The Group's business in India (+30.8%) posted strong results in the third quarter, despite continued challenging macroeconomic conditions, due to the success of new product introductions designed to appeal to consumers who have become more value-conscious. China (-1.7%) experienced a slight decrease as the country's economic growth continued to moderate, however the Group's underlying sales grew by approximately 10% after excluding certain business to business sales made in the third quarter of 2012 which have not been repeated in 2013 due in part to reduced purchases by public sector organizations. The Group continued to penetrate the emerging markets within the region with notable year-on-year growth in Taiwan (+20.1%), Thailand (+23.5%), Indonesia (+24.2%) and Philippines (+20.4%). Net sales growth in Asia continued to be driven by the success of the American Tourister brand, while the Samsonite brand continues to grow and account for the majority of sales in the Asian region.

2 Excluding foreign currency effects.

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Net sales in North America, which includes the United States and Canada, increased by US$44.2 million, or 37.5%, for the three months ended September 30, 2013 compared to the third quarter of 2012. Excluding foreign currency effects, net sales in North America increased by 37.8%. Excluding net sales attributable to the High Sierra and Hartmann brands, net sales increased by 30.9% for the three months ended September 30, 2013 compared to the third quarter of 2012. The third quarter of 2013 benefited from the timing of certain sales in the current year that had occurred during the fourth quarter of 2012. The addition of the High Sierra and Hartmann brands also contributed to the year-on-year sales growth as these brands were only owned for a portion of the third quarter of 2012. The Group's success in North America continues to be driven by strong consumer demand for the Group's products, which has allowed it to gain additional product placement with several key wholesale customers.

Excluding foreign currency effects, net sales in Europe increased by 9.8% for the three months ended September 30, 2013 compared to the third quarter of 2012. US Dollar reported net sales for the European region increased by US$16.0 million, or 12.8%. Several countries within the region experienced strong local currency sales growth, most notably the United Kingdom (+34.9%), Germany (+6.2%), France (+7.4%) and Russia (+34.0%). Local currency sales growth in the European markets is attributable to positive sell-through of new product introductions, including new product lines manufactured using the Curv material, as demand for hardside luggage continues to grow strongly in the region. The Group's business in Italy (+0.3%) and Spain (+3.8%) showed signs of stabilizing, although trading conditions remain challenging due to the ongoing economic challenges in the Southern European countries. Excluding Italy and Spain, net sales for the European region increased by 11.8% excluding foreign currency effects, or 14.2% in US dollars.

Excluding foreign currency effects, net sales in Latin America increased by 12.6% for the three months ended September 30, 2013 compared to the third quarter of 2012. US Dollar reported net sales for the Latin American region increased by US$1.9 million, or 8.2%. Chile (+18.2%) experienced robust sales growth as did Brazil (+18.2%) where the Group is beginning to reap the benefits of shifting from a distributor model to a direct import and sales model. The Group's business in Argentina (-11.4%) continued to be negatively impacted by import restrictions imposed by the local government. Excluding net sales attributable to Argentina, net sales for the Latin American region increased by 14.9% excluding foreign currency effects, or 11.5% in US dollars.

Net sales attributable to the Corporate segment, which consists of licensing income, decreased by US$0.1 million, or 4.2%, for the three months ended September 30, 2013 compared to the third quarter of 2012.

For the Nine Months Ended September 30, 2013

The Group's net sales increased by 17.3% for the nine months ended September 30, 2013 compared to the same period in 2012, excluding foreign currency effects. US Dollar reported net sales increased by US$215.2 million, or 16.6%, to US$1,512.9 million for the nine months ended September 30, 2013 from US$1,297.7 million for the nine months ended September 30, 2012. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by 14.7% to US$569.2 million;
• North America – net sales increased by 32.7% to US$472.4 million;
• Europe – net sales increased by 8.0% to US$377.5 million; and
• Latin America – net sales increased by 7.4% to US$87.1 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, 2013 and September 30, 2012, both in absolute terms and as a percentage of total net sales.

	Nine months ended September 30,				2013 vs 2012
	2013		2012
	US$'000	Percentage of net sales	US$'000	Percentage of net sales	% increase (decrease)	% increase (decrease) excluding currency effects
Net sales by region:
Asia	569,205	37.6%	507,426	39.1%	12.2%	14.7%
North America	472,433	31.2%	356,333	27.5%	32.6%	32.7%
Europe	377,486	25.0%	345,941	26.7%	9.1%	8.0%
Latin America	87,089	5.8%	80,534	6.2%	8.1%	7.4%
Corporate	6,672	0.4%	7,444	0.5%	(10.4)%	(10.4)%
Net Sales	1,512,885	100.0%	1,297,678	100.0%	16.6%	17.3%

Excluding net sales attributable to the High Sierra® and Hartmann® acquisitions, which were completed during the third quarter of 2012, net sales increased by 12.2%, or 12.8% excluding foreign currency effects, for the nine months ended September 30, 2013 compared to the nine months ended September 30, 2012.

Net Sales by Region

Excluding foreign currency effects, net sales in Asia increased by 14.7% for the nine months ended September 30, 2013 compared to the same period in 2012. US Dollar reported net sales for the Asian region increased by US$61.8 million, or 12.2%. The Group experienced strong constant currency sales growth in its key markets across the region, most notably South Korea (+28.8%), Japan (+17.1%) and India (+14.0%), followed by China (+4.4%).

Net sales in North America increased by US$116.1 million, or 32.6%, for the nine months ended September 30, 2013 compared to the same period in 2012. Excluding foreign currency effects, net sales in North America increased by 32.7%. Excluding net sales attributable to the High Sierra and Hartmann brands, net sales increased by 16.6% for the nine months ended September 30, 2013 compared to the same period in 2012.

Excluding foreign currency effects, net sales in Europe increased by 8.0% for the nine months ended September 30, 2013 compared to the same period in 2012. US Dollar reported net sales for the European region increased by US$31.5 million, or 9.1%. Several countries within the region experienced strong local currency sales growth, most notably Germany (+10.7%), France (+7.4%) and Russia (+32.9%). The Group's business in Italy (-2.5%) and Spain (-4.0%) continued to be negatively impacted by the weak consumer sentiment resulting from the on-going economic challenges in the Southern European countries. Excluding Italy and Spain, net sales for the European region increased by 10.8% excluding foreign currency effects, or 11.6% in US dollars.

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Excluding foreign currency effects, net sales in Latin America increased by 7.4% for the nine months ended September 30, 2013 compared to the same period in 2012. US Dollar reported net sales for the Latin American region increased by US$6.6 million, or 8.1%. Excluding net sales attributable to Argentina, net sales for the Latin American region increased by 10.2% excluding foreign currency effects, or 12.2% in US dollars.

Net sales attributable to the Corporate segment decreased by US$0.8 million, or 10.4%, for the nine months ended September 30, 2013 compared to the same period in 2012.

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

Hong Kong, November 5, 2013

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 Bruce Hardy McLain (Hardy) and Keith Hamill and the Independent Non-Executive Directors are Paul Kenneth Etchells, Miguel Kai Kwun Ko and Ying Yeh.