Samsonite Group S.A. — Earnings Release 2013

Apr 22, 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 March 31, 2013

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 March 31, 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 March 31, 2013

The Company's net sales for the three months ended March 31, 2013 increased by US$62.8 million, or 15.6%, to US$466.5 million from US$403.7 million for the three months ended March 31, 2012. Excluding foreign currency effects, consolidated net sales increased by 16.0% compared to the first quarter of 2012. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by 16.6% to US$178.6 million;
• North America – net sales increased by 28.4% to US$141.6 million;
• Europe – net sales increased by 5.3% to US$108.3 million; and

• Latin America – net sales increased by 7.6% to US$36.0 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 March 31, 2013 and March 31, 2012, both in absolute terms and as a percentage of total net sales.

	Three months ended March 31,				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	178,622	38.3%	155,254	38.5%	15.1%	16.6%
North America	141,636	30.4%	110,348	27.3%	28.4%	28.4%
Europe	108,279	23.2%	103,105	25.5%	5.0%	5.3%
Latin America	35,974	7.7%	32,633	8.1%	10.2%	7.6%
Corporate	2,031	0.4%	2,381	0.6%	(14.7)%	(14.7)%
Net Sales	466,542	100.0%	403,721	100.0%	15.6%	16.0%

Excluding net sales attributable to the 2012 High Sierra® and Hartmann® acquisitions, net sales increased by 11.1%, or 11.6% excluding foreign currency effects, for the three months ended March 31, 2013 compared to the first quarter of 2012.

Net Sales by Region

Net sales for the Asian region increased by US$23.4 million, or 15.1%, for the three months ended March 31, 2013 compared to the first quarter of 2012. Excluding foreign currency effects, net sales in Asia increased by 16.6%. The key markets of China (+15.2%)², Japan (+16.5%)² and South Korea (+40.3%)² achieved strong sales growth over the previous year, while India (+3.4%)² was negatively impacted by weak consumer sentiment. The Company continued to penetrate the emerging markets within the region with notable year-on-year growth in Taiwan (+59.7%)², Thailand (+38.9%)², Indonesia (+31.8%)² and Philippines (+19.9%)². 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.

Net sales in North America, which includes the United States and Canada, increased by US$31.3 million, or 28.4%, for the three months ended March 31, 2013 compared to the first quarter of 2012. Excluding net sales attributable to High Sierra and Hartmann, net sales increased by 12.1% for the three months ended March 31, 2013 compared to the first quarter of 2012. The Company's success in North America continues to be driven by strong consumer demand for the Company's products, which has allowed it to continue to gain additional product placement with its wholesale customers. There was robust sales growth through both the wholesale and retail channels as the Company continues to gain additional market share within the region.

² Excluding foreign currency effects.

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In Europe, net sales increased by US$5.2 million, or 5.0%, for the three months ended March 31, 2013 compared to the first quarter of 2012. Excluding foreign currency effects, net sales in Europe increased by 5.3%. Several countries within the region experienced strong local currency sales growth, most notably Germany (+22.3%), Russia (+41.3%) and the United Kingdom (+8.0%). Local currency sales growth in these markets is attributable to positive sell-through of new product introductions, including a new Cosmolite line that is manufactured using the Curv material and process. The Company's business in certain Southern European markets continues to be negatively impacted by the economic challenges within the region affecting consumer sentiment, particularly in markets such as Italy (-7.1%) and Spain (-10.8%). Excluding Italy and Spain, net sales for the European region increased by 9.4% on a constant currency basis.

In Latin America, net sales increased by US$3.3 million, or 10.2%, for the three months ended March 31, 2013 compared to the first quarter of 2012. Excluding foreign currency effects, net sales in Latin America increased by 7.6%. Sales growth in the region was driven by the success of the back-to-school season in Chile (+12.8%). Restrictions on imports imposed by the local government in Argentina (-25.9%) continue to be a challenge. Excluding Argentina, net sales for the Latin American region increased by 14.3%, or 10.6% on a constant currency basis.

Net sales attributable to the Corporate segment, which consists of licensing income, decreased by US$0.3 million, or 14.7%, for the three months ended March 31, 2013 compared to the first quarter of 2012. 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.

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

Hong Kong, April 22, 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 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.