Samsonite Group S.A. — Earnings Release 2014

Nov 3, 2014

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, 2014

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, 2014. 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, 2014

The Group's net sales increased by 18.6% for the three months ended September 30, 2014 compared to the same period in 2013, excluding foreign currency effects. US Dollar reported net sales increased by US$98.1 million, or 18.5%, to US$627.4 million for the third quarter of 2014 from US$529.2 million for the third quarter of 2013. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by 20.1% to US$242.4 million;
• North America – net sales increased by 22.5% to US$198.0 million;
• Europe – net sales increased by 10.9% to US$154.7 million; and
• Latin America – net sales increased by 25.1% to US$30.3 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.

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The following table sets forth a breakdown of the net sales by region for the three months ended September 30, 2014 and September 30, 2013, both in absolute terms and as a percentage of total net sales.

	Three months ended September 30,				2014 vs 2013
	2014		2013
	US$'000	Percentage of net sales	US$'000	Percentage of net sales	% increase (decrease)	% increase (decrease) excluding currency effects
Net sales by region:
Asia	242,390	38.6%	199,041	37.6%	21.8%	20.1%
North America	197,956	31.6%	161,964	30.6%	22.2%	22.5%
Europe	154,744	24.7%	140,735	26.6%	10.0%	10.9%
Latin America	30,315	4.8%	25,583	4.8%	18.5%	25.1%
Corporate	1,950	0.3%	1,913	0.4%	2.0%	2.0%
Net Sales	627,355	100.0%	529,236	100.0%	18.5%	18.6%

Excluding net sales attributable to the Gregory®, Speck® and Lipault® acquisitions, which were completed during 2014, net sales increased by 10.7%, or 10.8% excluding foreign currency effects, for the three months ended September 30, 2014 compared to the third quarter of 2013.

Net Sales by Region

Excluding foreign currency effects, net sales in Asia increased by 20.1% for the three months ended September 30, 2014 compared to the third quarter of 2013. US Dollar reported net sales for the Asian region increased by US$43.3 million, or 21.8%. Excluding net sales attributable to the Gregory acquisition, net sales increased by 18.5% on a constant currency basis for the three months ended September 30, 2014 compared to the third quarter of 2013. The key markets of South Korea (+9.4%)², China (+32.9%)², India (+12.1%)² and Japan (+35.4%)² achieved strong sales growth over the previous year. The Group continued to penetrate the emerging markets within the region with notable year-on-year growth in Taiwan (+39.2%)², Thailand (+11.7%)², Indonesia (+9.2%)² and Philippines (+54.3%)². Net sales growth in Asia continued to be driven by the success of the American Tourister brand and the Samsonite Red sub-brand. 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$36.0 million, or 22.2%, for the three months ended September 30, 2014 compared to the third quarter of 2013. Excluding foreign currency effects, net sales in North America increased by 22.5%. Excluding net sales attributable to the Speck and Gregory acquisitions, net sales increased by 1.8% on a constant currency basis for the three months ended September 30, 2014 compared to the third quarter of 2013. The year-on-year growth for the third quarter of 2014 was negatively impacted by the timing of certain sales that are expected to occur in the fourth quarter of the current year but that had occurred during the third quarter of 2013.

² Excluding foreign currency effects.

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Excluding foreign currency effects, net sales in Europe increased by 10.9% for the three months ended September 30, 2014 compared to the third quarter of 2013. US Dollar reported net sales for the European region increased by US$14.0 million, or 10.0%. Excluding net sales attributable to the Lipault acquisition, net sales increased by 9.2% on a constant currency basis for the three months ended September 30, 2014 compared to the third quarter of 2013. Several countries within the region experienced strong local currency sales growth, most notably the United Kingdom (+13.3%), Germany (+15.5%) and France (+14.3%). The Group's business in Italy (+18.3%) and Spain (+16.6%) continued to improve. Russia (-8.3%) is being negatively impacted by the political unrest in Ukraine. 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.

Excluding foreign currency effects, net sales in Latin America increased by 25.1% for the three months ended September 30, 2014 compared to the third quarter of 2013. US Dollar reported net sales for the Latin American region increased by US$4.7 million, or 18.5%. Chile (+8.8%) experienced robust sales growth as did Mexico (+9.3%). Net sales made in Brazil (+161.2%) continue to benefit from the direct import and sales model implemented in the second half of 2013. The Group's business in Argentina (-45.2%) 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 29.4% excluding foreign currency effects, or 23.5% in US dollars.

Net sales attributable to the Corporate segment, which consists of licensing income, were relatively flat year-on-year.

For the Nine Months Ended September 30, 2014

The Group's net sales increased by 15.5% for the nine months ended September 30, 2014 compared to the same period in 2013, excluding foreign currency effects. US Dollar reported net sales increased by US$219.8 million, or 14.5%, to US$1,732.7 million for the nine months ended September 30, 2014 from US$1,512.9 million for the nine months ended September 30, 2013. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by 18.0% to US$663.8 million;
• North America – net sales increased by 15.5% to US$543.7 million;
• Europe – net sales increased by 10.5% to US$421.6 million; and
• Latin America – net sales increased by 21.8% to US$97.3 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, 2014 and September 30, 2013, both in absolute terms and as a percentage of total net sales.

Net sales by region:	Nine months ended September 30,				2014 vs 2013
	2014		2013
	US$’000	Percentage of net sales	US$’000	Percentage of net sales	% increase (decrease)	% increase (decrease) excluding currency effects
Asia	663,771	38.3%	569,205	37.6%	16.6%	18.0%
North America	543,728	31.4%	472,433	31.2%	15.1%	15.5%
Europe	421,555	24.3%	377,486	25.0%	11.7%	10.5%
Latin America	97,281	5.6%	87,089	5.8%	11.7%	21.8%
Corporate	6,341	0.4%	6,672	0.4%	(5.0)%	(5.0)%
Net Sales	1,732,676	100.0%	1,512,885	100.0%	14.5%	15.5%

Excluding net sales attributable to the Gregory®, Speck® and Lipault® acquisitions, which were completed during 2014, net sales increased by 11.0%, or 11.9% excluding foreign currency effects, for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013.

Net Sales by Region

Excluding foreign currency effects, net sales in Asia increased by 18.0% for the nine months ended September 30, 2014 compared to the same period in 2013. US Dollar reported net sales for the Asian region increased by US$94.6 million, or 16.6%. Excluding net sales attributable to the Gregory acquisition, net sales increased by 17.4% on a constant currency basis for the nine months ended September 30, 2014 compared to the same period in 2013. The Group experienced strong constant currency sales growth in its key markets across the region, most notably South Korea (+12.7%²), Japan (+27.6%²), India (+20.7%²) and China (+17.1%²).

Net sales in North America increased by US$71.3 million, or 15.1%, for the nine months ended September 30, 2014 compared to the same period in 2013. Excluding foreign currency effects, net sales in North America increased by 15.5%. Excluding net sales attributable to the Speck and Gregory acquisitions, net sales increased by 6.1% on a constant currency basis for the nine months ended September 30, 2014 compared to the same period in 2013.

Excluding foreign currency effects, net sales in Europe increased by 10.5% for the nine months ended September 30, 2014 compared to the same period in 2013. US Dollar reported net sales for the European region increased by US$44.1 million, or 11.7%. Excluding net sales attributable to the Lipault acquisition, net sales increased by 9.4% on a constant currency basis for the nine months ended September 30, 2014 compared to the same period in 2013. Several countries within the region experienced strong local currency sales growth, most notably Germany (+9.4%²) and France (+12.2%²). The Group's business in Italy (+15.1%²) and Spain (+13.5%²) continued to improve. Russia (+2.8%²) is being negatively impacted by the political unrest in Ukraine.

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Excluding foreign currency effects, net sales in Latin America increased by 21.8% for the nine months ended September 30, 2014 compared to the same period in 2013. US Dollar reported net sales for the Latin American region increased by US$10.2 million, or 11.7%. The Group experienced strong net sales growth in Chile (+9.8%), Mexico (+11.9%) and Brazil (+201.7%), which was partially offset by Argentina (-55.3%). Excluding net sales attributable to Argentina, net sales for the Latin American region increased by 26.2% excluding foreign currency effects, or 16.4% in US dollars.

Net sales attributable to the Corporate segment decreased by US$0.3 million, or 5.0%, for the nine months ended September 30, 2014 compared to the same period in 2013.

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

Hong Kong, November 3, 2014

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

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