Samsonite Group S.A. — Earnings Release 2014

Apr 22, 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 March 31, 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 March 31, 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 March 31, 2014

The Group's net sales for the three months ended March 31, 2014 increased by US$44.6 million, or 9.6%, to US$511.1 million from US$466.5 million for the three months ended March 31, 2013. Excluding foreign currency effects, consolidated net sales increased by 12.3% compared to the first quarter of 2013. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by 19.1% to US$204.3 million;
• North America – net sales increased by 4.5% to US$147.3 million;
• Europe – net sales increased by 9.8% to US$120.1 million; and
• Latin America – net sales increased by 17.3% to US$37.5 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.

---

The following table sets forth a breakdown of the net sales by region for the three months ended March 31, 2014 and March 31, 2013, both in absolute terms and as a percentage of total net sales.

	Three months ended March 31,				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	204,318	40.0%	178,622	38.3%	14.4%	19.1%
North America	147,320	28.8%	141,636	30.4%	4.0%	4.5%
Europe	120,060	23.5%	108,279	23.2%	10.9%	9.8%
Latin America	37,525	7.3%	35,974	7.7%	4.3%	17.3%
Corporate	1,880	0.4%	2,031	0.4%	(7.4)%	(7.4)%
Net Sales	511,103	100.0%	466,542	100.0%	9.6%	12.3%

Net Sales by Region

Net sales for the Asian region increased by US$25.7 million, or 14.4%, for the three months ended March 31, 2014 compared to the first quarter of 2013. Excluding foreign currency effects, net sales in Asia increased by 19.1%. The key markets of Japan (+28.1%)², India (+33.8%)² and South Korea (+24.6%)² achieved strong sales growth over the previous year. China (+1.1%)² was impacted by the non-repetition of certain business-to-business sales in the previous year as well as the current austerity measures. The Group continued to penetrate the emerging markets within the region with notable year-on-year growth in Thailand (+15.5%)², Indonesia (+33.5%)² and the Philippines (+16.1%)². Net sales growth in Asia continued to be driven by the success of the American Tourister and Samsonite Red brands.

Net sales in North America, which includes the United States and Canada, increased by US$5.7 million, or 4.0%, for the three months ended March 31, 2014 compared to the first quarter of 2013. Excluding foreign currency effects, net sales in North America increased by 4.5%. The year-on-year growth comparison for the first quarter of 2014 was adversely impacted by the timing of certain sales that had occurred during the first quarter of 2013 shifting to the second quarter of 2014. 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 continue to gain additional product placement with its wholesale customers.

In Europe, net sales increased by US$11.8 million, or 10.9%, for the three months ended March 31, 2014 compared to the first quarter of 2013. Excluding foreign currency effects, net sales in Europe increased by 9.8%. Several countries within the region experienced strong local currency sales growth, most notably France (+14.7%)², Russia (+18.8%)² and the United Kingdom (+14.1%)², followed by Germany (+4.8%)². Local currency sales growth in these markets is attributable to positive sell-through of new product introductions. Italy (+10.9%)² and Spain (+5.4%)² both posted solid growth in the first quarter over the previous year as these markets show early signs of stabilization and economic improvement.

² Excluding foreign currency effects.

---

In Latin America, net sales increased by US$1.6 million, or 4.3%, for the three months ended March 31, 2014 compared to the first quarter of 2013. Excluding foreign currency effects, net sales in Latin America increased by 17.3%. Sales growth in the region was driven by the success of the back-to-school season in Chile (+9.6%)², strong sell-through in Mexico (+14.6%)² and the benefits of the direct import and sales model in Brazil (+165.7%)² which are now being realized. Restrictions on imports imposed by the local government in Argentina (-66.4%)² continue to be a challenge. Excluding Argentina, net sales for the Latin American region increased by 8.5%, or 21.5% on a constant currency basis.

Net sales attributable to the Corporate segment, which consists of licensing income, decreased by US$0.2 million, or 7.4%, for the three months ended March 31, 2014 compared to the first quarter of 2013. This decrease is the result of the Group'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, 2014

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.