Samsonite shares are higher after booking a swing on first-half earnings

Shares in Samsonite International SA 1910,
rose in trading on Thursday after the company reported interim results on Wednesday after the market close.

The luggage maker’s shares rose a whopping 15% to HK$20.60 (US$2.63), for a 26% gain for the year. The stock was last 12% higher.

Samsonite reported a profit of $56.3 million for the first half, compared to a loss of $142.5 million a year earlier.

Net sales rose 59% to $1.27 billion.

“2Q22 revenue and Adjusted EBITDA margin exceeded our estimates for a better-than-expected revenue recovery and operational leverage,” Jefferies analysts said in a research note.

“Following the good performance so far in July and August, the company has raised its revenue guidance for 2022 with a more positive outlook,” the analysts said.

“The recovery trend has been encouraging, with effective cost-saving measures and cash generation initiatives,” Jefferies added.

Jefferies increased its price target to HK$25.41 from HK$23.91 and maintained a Buy rating. Samsonite shares are higher after booking a swing on first-half earnings

Brian Lowry

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