Samsonite Group (1910) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales were $872.7 million, down 1.3% to 0.6% year-over-year, but showed sequential improvement from Q2, with all regions and brands improving and positive constant currency growth in late Q3.

• Direct-to-consumer (DTC) net sales grew 3.5% to 4.7%, with e-commerce up over 10% and company stores up 1.1%.

• Gross margin expanded to 59.6%, up 30 basis points year-over-year, driven by favorable mix, DTC strength, and tariff mitigation.

• Non-travel sales rose 6.7% to 7%, now representing 35.6% to 36% of total sales, reflecting strategic focus on this growth area.

• Product innovation and launches, such as the PARALLAX/Paralux collection, and brand recognition awards supported growth.

Financial highlights

• Q3 2025 net sales: $872.7 million, down 1.3% to 0.6% year-over-year; nine months: $2.53 billion, down 4.2%.

• Gross margin: 59.6% in Q3 2025, up 30bps year-over-year.

• Adjusted EBITDA: $142.6 million in Q3 2025, margin 16.3%, down 7.7% year-over-year.

• Operating profit: $139.2 million in Q3 2025, up from $133 million in Q3 2024, aided by a $14.5 million accrual reversal in Belgium.

• Adjusted net income: $63.6 million in Q3 2025, down 20.2% year-over-year.

Outlook and guidance

• Sequential improvement in Q4 net sales expected, supported by strong travel demand, product launches, and increased advertising.

• Ongoing investments in DTC, e-commerce, and non-travel categories to support long-term growth.

• Confident in maintaining strong gross margins through scale and tariff mitigation.

• Preparing for a dual listing in the U.S. in 2026.