Tumi reports sales growth in Q2 2015 financial results

By

Obi Anyanwu

Published
Aug 10, 2015

Tumi Holdings, Inc. announced its financial results for second quarter 2015, which ended on June 28th, 2015. The company reported increases across the board in net sales, operating income and net income and opened nine new stores.

 
Tumi’s net sales increased 11.2% to $138.5 million in Q2 2015 compared to $124.6 million in the previous year’s second quarter. Operating income increased to $25.3 million from $19.9 million in the previous year, and net income increased 36.8% to $16.7 million from $12.2 million in the previous year.
 
For the six months ended on June 28, 2015, net sales increased 6.8% to $249 million from $233.2 million in the previous year. Net income increased 13.4% to $23.1 million from $20.4 million in the previous year.

Jerome Griffith, Chief Executive Officer and President, commented, “Our performance was led by strength in our retail business worldwide, as well as the continued momentum in our international wholesale segment. We remain focused on continuing to execute our growth initiatives, including introducing innovative new products and growing our footprint worldwide, driving brand awareness and attracting new consumers to the Tumi brand globally. Overall, we are well positioned to drive sustainable sales and earnings growth over the long term.”
 
The company expects net sales to increase 6 to 9% for fiscal 2015, and it expects to open 20 to 22 new stores for 2015. Tumi currently operates 164 company-owned stores.