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BRIEF-Samsonite International Posts FY Loss Attributable Of $1,277.7 Mln

· 03/17/2021 06:54
BRIEF-Samsonite International Posts FY Loss Attributable Of $1,277.7 Mln

- Samsonite International SA 1910.HK:

  • FY NET SALES $1,536.7 MILLION VERSUS $3,638.8 MILLION

  • FY LOSS ATTRIBUTABLE $1,277.7 MILLION VERSUS PROFIT OF $132.5 MILLION

  • GROUP’S NET SALES DURING FIRST TWO MONTHS OF 2021 ARE DOWN ABOUT BY 53% VERSUS PCP

  • EXPECT TRADING CONDITIONS TO REMAIN DIFFICULT OVER THE NEAR TERM

  • AS A RESULT OF COVID-19, SAW TOTAL NON-CASH IMPAIRMENT CHARGES DURING 2020 OF US$920.3 MILLION

  • IDENTIFIED TOTAL ESTIMATED ANNUALIZED RUN-RATE FIXED COST SAVINGS OF ABOUT $200 MILLION

  • EXPECTS WILL REDUCE ITS FIXED OPERATING EXPENSES IN 2021

  • ENDED 2020 WITH LIQUIDITY OF ABOUT $1.5 BILLION

  • NEGOTIATED EARLY EXITS ON AN ADDITIONAL 34 STORES THAT WILL TAKE EFFECT DURING 2021

  • EXISTING CASH & CASH FLOWS WILL BE ADEQUATE TO MEET FUTURE OPERATING AND CAPITAL REQUIREMENTS AT LEAST THROUGH MARCH 31, 2022

Source text for Eikon: nHKS8s5Yrq

Further company coverage: 1910.HK


(Reuters.Briefs@thomsonreuters.com)