Brief: Samsonite International Posts FY Loss Attributable Of $1,277.7 Mln

Samsonite SA

17/03/2021 10:54

March 17 (Reuters) - 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:  urn:newsml:reuters.com:*:nHKS8s5Yrq
Further company coverage:  1910.HK 

 (Reuters.Briefs@thomsonreuters.com)