HK-listed Samsonite hits over 8-month high on improving sales trend

Samsonite SA

13/11/2020 03:06

** Shares of luggage group Samsonite International S.A.
 1910.HK  rise as much as 8.7% to HK$11.96, their highest since
March 6, on track for a fourth consecutive session of gains
    ** Co says its sales showed signs of improvement with net
sales in Oct declining 58%, as compared with 60.4% drop in the
prior month. Sales slumped 63.3% in August and 69.8% in July
 urn:newsml:reuters.com:*:nASA01E6C
    ** It swings to $110.7 mln net loss in Q3 from $53 mln
profit the same period a year ago with net sales down 64.6%
on-year to $326.6 mln during the quarter  urn:newsml:reuters.com:*:nFWN2HY118
    ** Brokerage Nomura upgrades Samsonite to "buy" from
"neutral" and lifts TP to HK$14.4 from HK$6 due to successful
cost savings with improving sales
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
rises 0.9%, while the benchmark index  .HSI  slides 0.3%
    ** As of last close, stock down 41.2% this year 

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)