US luggage retailer Tumi plans more stores internationally this year after a solid 2015.
The company reported a net sales increase of 3.9 per cent to US$547.7 million in the year to December 31, or 6.7 per cent on a constant currency basis. Gross profit increased 6.8 per cent to $326.9 million, gross margin rose from 58 per cent to 59.7 per cent and net income was $63 million
CEO and president Jerome Griffith said the company expects sales to increase a further 4 per cent to 6 per cent in the current year, assuming a constant exchange rate.
“We are committed to growing our direct-to-consumer distribution worldwide through store openings, particularly in the international markets, as well as through the expansion of our global eCommerce platform. In 2015, we opened 27 new stores, and expanded our eCommerce platform to 18 countries globally.”
This calendar year, the company expects to open between 15 and 20 stores, with an increasing focus on international markets.
“Finally, we will focus our marketing programs and brand building initiatives on creating a deeper connection with our core customers and on extending our global reach,” said Griffith.
