Tumi Holdings Earnings: Here’s Why Investors are Not Excited Now
Tumi Holdings (NYSE:TUMI) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 18%.
Tumi Holdings Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were the same at $0.18 in the quarter as EPS of $0.18 in the year-earlier quarter.
Revenue: Rose 12.92% to $108.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tumi Holdings reported adjusted EPS income of $0.18 per share. By that measure, the company missed the mean analyst estimate of $0.19. It missed the average revenue estimate of $114.03 million.
Quoting Management: Jerome Griffith, Chief Executive Officer, President and Director, commented, “Our global expansion continued to progress nicely in the second quarter, and we are proud of our year-to-date performance at the halfway point in 2013. While our domestic store traffic slowed modestly in the second quarter, our new stores, e-commerce business, wholesale volume, and new product initiatives in the women’s and accessories categories all continued to show strong momentum in the quarter. In our international business, Europe continued to perform very well as did the Middle East and most of Asia. Looking out to the second half of the year, we have a strong pipeline of store openings in favorable markets. We continue to make strides in capitalizing on Tumi’s global status as an iconic premium lifestyle brand, and we remain focused on, and confident in, our long-term growth opportunities in 2013 and beyond.”
Key Stats (on next page)…