The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Anne Ling - Jefferies LLC - Analyst
: Yeah, so a couple of questions here. Kyle, you mentioned just earlier that for year 2024, you expect sales for the full year. So if I deduce that it means
that for 4Q, you're talking about like slightly higher than the mid-single-digit growth, if I'm correct. I just want to confirm that.
And maybe if we are comping for a lower comp of -- in 4Q '23. But maybe you can share with us by different markets, how each of the market has
been performing so far based on what you are seeing.
And you just mentioned also about China that you're seeing some improvement because of the stimulus policy. And what else are you seeing
better volume for your high-end products? Or any information will be interesting. Yeah. Thank you.
Question: Anne Ling - Jefferies LLC - Analyst
: Got it. Thank you. And my second question is regarding the potential trade tariffs and all that. My understanding is that back in year 2018 and '19,
you have already moved most of your product that just definite for US market to other areas outside of China. I think remaining 10%, but if there
is a tariff imposed on even for like the non-US area and on China area of over 10%. What is our strategy? And what do you think that the impact
will be? How do you mitigate this impact in your view?
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NOVEMBER 13, 2024 / 2:00PM, 1910.HK - Q3 2024 Samsonite International SA Earnings Call
Question: Marianne Manzolillo - TPG Angelo Gordon - Analyst
: I actually had a question regarding tariffs as well. Could you just briefly go through then where your products are made?
Question: Chris Gao - CLSA Limited - Analyst
: I have a couple of questions. Firstly is regarding Tumi. So previously, actually, for the -- one of the important businesses that we're expecting an
outperformance of Tumi as both sales margin driver. And this year, definitely we are seeing increasing pressure on Tumi versus Samsonite brand.
And in the third quarter, we can see that the pressure is mainly coming from US. So over the midterm, how could we map out the growth driver
of Tumi? How would you turn around US basically in the short term, while at the same time, your expansion plan of store network meaning in APAC
and Europe, would you continue to do that? And also in terms of the branding investment about advertisement costs, so how would you plan that
out? This is my first question.
And my second question is regarding the dividend policy. So do you still consider improving the dividend payout heading to the midterm in the
year 2024 and 2025? Thank you.
Question: Chris Gao - CLSA Limited - Analyst
: So I just want to quickly confirm if the 7% advertisement expense ratio still unchanged?
Question: Perry Yeung - UBS Investment Bank - Analyst
: It is indeed quite encouraged that we see some improving trend in Q4. So like follow-up question on that note really is on the Indian market
situation. Obviously, we are seeing a very intense competitive pressure. But at the same time, we do notice that the competitor is running at a very
high inventory level and also the EBIT is not doing well, and it is not so much sustainable in terms of such discounting activities.
So I guess my question is in to Q4 do we see some -- at least some stabilization in terms of the India sales performance? I understand management
did mention that it's still under pressure, but I just want to see if there's any sequential improvement?
Question: Perry Yeung - UBS Investment Bank - Analyst
: That's interesting. And I guess my second question is more related to the shareholder return. So obviously, you are actually generating the strong
free cash flow and would the company consider to scale up the buyback program. Obviously, you had a USD200 million program in place. But I'm
just curious as to whether management will consider to scale up the buyback program in the coming months or quarters?
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NOVEMBER 13, 2024 / 2:00PM, 1910.HK - Q3 2024 Samsonite International SA Earnings Call
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