Tumi Holdings (TUMI) Q2 Results & Guidance Falls Short
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Tumi Holdings (NYSE: TUMI) reported Q2 EPS of $0.18, $0.01 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $108.2 million versus the consensus estimate of $114.03 million.
Total comparable store sales for all Direct-to-Consumer channels, including company-owned websites, increased 4.6% compared to an increase of 8.0% in the second quarter of 2012.
Tumi Holdings sees FY2013 EPS of $0.76-$0.82, versus prior guidance of $0.82-$0.86 and the consensus of $0.86.
Outlook
Tumi maintains positive outlook for the year. For fiscal 2013, net sales are expected to increase between 16% and 18%. This compares to our prior outlook of net sales growth between 18% and 20%. Our estimate assumes a comparable store sales growth for the Direct-to-Consumer North America segment in the mid- to high-single digit range and comparable store sales growth for the Direct-to-Consumer International segment in the high single-digit to low double-digit range. Net income in 2013 is expected to increase between 41% and 52%. Our prior outlook for net income growth was between 53% and 59%, which translated to $0.82 to $0.86 per diluted share. Diluted earnings per share are now expected to be in the range of $0.76 to $0.82 per diluted share. This estimate assumes diluted weighted-average common shares outstanding of approximately 67.9 million at an average weighted GAAP tax rate of about 37.5%.
Our estimates include an anticipated increased marketing investment in the fourth quarter and acceleration of our upfront investment in the second half of 2013 in our website redesign and our transition to a more cost effective and improved web services platform.
Capital expenditures for fiscal 2013 are expected to be in the range of $21.0 million to $26.0 million.
For earnings history and earnings-related data on Tumi Holdings (TUMI) click here.
Total comparable store sales for all Direct-to-Consumer channels, including company-owned websites, increased 4.6% compared to an increase of 8.0% in the second quarter of 2012.
Tumi Holdings sees FY2013 EPS of $0.76-$0.82, versus prior guidance of $0.82-$0.86 and the consensus of $0.86.
Outlook
Tumi maintains positive outlook for the year. For fiscal 2013, net sales are expected to increase between 16% and 18%. This compares to our prior outlook of net sales growth between 18% and 20%. Our estimate assumes a comparable store sales growth for the Direct-to-Consumer North America segment in the mid- to high-single digit range and comparable store sales growth for the Direct-to-Consumer International segment in the high single-digit to low double-digit range. Net income in 2013 is expected to increase between 41% and 52%. Our prior outlook for net income growth was between 53% and 59%, which translated to $0.82 to $0.86 per diluted share. Diluted earnings per share are now expected to be in the range of $0.76 to $0.82 per diluted share. This estimate assumes diluted weighted-average common shares outstanding of approximately 67.9 million at an average weighted GAAP tax rate of about 37.5%.
Our estimates include an anticipated increased marketing investment in the fourth quarter and acceleration of our upfront investment in the second half of 2013 in our website redesign and our transition to a more cost effective and improved web services platform.
Capital expenditures for fiscal 2013 are expected to be in the range of $21.0 million to $26.0 million.
For earnings history and earnings-related data on Tumi Holdings (TUMI) click here.
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