Samsonite Reports Decline in Annual Profit, Misses Market Expectations

Samsonite reported a 16.4% decrease in annual profit to $289 million, falling short of market expectations of $346 million. According to Ming Pao, the company's net sales amounted to $3.498 billion, a 2.5% decline year-on-year. The group declared a final dividend of $0.1009 per share. CEO Kyle Francis Gendreau noted that prior to the outbreak of conflict in the Middle East, the company anticipated growth in net sales for the first quarter of this year at constant exchange rates. However, with the ongoing conflict, sales are now expected to remain largely flat year-on-year. Despite this, Gendreau expressed confidence in achieving quarterly growth within the year. Additionally, Gendreau mentioned that preparations for a dual listing in the United States are progressing, with plans to complete it within the year.