Wealth effect evident at Tumi
Affluent shoppers feeling better about their personal balance sheets helped global luxury brand Tumi grow total sales by 12.9%, same store sales by 4.6% and double profits in the second quarter ended June 24.
Best known for its expensive luggage, Tumi said sales total $108.2 million during the period and profits increased to $11.2 million, or 16 cents a share, compared to profits of $6.5 million, or 10 cents a share in the same period the prior year.
“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,” said Tumi CEO Jerome Griffith. “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.”
Griffith said the company has a strong pipeline of store openings in favorable markets as it continues to capitalize of Tumi’s status as a premium lifestyle brand.
Sold in high end department stores and specialty stores worldwide, Tumi also operates a network of 200 stores.