According to a research report published by Jefferies, Samsonite's adjusted EBITDA and sales performance in the first quarter were lower than expected. The bank lowered the Group's net profit forecast for 2024 to 2026 by 2%, 3% and 3% respectively, and the target price was lowered from HK$36.3 to HK$34.4.
In the second quarter, the bank expects the Group's adjusted EBITDA of US$185 million; profit margin of 19.4%; in local currency, sales growth of 6.3%, with North America, Asia, Europe and Latin America growing by 2.5%, 5.2%, 13%, and 18.2% respectively. For the whole of this year, the bank expects an adjusted EBITDA of US$759 million, with a profit margin of 19.5%, an increase of 0.2 percentage points.