NEW YORK — Tumi Holdings Inc.’s second-quarter profits jumped 182 percent on the back of stronger-than-expected sales, giving the luxe firm’s stock a needed kick.
Net income rose to $6.5 million, or 10 cents a share, from $2.3 million, or 4 cents, a year earlier. Excluding a noncash dividend expense, earnings met analysts’ estimates of 13 cents a share.
Sales for the three months ended June 24 increased 21.8 percent to $95.8 million from $78.7 million. Analysts projected lesser sales of $92.9 million.
In North America, Tumi logged sales of $41.9 million directly to consumers and $23.6 million to wholesale partners. Elsewhere in the world, sales to wholesale clients tallied $26.4 million, while direct-to-consumer sales totaled $3.9 million.
Jerome Griffith, chief executive officer and president, said the company’s momentum showed it can capitalize on its brand “to broaden our product offering beyond travel related merchandise and to expand into international markets where we are achieving exceptional growth despite difficult market conditions.”
The results drove Tumi’s stock higher. After gaining 3.1 percent in Monday’s regular session, the stock rose another 2.9 percent to $19.05 in after hours trading. The stock bowed at $18 in April and traded as high as $28.70 before falling below its offer price.
This is the South Plainfield, N.J., firm’s second quarter as a public company.