Tumi Holdings Inc. posted third-quarter double-digit percent gains for both net income and net sales.
For the three months ended Sept. 29, net income rose 15.4 percent to $13.9 million, or 21 cents a diluted share, from $12.1 million, or 18 cents, a year ago. Net sales rose 19.5 percent to $130.2 million from $108.9 million, with comparable-store sales up 6.4 percent at its North American retail stores. Including e-commerce sales, comps rose 11.2 percent.
Jerome Griffith, president and chief executive officer, said that third-quarter results “reflect continued momentum in the brand,” but warned about a “difficult retail environment entering the fourth quarter.”
The company said that for fiscal 2014, it “continues to expect net sales to increase between 12 percent and 15 percent for the full year, but expects the sales increase to be closer to the lower end of this range due to reduced traffic in stores during the first few weeks of October.”
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