, Hong Kong

Samsonite's earnings climbed 15.4% to USD287m

Thanks to its strong market in North America and Asia.

According to Maybank Kim Eng, Samsonite's FY12 results were in-line with its expectation, with adjusted NP/EBITDA up by 22.2%/15.4% YoY, respectively, to USD167m/287m(25.4%/19.7% in local currency term), on the back of revenue growth of 13.2% YoY (16.8% in local currency term). 

Here's more:

Adjusted EBITDA margin improved by 30bps YoY to 16.2%.

Major positives are i) Key markets such as North America, Japan, South Korea and China posted satisfactory revenue growth thanks to well-received localized marketing campaigns and country-specific product launches; ii) A&P to sales ratio was down by 1.2ppt YoY due to enhanced marketing efficiency and reallocation of resources across different regions; iii) operating cash inflow improved significantly from USD65m in FY11 to USD203m in FY12. 

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