Dustin Wei's questions to Samsonite Group SA (SMSEY) leadership • Q1 2025
Question
Dustin Wei of Morgan Stanley inquired about Q2 sales trends, asking if there was evidence of order pull-forward in North America and whether weakness in Asia was broad-based. He also asked if the Q2 EBITDA margin would improve sequentially and year-over-year.
Answer
CEO Kyle Gendreau stated there has been no significant sales pull-forward; rather, wholesalers are waiting for tariff clarity, potentially creating pent-up demand. He confirmed Asian market sentiment is broadly soft but highlighted specific trends like India's recovery and Korea's drag. Both Gendreau and CFO Reza Taleghani confirmed that Q2 EBITDA margin is expected to improve sequentially from Q1, consistent with normal seasonality and higher sales volumes.