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    Kin Shun Ling • Jefferies

    Kin Shun Ling's questions to Samsonite Group SA (SMSEY) leadership

    Kin Shun Ling's questions to Samsonite Group SA (SMSEY) leadership • Q1 2025

    Question

    Kin Shun Ling asked about the strategy for the American Tourister brand, which was down 10%, and inquired about the timing of U.S. wholesale orders for the peak season, given the uncertainty surrounding tariffs.

    Answer

    Executive Kyle Gendreau explained that American Tourister's decline was not due to a flawed strategy but rather cautious ordering from wholesale customers managing tariff uncertainty. He noted the brand was growing in Europe and India and was showing improvement early in Q2. Executive Reza Taleghani added that the brand's heavy reliance on the wholesale channel makes it susceptible to such timing shifts. Regarding U.S. orders, Gendreau confirmed constant communication with wholesale partners to manage timing and pricing, expressing confidence they would be well-positioned for the peak season.

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    Kin Shun Ling's questions to Yum China Holdings Inc (YUMC) leadership

    Kin Shun Ling's questions to Yum China Holdings Inc (YUMC) leadership • Q4 2024

    Question

    Kin Shun Ling (Anne Ling) from Jefferies asked about the trend in ticket average (TA), specifically for KFC, questioning when the negative TA might turn positive given the offsetting strength in transaction count (TC).

    Answer

    CEO Joey Wat clarified that the current ticket average trend is an intentional strategy to drive traffic, which has successfully resulted in eight consecutive quarters of transaction growth while protecting margins. She stated the long-term goal is a balanced approach for a steady TA, noting the Q4 TA of RMB 38 is stable versus Q3 and still above pre-pandemic levels. For the short term, the focus will remain on value to drive traffic with no material changes planned. For Pizza Hut, the strategy is to continue driving the TA down to broaden its mass-market appeal.

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