After the bell Tuesday, Tumi Holdings (NYSE:TUMI) posted first-quarter earnings of $2.9 million, compared to a loss of $100,000 for the same period last year. Quarterly sales jumped 21.4% to $80 million over $65.9 million in 2011. Adjusted EPS came in at 17 cents, up from 11 cents in 2011.
Investors were not impressed with the results, and TUMI shares dropped about 5% in Wednesday afternoon trading.
The travel product company’s gross margin was 56.7% for the quarter, up slightly from 56.3% last year.
Tumi added four new stores and closed two existing stores during the quarter, bringing the company’s total to 99 stores.
The company reported $30.5 million in available cash, down from $32.7 million at the end of last year. Inventories increased to $63.1 million, up from $60.5 million at the end of last year and higher than at the same time in 2011.
Company officials estimate full year sales of between $385 million and $390 million, based on same-store sales growth of mid-single digits. The company forecasts profits in a range of $30 million to $32 million for the year, with adjusted EPS between 47 and 50 cents.