Luggage seller Tumi's Q3 net income up tenfold
SOUTH PLAINFIELD, N.J. (AP) — High-end luggage seller Tumi Holdings Inc. said Monday that third-quarter earnings increased nearly tenfold as its sales grew beyond travel merchandise and its overseas markets expanded.
Net income was $10.5 million, or 15 cents per share, in the three months ended Sept. 25. That compares with $1.6 million, or 3 cents per share, a year ago. The number of outstanding shares increased to 67.9 million in the latest quarter from 52.5 million last year.
Sales jumped 22.3 percent, to $95.9 million.
Tumi, known for its premium suitcases and business cases, sells products in more than 70 countries. It became a publicly traded company in April.