The travel luggage-retailer, Samsonite is facing unprecedented challenges, with net global sales plunging by eighty percent last month. The group recorded year-on-year net sales decreases of 8.2 per cent, 14.9 per cent and 55 per cent respectively in January, February and March as all around the world airlines grounded fleets and countries closed their borders to contain the spread of the coronavirus.
“This substantial liquidity position, along with the aggressive cost-reduction initiatives as well as other actions to preserve cash that we have implemented and will continue to pursue, will provide us with sufficient capacity to navigate the current headwinds from the Covid-19 pandemic as well as a prolonged downturn,” said Gendreau.
“While our company-operated retail stores in certain markets in Asia and throughout Europe, North America and Latin America remain temporarily closed, daily activities have begun to slowly return to normal in some markets, most notably China, and we are hopeful that other markets will follow in the coming months.”
