Specialty printing services company Tumi Holdings Inc. (TUMI) Tuesday reported first-quarter net income of $2.9 million or $0.06 per share, compared with net loss of $0.1 million or $0.01 per share last year.
Excluding preferred dividend expense, earnings for the quarter were $9.2 million or $0.17 per share, compared to earnings of $5.6 million or $0.11 per share last year.
Net sales for the quarter grew 21.4% to $80.0 million from $65.9 million last year.
During the first quarter 2012, Tumi opened 4 new stores and closed 2. At March 25, 2012, Tumi operated 99 company-owned stores.
Looking ahead to fiscal 2012, Tumi expects net income of $30 million to $32 million or $0.47 to $0.50 per share; and adjusted earnings of $41 million to $43 million, or $0.64 to $0.67 per share. Tumi expects full year sales of $385 million to $390 million.
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