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TUMI HOLDINGS ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2012

Tumi Holdings, Inc. (NYSE: TUMI), the leading global brand of premium travel, business and lifestyle products and accessories, today announced its financial results for the third quarter ended September 23, 2012.

For the third quarter of 2012:

• Net sales increased 22.3% to $95.9 million from $78.4 million in the third quarter ended September 25, 2011.
• For all Direct-to-Consumer channels, comparable store sales increased 10.9%, following an increase of 23.9% in the third quarter of 2011.
• Direct-to-Consumer North America comparable store sales (including e-commerce sales) increased 10.7%, following an increase of 24.7% in the third quarter of 2011. Excluding e-commerce sales, Direct-to-Consumer North America comparable store sales increased 8.0%, following an increase of 21.4% in the third quarter of 2011.
• Direct-to-Consumer International comparable store sales in local currency increased 21.8% excluding e-commerce sales, and 27.0% including e-commerce sales. In U.S. dollars, Direct-to-Consumer International comparable store sales increased 7.7% excluding e-commerce sales and 12.4% including e-commerce sales.
• Gross profit increased by 22.7% to $55.2 million from $45.0 million in the third quarter of 2011. Gross margin was 57.6% compared to 57.4% in the third quarter of 2011.
• Operating income increased by 42.2% to $17.3 million from $12.1 million in the third quarter of 2011. Operating income margin was 18.0% compared to 15.5% in the third quarter of 2011.
• Net income was $10.5 million, or $0.15 per diluted share based on 67.9 million diluted weighted average common shares outstanding, as compared to $1.6 million, or $0.03 per diluted share based on 52.5 million diluted weighted average common shares outstanding in the third quarter of 2011.
• During the third quarter of 2012, Tumi opened 5 new stores.
• At September 23, 2012, Tumi operated 111 company-owned stores.

Jerome Griffith, Chief Executive Officer, President and Director, commented, “We were extremely pleased with the continued momentum in our business during the third quarter. Our results reflected our ability to capitalize on our market position as an iconic global premium lifestyle brand to broaden our product offering beyond travel related merchandise and to expand into international markets where we are achieving exceptional growth despite difficult market conditions. Our recent successes have increased our conviction that significant long-term opportunities lie ahead.”

For the first nine months ended September 23, 2012:

• Net sales for the first nine months of 2012 increased 21.8% to $271.7 million from $223.0 million in the same period of 2011.
• Gross profit for the first nine months of 2012 increased 23.5% to $155.3 million, or 57.1% as a percentage of net sales, from $125.7 million, or 56.4% as a percentage of net sales in the same period of 2011.
• Operating income increased 21.3% to $42.6 million from $35.1 million in the first nine months of 2011. Excluding the one-time special bonus of $5.5 million, operating income grew 37.0% to $48.1 million, or 17.7% of net sales, compared to $35.1 million, or 15.7% of net sales, in the first nine months of 2011.
• Net income for the first nine months of 2012 was $19.8 million, or $0.32 per diluted share based on 61.6 million diluted weighted average common shares outstanding, as compared to $3.8 million, or $0.07 per diluted share based on 52.5 million diluted weighted average common shares outstanding for the first nine months of 2011.
• Net income before preferred dividend expense (non-cash), a non-GAAP financial measure, which excluded non-cash dividend expense on mandatorily redeemable preferred stock and preferred equity interests of $7.9 million, was $27.7 million or $0.45 per diluted share for the first nine months of 2012. Excluding the aforementioned one-time special bonus expense of $3.1 million after tax, net income before preferred dividend expense (non-cash) was $30.8 million, or $0.50 per diluted share for the first nine months of 2012. In the first nine months of 2011, net income before preferred dividend expense (non-cash) was $21.0 million, or $0.40 per diluted share, which excluded $17.1 million of non-cash dividend expense on mandatorily redeemable preferred stock and preferred equity interests.

Balance Sheet Highlights as of September 23, 2012:

Cash and cash equivalents were $16.4 million compared with $22.0 million as of September 25, 2011. Inventories were $79.3 million compared with $60.9 million as of September 25, 2011. The increase in inventory was primarily due to increased production to support new product introductions and store growth.

Outlook

For fiscal 2012, net sales are expected to be in the range of $395 million to $400 million. This estimate assumes a comparable store sales growth in the mid to high single digit range. Net income is expected to be in the range of $35.0 million to $37.0 million. Diluted earnings per share are expected to be in the range of $0.53 to $0.56 per diluted share. This estimate assumes diluted weighted average common shares outstanding of approximately 63.3 million. Net income before preferred dividend expense (non-cash), a non-GAAP financial measure, which excludes non-cash dividend expense on mandatorily redeemable preferred stock and preferred equity interests, and assuming a normalized 39% tax rate, is expected to be in the range of $42.0 million to $44.0 million. On a diluted earnings per share basis, this represents a range of $0.66 to $0.69 per share. Excluding the aforementioned one-time special bonus expense of $3.1 million after tax, net income before preferred dividend expense (non-cash) is expected to be in the range of $45.0 million to $47.0 million. On a diluted earnings per share basis, this represents a range of $0.70 to $0.73 per share.

Capital expenditures for fiscal 2012 are expected to be in the range of $17.0 million to $20.0 million.

Conference Call

The conference call previously scheduled for 4:30 p.m. ET on Monday, October 29, 2012 has been cancelled due to technical difficulties related to Tropical Storm Sandy. Management's prepared conference call remarks regarding Tumi's third quarter 2012 earnings results will be furnished on Current Report on Form 8-K with the SEC and will be available in the investor relations section of Tumi’s website www.tumi.com.

About Tumi

Tumi is the leading global brand of premium travel, business and lifestyle products and accessories. The brand is sold in approximately 200 stores from New York to Paris to London and Tokyo, as well as in the world’s top department, specialty, and travel retail stores in over 70 countries.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Tumi’s current views with respect to, among other things, future events and performance. These statements may discuss net sales, gross margin, operating expenses, operating income, net income, cash flow, financial condition, impairments, expenditures, growth, strategies, plans, achievements, dividends, capital structure, organizational structure, future store openings, market opportunities and general market and industry conditions. Tumi generally identifies forward-looking statements by words such as “anticipate,” “estimate,” “expect,” “intend,” “project,” “plan,” “predict,” “believe,” “seek,” “continue,” “outlook,” “may,” “might,” “will,” “should,” “can have,” “likely” or the negative version of these words or comparable words. Forward-looking statements are based on beliefs and assumptions made by management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. Forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if management’s underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. These risks and uncertainties include those set forth under “Risk Factors” in Tumi’s filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 25, 2012, filed with the SEC on May 23, 2012. Forward-looking statements speak only as of the date on which they are made. Tumi expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measure

Net income before preferred dividend expense (non-cash) is a non-GAAP financial measure and is defined as net income plus dividend expense on mandatorily redeemable preferred stock and preferred equity interests. Net income before preferred dividend expense (non-cash) is an important supplemental measure for Tumi’s internal reporting, including for its board of directors and management, and is a key measure used to evaluate profitability and operating performance. Net income before preferred dividend expense (non-cash) provides investors and other users of Tumi’s financial information, when viewed in conjunction with its condensed consolidated financial statements, consistency and comparability with Tumi’s past financial performance, facilitates period-to-period comparisons of operating performance and facilitates comparisons with other companies. Tumi uses this metric in conjunction with GAAP operating performance measures as part of its overall assessment of its performance. Undue reliance should not be placed on this measure as Tumi’s only measure of operating performance. Net income before preferred dividend expense (non-cash) should not be viewed as a substitute for net income.

Comparable Store Sales Growth

Comparable store sales are calculated based on Tumi’s company-owned stores that have been open for at least a full calendar year as of the end of Tumi’s annual reporting period. For example, a store opened in October 2011 will not impact the comparable store comparison until January 1, 2013.