Whalesbook
Safari Industries reported a 16.5% year-on-year revenue growth, driven by stable pricing and volume increases, benefiting from reduced e-commerce discounting. Gross margins improved due to lower discounts and raw material costs, although operating margins saw a sequential dip from higher employee and advertising expenses. The company has identified key levers for future margin enhancement, including increased in-house hard luggage production and backward integration into components. Long-term demand for branded luggage remains robust, supported by favorable demographics and growing travel budgets.