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What: Shares of Tumi Holdings (NYSE:TUMI) were getting banged up today, falling as much as 12% after a disappointing first-quarter earnings report last night. 

So what: The high-end luggage maker missed expectations on both top and bottom lines, turning in a per-share profit of $0.12 as sales 5.5% to $108.6 million. Analysts had expected EPS of $0.17 on revenue of $115.8 million. Addressing the underwhelming performance, CEO Jerome Griffith conceded that sales "got off to a slightly slower start than anticipated," but he noted strengths in the direct-to-consumer channel and said the new Alpha 2 product line was "incredibly well-received by consumers." Total comparable store sales including e-commerce improved 5.3%. 

Now what: Also weighing on the stock was management's decision to lower guidance due to the weak first quarter. It now sees full-year sales increasing 12%-15%, down from its previous projection of 15$-17%, based on assumption of mid-single-digit comparable sales. On the bottom line, it now expects EPS of $0.88-$0.92, down from a previous range of $0.92-$0.96 as it transitions its e-commerce operations in-house. Analysts had expected a sales increase of 16% and EPS of $0.95, but Tumi shares mostly recovered over the course of trading day, down just 3% by late afternoon. While the adjusted outlook is disappointing, there doesn't seem to be anything in today's report indicating long-term weakness.

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Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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