Puma: Q3 sales increase 5 percent, reiterates outlook

Currency-adjusted sales at Puma were up 5 percent to 2,308.2 million euros in the third quarter, with growth supported by all three regions: Americas, Asia/Pacific and EMEA. Sales in euro terms remained flat at 2,308 million euros.

Reiterating its outlook for the financial year 2024 of mid-single-digit currency-adjusted sales growth and an operating result (EBIT) in the range of 620 million euros to 670 million euros, Puma continues to expect net income to change in 2024 in line with the operating result.

Commenting on the financial results, Arne Freundt, chief executive officer of Puma SE said: “With accelerated sales growth in Q3 and EBIT meeting expectations as well as a strong order book for Q4, we're on track to meet our full-year 2024 outlook.”

Puma’s Q3 performance across core markets

The company said, sales in the Americas region increased by 11.4 percent to 872.2 million euros, with the US and Latin America contributing to the growth.

The Asia/Pacific region recorded sales growth of 3 percent to 430.4 million euros, showing a sequential improvement despite softer consumer demand in Greater China.

In the EMEA region, sales increased by 0.8 percent to 1,005.5 million euros, driven by continued growth in Europe, which was partially offset by a decline in EEMEA due to muted consumer sentiment in the Middle East and a strong prior year quarter.

Puma’s wholesale business improved by 1.5 percent to 1,728.2 million euros and direct-to-consumer (DTC) business grew by 17 percent to 580 million euros. Sales in the company-owned & operated retail stores increased 12.8 percent and e-commerce increased 26.4 percent.

Sales in footwear increased by 9.3 percent to 1,240.3 million euros, driven by growth in performance, led by football and running, and in sportstyle, led by core and kids. Sales in accessories grew by 2.9 percent to 304.2 million euros, while apparel decreased by 0.7 percent to 763.6 million euros.

The gross profit margin improved by 80 basis points to 47.9 percent, EBIT increased by 0.3 percent to 237 million euros, the financial result amounted to negative 46.7 million euros and net income decreased by 3 percent to 127.8 million euros, while earnings per share amounted to 0.86 euros.

Review of Puma’s nine month results

Sales during the year-to-date nine month period increased by 2.6 percent to 6,527.8 million euros, with currency headwinds having a negative impact on sales in euro terms, down 1.4 percent reported.

The Americas region saw a sales increase of 7.2 percent to 2,549.7 million euros, followed by the Asia/Pacific region with a sales increase of 1.8 percent to 1,298.9 million euros, while sales in the EMEA region declined by 1.1 percent to 2,679.2 million euros.

Puma’s wholesale business declined by 1.5 percent to 4,866 million euros and direct-to-consumer (DTC) business increased by 16.8 percent to 1,661.8 million euros. Sales in the company-owned & operated retail stores grew 14.8 percent and e-commerce increased 20.7 percent.

Among product divisions, sales in footwear increased by 4.2 percent to 3,518.8 million euros and apparel grew by 1.9 percent to 2,077.4 million euros, while accessories decreased by 1.8 percent to 931.7 million euros.

The gross profit margin increased by 130 basis points to 47.4 percent, EBIT decreased by 2.7 percent to 513.2 million euros, the financial result decreased to negative 116.2 million euros and net income decreased by 15.4 percent to 257.1 million euros, while earnings per share declined to 1.72 euros.