Puma sales step up in third quarter
Puma announced third quarter sales rose a currency-adjusted 23 per cent in Europe, the Middle East and Africa, and 16 per cent in the Americas and 10 per cent in the Asia-Pacific region.
Operating expenses increased by 11 per cent driven by higher marketing, selling and retail expenses. Operating result (EBIT) rises to €101 million from the €60 million last year.
Footwear continued to be the main growth driver and Accessories also increased in double digits, while Apparel grew at a more modest rate.
The gross profit margin improved by 230 basis points from 45.8 per cent to 48.1 per cent in the third quarter. Further improvements in sourcing, higher sales of new products with a higher margin and selective price adjustments helped to improve the gross profit margin despite negative currency impacts.
“The third quarter was another good quarter for us with double-digit growth in all regions and strong growth in all product segments,” said Bjørn Gulden, CEO of PUMA SE. “With gross profit margin exceeding our expectations and a continued focus on operating expenses, we were able to deliver a very positive and better than expected operating result (EBIT).”
Gulden said this development in the third quarter combined with a good orderbook for the fourth quarter made them raise the outlook for the full year.
“We now expect currency adjusted sales to increase between 14 per cent and 16 per cent and the operating result (EBIT) to come in between €235 million and €245 million.”
Puma has also partnered with singer and actress Selena Gomez and said its women’s business was further strengthened through the second Rihanna collection this year, launched in September.
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