Puma overcomes “major shifts” in footwear trends
27/07/2018
Footwear continued to be the brand’s main growth driver in the quarter, with revenue from this category increasing 18.4% year on year to €511.1 million. Sales of apparel grew 10.5%, while sales of accessories were 15% higher.
In the first half of 2018, Puma’s total sales were €2.18 billion, 18.3% higher than for the same period of last year. This was led by 22.4% growth in footwear revenue.
During the first six months of the year, Puma’s own retail sales increased by 23.7% to €490 million. This means they represented 22.5% of the group’s total sales. Among the reasons it gave for this was the strong growth of its own ecommerce business.
Upon announcing the results, Bjorn Gulden, Puma CEO, said: “The first six months of the year showed major shifts in product trends and consumer demand, especially for footwear. But we feel that our ‘fast attitude’ and quick reaction time allowed us to continue our growth.”
He added that the group remains confident it will hit its targets for 2018 despite these changes in product trends and what he called “the uncertain business environment caused by volatile currency rates and a difficult global trade environment”.
Image shows Puma brand ambassador Selena Gomez (credit: Puma).
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