Puma proves resilient in Q1
Puma’s global branded sales, including consolidated and license sales, rose 0.5% on a currency-neutral basis. In reporting terms, branded sales reached €741.2 million ($1.14 billion) compared with €762.1 million as a result of the strong euro. First quarter net earnings were €90.1 million compared with €96.6 million last year.
Accessories sales rose 36% to €90.1 million, however, apparel sales were almost level with last year’s first quarter sales at €246.9 million and footwear sales were down 4.6% to €404.1 million.
Sales in the EMEA region increased 9.7% on a currency-neutral basis to €391.1 million compared with €360.9 million last year, with growth in all categories. The region now represents 58.1% of consolidated sales. However, sales in the Americas fell 5.6% to €148.7 million. The Asia/Pacific region reported the strongest growth with solid performance in all categories. Sales increased 13.3% currency neutral to €133.5 million. The total region accounts for 19.8% of sales.
CEO, Jochen Zeitz, said: “In the midst of an overall economic environment that continues to be challenging, Puma has shown resiliency in both growth and desirability. Despite a difficult 2008 outlook, we will continue to invest in our planned initiatives to capitalise on major opportunities with global sporting events and fully maximise Puma’s long-term potential.”
