Puma Q4 sales rise 11.7 percent

Thursday, 14 February 2013
Puma’s fourth quarter 2012 consolidated sales have risen by 11.7 percent in euro terms to 804,7 million euros (1072.83 million dollars). For the same period last year it was 720,5 million euros (960.57 million dollars). Gross profit margin declined to 44.6 percent due to inventory clearance. EBIT before special items fell slightly to 42.8 million euros (57.06 million dollars). Net earnings were 42.6 million euros (56.77 million dollars). Puma delivered a strong sales performance in the fourth quarter of 2012 boosted by double digit sales growth in Asia and North America. All of Puma’s product segments grew in the fourth quarter of 2012. Footwear was up by 8.6 percent. Apparel climbed by 15.2 percent. Accessories rose by 12.3 percent while e-commerce sales rose by 23.4 percent over the same period. The fourth quarter gross profit margin declined from 46.7 percent to 44.6 percent.

Strong performances in Asia and North America gave impetus to Puma’s fourth quarter sales growth. While Puma’s sales increased in all regions, performance in the Asia/Pacific region was exceptionally satisfactory during the fourth quarter. Sales rose by 16.2 percent to 246.7 million euros (328.75 million dollars). The retail business increased by a significant 23 percent with the company operating 60 additional stores when compared to the fourth quarter of last year.

Puma’s full year consolidated sales rose by 8.7 percent in euro terms to just under 3.3 Billion euros (4.40 million dollars). Gross profit margin abated to 48.3 percent. EBIT before special items softened by 12.8 percent. EPS amounted to 4.69 euros (6.25 dollar) after 15.36 euros (20.48 dollar) last year. In terms of segments, footwear grew 3.6 percent. Apparel rose by 11.2 percent while accessories posted an impressive 20.7 percent increase.

While sales in EMEA softened by 0.8 percent due to a weaker performance in western Europe, there were strong performances in Germany, Russia and Turkey in 2012. The Americas delivered a satisfying performance, including North America, Mexico and Argentina, increasing in euro terms by 16.6 percent. Asia/Pacific was equally strong, rising by 15.3 percent, supported by good numbers in Japan and India in particular.

Management expects 2013 sales unchanged from the 2012 level. It envisages an increase in EBIT before special items of low- to mid-single digits and a significant improvement of net earnings.

“Despite a continuously challenging market environment, particularly in Europe, Puma delivered a strong sales performance in the fourth quarter, enabling us to meet our sales projections for the full year of 2012,” said Franz Koch, CEO. “We will continue with the implementation of all measures throughout 2013 to improve the company’s profitability.”

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