Puma Gross sales Rise Barely in Q3, Steering Confirmed

BERLIN – Third quarter gross sales at German sportswear model Puma rose 6 p.c year-on-year to 2.31 billion euros in foreign money adjusted phrases.

At reported charges, gross sales within the three-month interval had been 1.8 p.c decrease, with Puma blaming the stronger euro.

Within the first 9 months, Puma noticed development of 10.6 p.c in foreign money adjusted phrases, and revenues of 6.62 billion euros.

With outcomes barely forward of market expectations, the model’s chief government officer Arne Freundt was cautiously optimistic.

He mentioned that “whereas the market continues to expertise important macroeconomic headwinds and 2023 stays a transition yr, we outgrew the market.” He added that Puma “as soon as once more demonstrated our sustained model momentum and gained market share.”

The sportswear model did essentially the most enterprise in Europe, the Center East and Africa area, the place gross sales rose 9.9 p.c on a foreign money adjusted foundation to hit 1.02 billion euros.

Within the Americas, Q3 revenues rose 2.5 p.c, in foreign money adjusted phrases, to 854.6 million euros.

At reported euro charges, Puma’s income within the Americas declined 8.3 p.c, which the corporate additionally attributed to macroeconomic headwinds.

North America has been a selected focus for the German model, with elevated basketball choices and collaborations with the likes of popstar Rihanna, basketballer LaMelo Ball and, most just lately A$AP Rocky.

In Asia Pacific, Puma’s revenues rose 4.6 p.c in foreign money adjusted phrases to 435.9 million euros. This mirrored the continuing restoration in China, in addition to new development in Japan and India, the corporate famous.

By way of product classes, Puma footwear grew 11.3 p.c in foreign money adjusted phrases to herald 1.22 billion euros. Attire gross sales decreased by half a p.c to 794.6 million euros and equipment dropped 4.2 p.c to herald 301.6 million euros over the third quarter.

Puma’s working revenue additionally fell throughout Q3, lowering 8.3 p.c to 236.3 million euros.

Quarter-on-quarter gross sales momentum is slowing, nonetheless.

Within the first quarter of the yr, the model noticed 14.4 p.c development. Within the second, it noticed 11.1 p.c development. In its assertion, the corporate famous “an more and more difficult geopolitical and macroeconomic surroundings.”

Puma mentioned “the current battle within the Center East, the warfare in Ukraine, persistent inflation and the danger of recession are weighing on shopper sentiment, leading to risky demand within the retail sector,”

Nonetheless, Puma re-confirmed its steerage for the yr. The German model nonetheless expects to see foreign money adjusted gross sales development land within the excessive single-digit proportion vary for the total yr, as initially forecast.