German sportswear giant Puma clocked an 11 percent sales increase to EUR 2.12 billion (USD 2.36 billion) for the second quarter, driven by strong growth in EMEA and APAC, including Greater China.
By region, APAC sales surged 24 percent to EUR 413.3 million, supported by a continued trend of recovery in Greater China after the market reopened, while EMEA grew 25 percent to EUR 846 million.
Puma’s largest market, the Americas, dropped 4 percent to EUR 861.5 million.
By category, sales in footwear were up 18 percent, driven by continued strong demand for its football, basketball and performance running categories as well as for sportstyle. Sales in apparel grew by 4 percent, and accessories were up by 3.3 percent.
The operating result decreased by 21 percent to EUR 115.3 million, mainly due to an unfavorable gross profit margin. Consequently, net income decreased by 34.7 percent to EUR 55 million, and earnings per share amounted to EUR 0.37.
“On the back of our second-quarter results, we are perfectly on track to achieve our full-year outlook in the transition year 2023. Puma continued to grow by double-digits, demonstrating continued strong brand momentum, despite the volatile environment. As the best partner for wholesale, we worked together with our retailers through elevated inventory levels in the market and successfully normalized our own inventory levels as planned,” said Arne Freundt, chief executive officer of Puma.
“Our strategic priorities brand elevation, winning in the U.S. and China are key for Puma’s future growth trajectory. We are making good progress on all levels and with the announcement of new leaderships for global marketing and mainland China, we have put the required organizational foundation in place.”
Coinciding with the earnings update, Puma said it has extended the contract of Hubert Hinterseher as chief financial officer until end of 2027. Hinterseher has been a member of the management board and CFO of Puma since June 2021.