Germany’s Puma said third-quarter sales increased 6 percent currency adjusted to EUR 2.31 billion (USD 2.46 billion), a slowdown in growth compared to the second quarter, with the sportswear giant recording sales growth in all regions, including Asia Pacific.
By region, Puma Asia Pacific sales grew by 4.6 percent to EUR 435.9 million in the third quarter, supported by a “continued trend of recovery” in Greater China, following the market reopening, as well as ongoing growth in Japan and India. That compares to an 11 percent uptick in APAC sales in the second quarter, with growth in the region slashed by more than half in the third quarter.
For the first nine months ending September 30, 2023, Puma APAC sales lifted 18 percent to EUR 1.33 billion, according to the sportswear firm
“While the market continues to experience significant macroeconomic headwinds and 2023 remains a transition year, we outgrew the market with a currency adjusted sales growth of 6 percent and delivered an EBIT of EUR 236 million – both fully in line with expectations,” said Arne Freundt, chief executive officer of Puma.
“We once again demonstrated our sustained brand momentum and gained market share. We remain fully on track to achieve our full-year guidance. In the remainder of the year, we will deliver a lot of exciting product newness to the market and celebrate the biggest brand moments of this year. Our strong partnerships with our retailers, athletes and suppliers, supported by the fastest and most agile team in the industry, were again crucial for our success.”
The earning update coincides with Puma’s new agreement with musician and designer, A$AP Rocky. The company said A$AP Rocky will serve as the creative director for the motorsport category “with a focus on the intersection of the sport and streetwear.”
Puma said Rocky will “focus his energy and efforts on Puma’s new partnership with F1, developing bespoke capsules designed by him, that will influence the brand’s seasonal design directions moving forward.”
The appointment comes after Puma launched a long-term partnership with F1 earlier this year, becoming the exclusive licensee and trackside retailer at all races.
Last month, rival sportswear giant Nike Inc. said first-quarter revenues increased 2 percent to USD 12.9 billion, recording a return to sales growth in Greater China, and a slight uptick in Asia Pacific Latin America sales, as global firms face a slower-than-expected recovery in China and neighbouring Asian markets.