PUMA reported results for the fourth quarter and full year.
2012 Fourth Quarter Highlights
•PUMA's consolidated sales climb by 11.7% in Euro terms to € 804.7 million.
•Gross profit margin declines to 44.6% due to inventory clearance.
•EBIT before special items falls slightly to € 42.8 million.
•Special items of € 98.2 million booked in the quarter.
•Net earnings come in at € -42.6 million, impacted by special items.
2012 Full Year Highlights
•PUMA's full year consolidated sales rise by 8.7% in Euro terms to just under € 3.3 billion.
•Gross profit margin abates to 48.3%.
•EBIT before special items softens by 12.8% to € 290.7 million.
•Special items of € 177.5 million caused by Transformation and Cost Reduction Program, Spain Arbitration and restructuring of businesses in Greece, Cyprus and Bulgaria.
•EBIT including special items totals € 113.2 million.
•EPS amount to € 4.69 after € 15.36 last year.
Outlook for the Financial Year 2013
•Transition Period defined within our strategy extended into 2013
•Launch of "The Nature of Performance" brand platform and new product innovations to revitalize Performance categories
•Management expects 2013 sales unchanged from the 2012 level
•Management 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 of PUMA SE. "We have completed defining the scope of PUMA's Transformation and Cost Reduction Program, and will continue with the implementation of all measures throughout 2013 to improve the company's profitability. I want to reiterate that it is not our priority to push for sales growth at any cost, but instead focus on improving desirability for the PUMA brand."
Strong performances in Asia and North America give impetus to PUMA's Fourth Quarter Sales Growth
PUMA delivered a strong sales performance in the fourth quarter of 2012. Boosted by double-digit sales growth in Asia and North America, PUMA's consolidated sales increased by nearly 12% in Euro terms or 8.7% currency adjusted to € 804.7 million from October 1 to December 31. The numbers were supported by the performance of Cobra PUMA Golf, with its products resonating exceptionally well with consumers.