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Sports retailer Puma nine months' sales decline 2.5%
Nov '13
PUMA reported results for the third quarter and for the nine months of 2013.

2013 Third Quarter Facts

- Consolidated sales decline by 1.4% currency adjusted to € 813 million
- Further improvement in operating expenses, down 8% in the quarter, however not fully offsetting lower sales and gross profit decline
- EBIT before special items down to € 80 million
- EPS climbs from € 0.81 to € 3.53, due to impact from special items in Q3 2012
- Further improvement in working capital during third quarter, leading to an increase in the free cash flow

2013 First Nine Months Facts

- Consolidated sales decline by 2.5% currency adjusted to € 2.3 billion
- Gross profit margin below last year at 47.5%
- OPEX continually reduced throughout the year, in line with the ongoing Transformation and Cost Reduction Program
- Net Earnings up from € 113 million in 2012 to € 121 million in 2013
- EPS rises from € 7.53 last year to € 8.07 this year

Special items announced

- Special items of approximately € 130 million (one-off charges, primarily non cash) expected to be booked in the fourth quarter of 2013

Key Sales Figures at a Glance

Bjoern Gulden, Chief Executive Officer of PUMA SE: “Sales and profitability for the third quarter developed as expected. Analyses have shown the need for further, mainly non-cash, one-off charges. Special items of around € 130 million are therefore expected to be booked in the fourth quarter.

"We know that our business is currently in a difficult position with challenging sell-throughs, sub-optimal distribution and low brand heat. But we also know that PUMA is an amazing brand with a great history, global awareness, fantastic logos, great assets and talented people. I am therefore convinced that – although it will take some time – we will turn this business around and make ‘the cat’ shine again.”

Sales Performance by Region

PUMA’s sales performance in the third quarter of 2013 was in line with full year guidance. Consolidated sales softened by 1.4% currency adjusted in the quarter. In Euro terms, sales declined by 8.9% from € 892 million to € 813 million due to the continuing currency volatility generated by several countries.

EEMEA and UK continue to grow

Third-quarter EMEA sales declined by 1.7% currency adjusted to € 378 million, as the business climate in Western Europe continued to be challenging. However, PUMA performed well in the UK, primarily due to strong sales of our Lifestyle and women’s fitness ranges.

Despite these improved figures, poor consumer sentiment and depressed household spending across much of Europe, particularly in southern countries, outweighed the increases. There was, however, another encouraging performance in the Eastern European region.

Sales in the Americas were up by 0.7% currency adjusted to € 261 million in the third quarter of 2013. PUMA developed positively in North America and Argentina.

The Asia/Pacific region was weak across nearly every country in the third quarter, falling by 3.7% currency adjusted to € 174 million. The only exception was India, which delivered an encouraging performance with increased sales in the Running and Lifestyle categories.

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