Puma announces First Quarter results for 2014. Puma reports stable currency adjusted sales of € 726 million, also OPEX improves but reduced by 3.8% to € 298 million, EBIT at € 59 million, Continued balance sheet focus results in further working capital improvement.
Sales performance in line
PUMA’s first quarter sales performance in 2014 was in line with our expectations. Currency adjusted sales declined slightly by 0.5% to € 726 million. This represents a decrease in reported terms of 7.1%, as currency volatility in Russia, Turkey, North America, Latin America, India and Japan had a negative impact on sales in Euro terms.
Improved performance in EMEA
Sales rose by 0.3% currency adjusted to € 337 million in the EMEA region. Russia, Turkey and the United Kingdom continued to deliver strong performances in the first quarter of 2014, which offset declines in Scandinavia and France, where wholesale revenues remained weak.
Sales in the Americas declined by 0.5% currency adjusted to € 235 million. Sales in North America improved slightly, while we recorded mixed sales performances within Latin America with improvements in Chile and Argentina and a major decline in Brazil.
Asia/Pacific sales decreased by 2.1% currency adjusted to € 153 million. Sales in China were up slightly, but business in Oceania decreased. Japan also declined, impacted by weaker sales in the Golf category.
Key Sales Figures at a Glance
Bjørn Gulden, Chief Executive Officer of PUMA said, “PUMA’s currency adjusted sales and operating margin for the first quarter were in line with our expectations – yet negatively impacted by adverse currency affects. During the quarter, we continued to make progress towards our mission to become the Fastest Sports Brand in the world and achieved all our key project milestones in this pursuit. We know that the repositioning of PUMA and the turnaround of the business will take time, but I am convinced that we are progressing well on all our key strategic priorities and that we have initiated the right projects to make 2014 the start of the turnaround.”