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Q1 sales growth ahead of expectations: Puma
May '15
For the first quarter ended March 31, 2015, sales growth was slightly ahead of expectations at the German footwear and sportswear marketer Puma.

Puma said its currency-adjusted sales increased by 4.4 per cent to €821 million, while in reported terms; this corresponds to a growth of 13.2 per cent, both growing from the year earlier quarter.

Sales in the EMEA region rose marginally by 0.2 per cent currency-adjusted year over year to €342 million.

“Southern European countries developed positively in the first quarter, while the United Kingdom saw a decline due to a softer lifestyle business,” Puma informed in a press release.

The Middle East and Africa regions continued to show a solid performance in most of the countries and across all categories.

In the Americas region, sales grew by 5.6 per cent currency-adjusted to €289 million, with both North America and Latin America developing positively.

Asia Pacific sales rose higher by 10.9 per cent currency-adjusted to €191 million with strong performance in China and India supported by the improved footwear business.

Division-wise, footwear sales climbed by 7.8 per cent currency-adjusted to € 378 million over the prior year first quarter, driven higher demand for running, training & fitness products.

Led by fundamentals, running, training & fitness and golf products, apparel sales grew 5.7 per cent currency-adjusted to €280 million in the reporting quarter.

However, in the first quarter of 2015, accessories sales dipped 4.6 per cent currency-adjusted to €163 million, mainly due to lower sales of socks and bodywear in the North American market.

Footwear division gross profit margin declined from 44.1 per cent to 42.9 per cent year on year, while that of the apparel segment too fell from 53.6 per cent to 50.7 per cent.

“In absolute figures, gross profit ascended 9.3 per cent in reported terms from €352 million in the first quarter of 2014 to €385 million in the quarter under review.

The financial result too showed an improvement by slipping in to positive territory to touch €0.9 million in the first quarter of 2015 as against a loss of €3.2 million in same quarter of last year.

According to the German sports goods marketer, this was achieved due to currency conversion impacts.

Puma’s consolidated net earnings dropped massively by 30.3 per cent from €36 million in the year earlier quarter to €25 million in the reporting quarter.

As a result, earnings per share also plunged from €2.38 in the first quarter of 2014 to €1.66 in the first quarter of 2015. (AR)

Fibre2fashion News Desk - India

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