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Q3 currency adjusted sales down 3.1% at Puma
12
Nov '15
For the three months ended September 30, 2015, currency adjusted sales developed as anticipated and Puma recorded consolidated sales of €914.4 million, up 3.1 per cent year over year.

In reported terms, the growth in the third quarter of 2015 versus the corresponding quarter of last year stood at 8.4 per cent.

In the reporting quarter, sales in the EMEA region declined slightly by 3.6 per cent currency adjusted to €375.7 million.

“This result compares against high prior year figure’s, when last year's performance was positively impacted by the Arsenal launch in the third quarter and included sales of Tretorn,” a press release stated.

“Without these effects, sales in the EMEA region would have been flat in the third quarter,” the German sports goods and sportswear marketer said.

Growth in the Americas continued, with North and Latin America both showing strong performances, with sales up 10.8 per cent currency adjusted to €325.1 million.

“The United States was one of the key growth drivers with sales increasing double-digit,” the company explained.

In Asia Pacific, sales were up 5.0 per cent year on year currency adjusted to €213.6 million, driven by substantial growth in China and India, while sales in Korea declined.

Footwear sales continued to grow and was the main driver of Puma’s total increase in net sales and reached €408.4 million representing a rise of 3.5 per cent currency adjusted from a year ago quarter.

“This development is mainly due to the growth of our Running and Training category with the Ignite and Descendant product platforms,” the company explained.

In the Apparel segment, the sales growth in the quarter under review of 2.5 per cent over the prior fiscal’s second quarter currency adjusted to € 346.9 million was attributed to success of Training products.

Accessories sales went up 3.7 per cent currency adjusted to €159.1 million, supported by strong sales in Europe and North America.

At 45.8 per cent, gross profit margin fell short of last year's figure by 50 basis points, due to negative currency effects impacting cost of goods sold.

At € 41.1 million, the operating result for the reporting quarter was 11.2 per cent below previous year’s third quarter.

Net earnings for third quarter of 2015 amounted to €20.0 million or €1.34 earnings per share as against €28.9 million or €1.93 in the same quarter of earlier year. (AR)

Fibre2Fashion News Desk – India

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