Puma achieves respectable sales growth in Q2 & H1 of 2012

Performance Second Quarter 2012

·         Consolidated sales increase 11.8% in Euro terms

·         Gross profit margin remains stable at 49.1%

·         EBIT decreases by 15.0% to € 47.1 million

·         Net earnings decline by 29.2% to € 26.7 million

·         EPS down from € 2.51 to € 1.78

·         Scope of Transformation Program will be expanded

Performance First Six Months of 2012

• Consolidated sales grow 8.8% in Euro terms
• Gross profit margin softens to 50.2%
• EBIT reduced by 10.4% to € 149.1 million
• Net earnings decline by 12.8% to € 100.6 million
• EPS falls from € 7.69 to € 6.72

Outlook for the Financial Year 2012

• PUMA?s Management has revised its previous guidance for 2012 net sales growth from a high-single digit to a mid-single digit rate.
• Transformation Program to be extended, resulting in one-time costs of up to € 100 million.
• Management expects annual net earnings to decrease significantly after posting € 230.1 million of net earnings last year due to the aforementioned one-time expenses.

“Despite the poor consumer sentiment and challenging business environment particularly in Europe, PUMA achieved respectable sales growth in the second quarter and first half of this year,” said Franz Koch, CEO of PUMA SE.

“However, pressure on gross profit margins and further strategic investments related to our “Back on the Attack” plan in combination with a weakening European business impacted second quarter net earnings. We have therefore taken measures to secure sustainable and profitable growth by broadening the scope of our Transformation Program. This program is designed to reduce complexity and establish a more efficient business model, operating on a leaner cost base.”

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Puma AG