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Puma Q2 FY20: sales €831 mn; net loss €96 mn

Jul '20
Pic: Shutterstock
Pic: Shutterstock
Puma, a Germany-based sports company, has reported 32.3 per cent sales decline to €831.1 million in its second quarter (Q2) FY20 ended on June 30, 2020, compared to sales of €1,226.8 million in same period last year. Company incurred a net loss of €95.6 million compared to earnings of €49.7 million in Q2 FY19. Gross profit were €365 million (€605.2 million).
“The second quarter of 2020 was the most difficult quarter I have ever experienced. A virus that shut down 85 per cent of all global sports and fashion retail business was an experience that I had never expected,” Bjørn Gulden, chief executive officer of Puma, said in a press release.
“The quarter started with a 55 per cent decline in sales in April, May improved, but was still heavily down with 38 per cent. The real improvement came in June which was down only 6 per cent,” Gulden said.
Operating expenses reduced 9.0 per cent to € 484 million (€532 million). Operating result (EBIT) reported loss of €114.8 million (€80.3 million).
Company’s sales in all the regions dropped during the quarter. EMEA (Europe, the Middle East and Africa) sales slipped 31.3 per cent to €308.5 million (€449.2 million). Americas sales decreased 45 per cent to €254.3 million (€462.8 million). Asia/ Pacific sales were down 14.8 per cent to €268.3 million (€314.8 million).
Sales of footwear during Q2 FY20 plunged 36 per cent to €377.8 million (€590.1 million). Apparel sales fell 33.6 per cent to €286.8 million (€432.1 million). 
Company’s wholesale business decreased 17.5 per cent to €1,589.3 million. Puma's direct to consumer business (DTC), which includes owned and operated stores as well as e-commerce, declined by 8.5 per cent to €541.6 million. 

Fibre2Fashion News Desk (JL)

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