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Gross margin of PUMA Accessories widens to 53.7%

07
May '08
PUMA AG announces its consolidated financial results for the 1st Quarter of 2008

PUMA's worldwide branded sales, which include consolidated and license sales, rose currency neutral 0.5%. In reporting terms, branded sales reached € 741.2 million versus € 762.1 million due to the strength of the Euro against most of the related currencies.

Footwear sales were down by 4.6% to € 404.1 million. Apparel was almost on last year's level totaling € 246.9 million, and Accessories improved by 36.0% to € 90.1 million. Licensed business On a comparable basis, licensed sales were flat.

However, due to the take-back of the former license market Korea, the licensed business was down by 35.6% currency neutral to € 67.8 million.

Based on the remaining licensed business the company realized a royalty and commission income of € 7.1 million in the first quarter versus € 9.7 million in the prior year.

Consolidated sales up almost 7% In Q1, consolidated sales grew 6.6% currency neutral (2.7% in Euro terms) to € 673.3 million.

Sales in Footwear were almost flat versus last year representing € 394.2 million, with all regions achieving satisfactory performance except the US.

Apparel sales improved by 18.5% to € 231.8 million and Accessories by 16.5% to € 47.3 million and all regions contributed with double-digit growth.

Gross profit at 53.4% In Q1, gross profit margin reached 53.4% compared to 52.2% last year. The Footwearmargin was up from 52.1% to 53.4% and Apparel increased from 51.9% to 53.4%.


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