Puma says sales growth continued in the third quarter of 2018, with sales up +13.9% currency-adjusted to €1,241.7 million (+10.7% reported) and the Americas and Asia/Pacific regions contributing with double-digit increases, while growth in the EMEA region was at a high single-digit rate. The clothing product segment was the main growth driver in the quarter, while footwear and accessories grew at a high single-digit rate. The gross profit margin improved by 150 basis points to 49.6% in the third quarter (Q3 2017: 48.1%) due to “more sales of new products with a higher margin and further sourcing improvements as well as positive effects from the product mix related to Apparel.” Net earnings increased from €62.1 million to €77.5 million and earnings per share were up from €4.16 in the third quarter of 2017 to €5.18. 

Sales for the nine-month period were up +16.7% currency adjusted to €3,422.0 million (+10.5% reported), with all regions and product segments supporting sales growth with a currency-adjusted, double-digit increase. Including eCommerce, Puma’s own and operated retail sales increased +22.5% currency adjusted to €771.2 million, representing a share of 22.5% of total sales for the first nine months of 2018 (21.7% in the previous year).

“The third quarter ended stronger than we had expected”, said Bjorn Gulden, CEO, Puma. “Although we saw very negative currency impacts in Turkey and Argentina, overall we experienced less headwind from currencies in sales than in previous quarters.”  Puma says it has slightly adapted its guidance for the full year 2018 and expects that currency-adjusted sales will increase between 14% and 16%, against the previous guidance of currency-adjusted increase between 12% and 14%.