Sales were up 3.1% in footwear to €1.18 billion, while apparel declined by 2.4% to €608.1 million and accessories fell by 3.2% to €312.7 million. The wholesale business had a decline of 2.9% to €1.61 billion in the period, while direct-to-consumer (DTC) sales grew by 13.5% to €494.2 million.

In the Americas, sales improved by 1% to €790 million, while EMEA was flat at €855.7 million and Asia/Pacific improved by 0.6% to €456.6 million.

EBIT fell by 9.4% in Q1 to €159 million with a margin that declined 50 basis points to 7.6%. The net income result for the quarter was down 25.5% to €87.3 million.

Looking forward to the full year, Puma expects mid-single-digit currency-adjusted sales growth and an operating result (EBIT) in the range of €620-700 million.

Puma CEO Arne Freundt said: “We delivered our first quarter results fully in line with expectations. While the market continues to be volatile, we delivered growth and gross profit margin improvement despite significant currency headwinds and high prior year comparables. Our retail partners are still working through elevated stock levels, but as our sell-through was higher than our sell-ins, we jointly improved the inventory levels in the wholesale channel.”