The EMEA region was up by 9.9% year-on-year to €1.02 billion, while Asia/Pacific grew by 4.6% to €435.9 million, supported by continued recovery in Greater China. The Americas were up by 2.5% to €854.6 million despite declines in North America.

The wholesale business was up by 3.1% in the quarter to €1.79 billion while direct-to-consumer (DTC) grew by 17.4% to €524.9 million.

Sales in owned and operated stores were up by 21.8% and e-commerce had an increase of 8.3%. Footwear sales increased by 11.3%, with apparel sales down by 0.5% and an increase for accessories of 4.2%.

The gross profit margin for the quarter was 47.1%. Net income declined by 10% year-on-year to €131.7 million.

In the nine months of 2023 so far, sales were up by 10.3% to €6.62 billion with growth of 19.1% in EMEA, 18% in Asia/Pacific and a decline of 1% in the Americas.

Wholesale was up by 7.3% in the year so far to €5.11 billion while DTC grew by 22% to €1.5 billion, with growth of 23.2% for owned and operated stores and 19.5% for e-commerce. Footwear was up by 19% while apparel increased by 1.6% and accessories by 1.8%.

The gross profit margin for the nine-month period was down to 46.2% while net income declined by 13.6% to €304 million.

Looking forward, Puma expects currency adjusted sales growth in the high single-digit percentage range and an operating result (EBIT) in the range of €590-670 million.

Puma CEO Arne Freundt said: “While the market continues to experience significant macroeconomic headwinds and 2023 remains a transition year, we outgrew the market with a currency adjusted sales growth of 6% and delivered an EBIT of €236 million – both fully in line with expectations. We once again demonstrated our sustained brand momentum and gained market share. We remain fully on track to achieve our full-year guidance.

“In the remainder of the year, we will deliver a lot of exciting product newness to the market and celebrate the biggest brand moments of this year. Our strong partnerships with our retailers, athletes and suppliers, supported by the fastest and most agile team in the industry, were again crucial for our success.”