Puma reports highest quarterly sales on record

Worldwide
Published:  03 August, 2022
Credit: Puma

Footwear and sportswear brand Puma has reported its second quarter and first half results for the 2022 financial year.

In the second quarter of 2022, the company achieved a sales increase of 18.4% to €2 billion, which represents the highest quarterly sales in the company’s history. Net earnings increased by 73.2% from €48.7 million to €84.3 million.

Regionally, Puma saw sales growth of 25.6% in the Americas during the second quarter. Sales in EMEA were up by 21.5% and declined by 1.8% in Asia/Pacific due to Covid-19 lockdown measures in Greater China.

In terms of product divisions, footwear was up 19.7%, apparel up 20.2% and accessories up 11.2%. Growth was driven by demand in performance categories like running and training, team sports, golf and basketball, as well as for the sportstyle category, the company reported.

In the second quarter, the wholesale business increased by 22.6% to €1.56 billion while direct-to-consumer achieved an increase of 5.5% to €438.8 million. Sales in owned and operated retail stores increased by 11.3%, while e-commerce declined by 4.1%, mainly due to lockdown measures in Greater China.

H1 2022

In the first half of the year as a whole, sales increased by 19% to €3.91 billion. The Americas region led growth with an increase of 33.6%. EMEA increased by 23.5% with strong growth across the board, and sales in Asia/Pacific were down by 10.4%.

All product divisions improved by double digits, with footwear up 18.9%, apparel up 18.1% and accessories up 20.9%. Net earnings for the first half of the year were €205.6 million, with growth of 30.3%.

The wholesale business grew by 22.9% in the first half to €3.09 billion while direct-to-consumer saw an increase of 6.2% to €822.8 million. Sales in owned and operated retail stores increased by 15.8%, while e-commerce declined by 8.6%.

Outlook

Despite geopolitical and Covid-19 pressures, strong growth has resulted in the company raising its outlook from 10% currency-adjusted sales growth to the mid-teens. EBIT is expected to be in the range of €600 million to €700 million.

CEO Bjørn Gulden said: “This underlines the strong demand for our products despite all the global obstacles and uncertainties. I am especially proud that we have again seen very strong growth in all our performance categories like running, training, team sports, golf and basketball. We feel that the increased investments into R&D, innovation and product development over the past years are starting to pay off.”