Puma’s sales up 7.2% in third quarter

Worldwide
Published:  30 October, 2020

Sales for the global sportswear manufacturer increased 13.3% currency adjusted to €1,583 million, up 7.2% on a reported basis.

Puma said its sales performance in the third quarter was supported by additional demand following a weak second quarter (-30.7% currency adjusted), and that sales accelerated throughout the third quarter and were better than expected. The sales increase was driven by the Americas (+20.7%) and EMEA (+17.7%), while sales in Asia Pacific declined 1.9% as a result of slower growth in Greater China and a sales decline in India, Korea and South East Asia.

Footwear, Apparel and Accessories all showed strong growth in the third quarter, improving 13.9%, 8.8% and 23% respectively. Performance categories such as Basketball, Motorsport, Golf and Teamsport showed the highest growth rates. Puma’s net earnings increased 13% in the quarter, from €100.5 million to €113.6 million, and earnings per share were up from €0.67 in the third quarter of 2019 to €0.76 correspondingly.

Overall, sales in the first nine months of 2020 decreased 5.1% currency adjusted to €3,714.3 million, and 7.7% reported. Despite the sales growth in the third quarter, all regions showed a decline in sales on a nine-month basis, with EMEA down 1% currency adjusted, Americas 6.5% and Asia Pacific 9.1%. Sales in Footwear declined 5.4% currency adjusted, and in Apparel 8%, while sales in Accessories grew 2.2%. Between January and September, net earnings declined to €54.2 million (2019: €244.6 million), resulting in earnings per share of €0.36 compared with €1.64 in the first nine months of 2019.