In 2023, growth was led by the Asia/Pacific region with a 13.6% currency adjusted increase in sales, while EMEA was up by 13.4% and the Americas declined by 2.4% year-on-year.

The wholesale business was up by 3.5% in the year to €6.5 billion, while direct-to-consumer (DTC) grew by 17.5% to €2.13 billion.

Footwear had an increase of 12.4%, followed by accessories at 3.1% while apparel was down by 0.3%. Net income for the full year declined by 13.7% to €304.9 million.

In the fourth quarter of 2023 alone, sales were down by 4% currency-adjusted year-on-year to €1.98 billion with a reported decline of 9.8%. Sales in the Americas were down 6.4% (currency adjusted) to €846 million, while EMEA saw a drop of 5.2% to €667.9 million and Asia/Pacific grew by 2.8% to €468.3 million.

The wholesale business fell by 8.7% to €1.4 billion in the quarter while DTC sales were up by 8% to €627.3 million. Puma reported a net income result of €800,000 for the fourth quarter, down by 42.3% year-on-year.

The company noted that sales growth by product division was diluted by the devaluation of the Argentine peso, but it saw a strong results for football, basketball, golf and performance running.

Looking forward to the full 2024 fiscal year, the footwear business has forecast currency adjusted sales growth in the mid-single digits.

Puma CEO Arne Freundt said: “In a volatile environment that impacted the whole industry, Puma delivered strong growth and profitability fully in line with the outlook. Without the extraordinary devaluation of the Argentine peso, which had a significant one-off accounting impact, our results would have been even stronger.”