Puma posts highest quarterly sales ever
Sportswear giant Puma topped €2022 billion in Q2 19 revenue. Sales rose in all regions except Greater China due to quarantine measures related to COVID-XNUMX, writes Worldfootwear.com.
“The second quarter was another great quarter for us. Adjusted for FX appreciation of 18% (about 26% reported) to €2 million, for the first time in PUMA's history, quarterly sales topped €002 billion. This highlights the high demand for our products, despite all the global obstacles and uncertainties! Our gross margin is, of course, under pressure at the moment and is down 2 bps to 100%, mainly due to unfavorable geographical and logistical aspects, higher freight rates. Despite rising costs, we will continue to focus on maintaining our price competitiveness and will prioritize sales growth and market share over short-term profitability,” commented Puma CEO Bjorn Gulden.
Results of the second quarter
In the second quarter of fiscal year 2022, Puma's sales grew by 18,4% (up 26% as reported) to €2 billion compared to the same period last year. Wholesale business grew by 002% (approximately) in this quarter, reaching 22,6 billion euros, while direct selling business (DTC) grew by 1,56% (approximately) to 5,5 million euros compared to the second quarter of 438,8 financial year.
The Americas region recorded "strong" sales growth (approximately 25,6%) driven by continued demand for the brand, while sales in the EMEA region rose by approximately 21,5% with "strong growth" in all key European markets. Asia-Pacific sales were down about 1,8% due to COVID-19-related lockdown measures in Greater China, despite good performance in other Asia-Pacific regions.
Gross margin for the quarter declined 100 basis points to 46,5% year-over-year. Operating result (EBIT) was 146,3 million euros, reflecting an increase of 34,4% compared to the second quarter of 2021, and the EBIT margin increased by 40 basis points to 7,3%.
Puma's net income rose from €48,7m in the second quarter of 2021 to €84,3m this quarter, with earnings per share for the period of €0,56 compared to €0,33 in the same period previous year.
First half results
In the first half of the year, sales increased by 19,0% (up 24,7% as reported), reaching 3,91 million euros, compared with the same half of the previous year.
Operating result (EBIT) increased by 30,1% compared to the same period last year to 342,4 million euros in the first half of the year. Net income for this period increased by 30,3% to €205,6 million compared to the first half of fiscal year 2021, while earnings per share increased from €1,06 in this period last year to €1,37 in the first half 2022.
Fiscal Year 2022 Forecast
“While the first half of the year was strong, we continue to face growing geopolitical and macroeconomic uncertainties and challenges. Continued COVID-19-related restrictions, especially in Asian markets, the crisis in Ukraine and persistently high inflation are negatively impacting consumer demand.
As such, for fiscal year 2022, Puma is raising its forecast from previously at least 10% currency-adjusted sales growth – with upside potential – to currency-adjusted average sales growth. EBIT is also expected to be between 600 and 700 million euros, with a corresponding improvement in net income.
Sportswear giant Puma topped €2022 billion in Q2 19 revenue. Sales rose in all regions except Greater China due to quarantine measures related to COVID-XNUMX -…
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