PUMA SE

Latest Results (07.08.2024):

Sales Performance

In the second quarter of 2024, PUMA SE reported a currency-adjusted sales increase of 2.1%, reaching €2,117 million. Despite facing significant currency headwinds, which negatively impacted sales by approximately €50 million, the company managed to maintain a stable revenue stream. This performance was driven by strong growth in the Americas and Asia/Pacific regions, although sales in the EMEA region saw a decline.

Gross Profit Margin

PUMA SE's gross profit margin improved by 200 basis points to 46.8% in Q2 2024, compared to 44.8% in the same quarter of the previous year. This improvement came despite major currency headwinds, thanks to a favorable product and distribution channel mix, as well as benefits from sourcing and freight efficiencies. The company’s focus on high-margin products and efficient supply chain management contributed to this positive outcome.

Operating Expenses

Operating expenses (OPEX) for PUMA SE increased by 4.3% to €879 million in the second quarter of 2024. The rise in expenses was primarily due to the continued growth of the Direct-to-Consumer (DTC) business and ramp-up costs for warehouse and digital infrastructure projects. Despite these increases, the company maintained strong control over non-demand creating costs.

Operating Result (EBIT)

PUMA SE's operating result (EBIT) rose by 1.6% to €117 million in Q2 2024, despite the negative effects of currency fluctuations on sales, gross profit margin, and the OPEX ratio. The EBIT margin also saw a slight improvement, increasing by 10 basis points to 5.5%. This growth in EBIT reflects the company's ability to manage costs effectively while navigating challenging economic conditions.

Net Income and Earnings Per Share

Net income for PUMA SE decreased by 23.8% to €41.9 million in the second quarter of 2024, down from €55.0 million in the same period the previous year. Consequently, earnings per share amounted to €0.28, compared to €0.37 in Q2 2023. The decline in net income was attributed to higher currency-related losses and a lower interest result, which impacted the overall financial performance.