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DGAP-News: PUMA SE / Key word(s): Quarter Results
QUARTERLY STATEMENT Q1 2022
PUMA reports strong Sales and EBIT growth in the first Quarter
Herzogenaurach, April 27, 2022
2022 First Quarter Facts
- Sales increase by 19.7% currency adjusted (ca) to € 1,912 million (+23.5% reported / Q1 2021: € 1,549 million)
- Gross profit margin declines to 47.2% (Q1 2021: 48.5%)
- Operating expenses (OPEX) increase 18.6% while OPEX ratio improves
- Operating result (EBIT) improves by 27.0% to € 196 million (Q1 2021: € 154 million)
- EBIT margin increases by 30 basis points to 10.3% (Q1 2021: 10.0%)
- Net earnings improve by 11.2% to € 121 million (Q1 2021: € 109 million)
- PUMA partners with French fashion brand AMI in an exclusive collaboration
- PUMA releases special edition of LaMelo Ball's signature basketball shoe MB.01
- PUMA teams up with Alfa Romeo F1 Team ORLEN to equip China's first F1 driver Zhou Guanyu and Valtteri Bottas with race gear
- PUMA and the Italian Lega Serie A announce new long-term partnership to start in season 2022/23
- PUMA trials garment to garment recycling in circularity project RE:JERSEY, using old football kits to produce new ones
- Neymar Jr. and PUMA launch the FUTURE Instinct football boot edition
- PUMA brand campaign "SHE MOVES US" continues with runner Molly Seidel and footballer Sara Björk Gunnarsdottir
- PUMA signs multi-year contract with the Brazilian Confederation of Athletics (CBAt)
Bjørn Gulden, Chief Executive Officer of PUMA SE:
First Quarter 2022
PUMA's Wholesale business increased by 23.3% (ca) to € 1,528.2 million and the Direct-to-Consumer (DTC) business was up by 7.1% (ca) to € 384.0 million. Sales in owned & operated retail stores increased 21.3% (ca) while e-commerce declined 13.2% (ca) as we continued to prioritize our retailers when supply was limited and due to the current market environment in Greater China.
The gross profit margin declined by 130 basis points to 47.2%, mainly caused by an unfavorable geographical and channel mix as well as higher freight rates while currencies had a slight positive effect.
Operating expenses (OPEX) increased by 18.6% to € 712.8 million as a result of higher marketing expenses, more retail stores operating as well as higher sales-related distribution and warehousing costs. Despite ongoing operating inefficiencies due to COVID-19, especially in the supply chain, the OPEX ratio decreased to 37.3% (Q1 2021: 38.8%).
The operating result (EBIT) increased by 27.0% to € 196.0 million (Q1 2021: € 154.3 million). A strong sales growth and an improved OPEX ratio resulted in an EBIT margin increase by 30 basis points to 10.3% (Q1 2021: 10.0%).
The year 2022 has again started with a high level of uncertainty in the global business environment. Several governments have implemented regional or country-wide restrictions due to a record high of COVID-19 infections, which continue to impact our value chain from manufacturing to retail store operations. The overall supply chain situation remains challenging due to port congestions, limited shipping capacities and continued freight rate increases. The crisis in Ukraine is having a direct negative impact - leading to lost sales and EBIT - and an indirect impact through the general tense geopolitical situation and increasing uncertainty worldwide. As a result, we continue to see inflationary pressures in all markets.
Despite the increasing uncertainties in 2022, we confirm a currency-adjusted sales growth of at least ten percent - with upside potential - in the financial year 2022. In line with our previous outlook we anticipate our operating result (EBIT) to be in a range of € 600 million and € 700 million (2021: € 557 million) and net earnings to improve correspondingly. The development of our gross profit margin and our OPEX-ratio in 2022 will continue to largely depend on the degree and duration of the negative impacts described above. While we will stay focused on our growth momentum by servicing our retail partners and consumers in the best possible way, we expect inflationary pressures from higher freight rates and raw material prices, as well as operational inefficiencies due to COVID-19 and the Ukraine crisis to dilute our profitability in 2022.
The achievement of this outlook is subject to continued manufacturing operations in our key sourcing countries in Asia and no major business interruptions due to COVID-19. In line with the previous years, PUMA will continue to manage the challenges short-term without hindering the positive mid-term momentum. The strong and profitable growth in the first quarter, a strong orderbook, an exciting product line-up as well as very good feedback from retailers and consumers make us confident for the mid-term success and growth of PUMA.
Rounding differences may be observed in the percentage and numerical values expressed in millions of Euro since the underlying calculations are always based on thousands of Euro.
July 27, 2022 Interim Report Q2 2022
October 26, 2022 Quarterly Statement Q3 2022
Notes to the editors:
- The financial reports are posted on about.puma.com
- PUMA SE stock symbol:
Reuters: PUMG.DE, Bloomberg: PUM GY,
Notes relating to forward-looking statements:
PUMA is one of the world's leading sports brands, designing, developing, selling and marketing footwear, apparel and accessories. For more than 70 years, PUMA has relentlessly pushed sport and culture forward by creating fast products for the world's fastest athletes. PUMA offers performance and sport-inspired lifestyle products in categories such as Football, Running and Training, Basketball, Golf, and Motorsports. It collaborates with renowned designers and brands to bring sport influences into street culture and fashion. The PUMA Group owns the brands PUMA, Cobra Golf and stichd. The company distributes its products in more than 120 countries, employs about 16,000 people worldwide, and is headquartered in Herzogenaurach/Germany. For more information, please visit https://about.puma.com.
27.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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