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DGAP-News: PUMA SE / Key word(s): 9 Month figures/Quarter Results
QUARTERLY STATEMENT Q3 2021
PUMA's continued brand momentum and operational flexibility resulted in strong sales and EBIT growth in the third quarter
- Sales increase by 20% currency adjusted (ca) to € 1,900 million (Q3 2020: € 1,583 million)
- Gross profit margin improves to 47.4% (Q3 2020: 47.0%)
- Operating expenses (OPEX) increase to € 678 million (Q3 2020: € 560 million)
- Operating result (EBIT) improves to € 229 million (Q3 2020: € 190 million)
- Net earnings improve to € 144 million (Q3 2020: € 114 million)
- PUMA athletes win 75 medals at the Tokyo Olympic and Paralympic Games
- PUMA athlete Karsten Warholm wins Gold medal and sets new 400m hurdles World Record
- PUMA athlete Molly Seidel wins marathon Bronze medal in Tokyo wearing the new PUMA DEVIATE NITRO running shoe
- PUMA athlete LaMelo Ball debuts his PUMA MB.01 signature basketball shoe, which is set to launch in December
- PUMA announces the signing of French NBA player Killian Hayes
- PUMA announces a long-term partnership with U.S. soccer player Christian Pulisic
- PUMA launches first lifestyle collection with Neymar Jr.
- PUMA introduces a new shoebox design which will save 2,800 tons of cardboard every year
- PUMA included in DAX40, Germany's stock market index of largest companies
2021 Nine Months Facts
- Sales increase by 39% (ca) to € 5,038 million (9M 2020: € 3,714 million)
- Gross profit margin improves to 47.8% (9M 2020: 46.5%)
- Operating expenses (OPEX) increase to € 1,930 million (9M 2020: € 1,596 million)
- Operating result (EBIT) improves to € 492 million (9M 2020: € 146 million)
- Net earnings improve to € 302 million (9M 2020: € 54 million)
Third Quarter 2021
PUMA's Wholesale business grew by 22.6% (ca) to € 1,470.5 million and the Direct-to-Consumer (DTC) business increased by 13.3% (ca) to € 429.9 million, with growth across owned & operated retail stores (+18.0% ca) and e-commerce (+4.0% ca). In line with our strategy to be a good and reliable partner for our wholesale accounts, we continued to prioritize them when supply was limited.
The gross profit margin in the third quarter improved by 40 basis points to 47.4% (Q3 2020: 47.0% / Q3 2019: 49.7%). The improvement in gross profit margin was driven by better sell-through and less promotional activity, while currency, geographical and channel mix effects as well as higher freight rates had a negative impact.
The operating result (EBIT) in the third quarter increased to € 228.9 million (Q3 2020:
Nine Months 2021
The Wholesale business was up 42.0% (ca) to € 3,872.5 million while the Direct-to-Consumer business (DTC) increased by 30.3% (ca) to € 1,165.8 million with growth in owned & operated retails stores (+35.0% ca) as well as e-commerce (+22.5% ca).
The gross profit margin in the first nine months of 2021 improved by 130 basis points to 47.8%
Operating expenses (OPEX) increased by 20.9% to € 1,929.5 million (9M 2020: € 1,596.4 million / 9M 2019: € 1,620.7 million). Higher marketing expenses, a higher number of retail stores in operation, higher sales-related distribution and warehousing costs, as well as operating inefficiencies due to COVID-19 contributed to this increase. However, the respective OPEX ratio decreased from 43.0% in the first nine months of 2020 to 38.3% in the first nine months of 2021 (9M 2019: 40.3%) due to higher sales growth and continued OPEX control.
The operating result (EBIT) in the first nine months of 2021 increased significantly to € 492.1 million (9M 2020: € 145.9 million / 9M 2019: € 385.0 million) due to strong sales growth, higher gross profit margin and continued OPEX control. This led to an improved EBIT margin of 9.8% in the first nine months of 2021 (9M 2020: 3.9% / 9M 2019: 9.6%).
Considering the strong financial performance in the first nine months of the year, PUMA further specifies its outlook and now expects the currency-adjusted sales to increase at least 25% (previous outlook: at least 20% currency-adjusted sales growth) in the financial year 2021. The operating result (EBIT) is now expected to be in a range between € 450 million and € 500 million (previous outlook: between € 400 and € 500 million). In line with the previous outlook, PUMA does not provide a detailed outlook on the gross profit margin and OPEX development. The net earnings are still expected to improve significantly in 2021.
As a result of the longer-than-expected lockdown in South Vietnam as well as port congestion and container shortages, the industry faces delays, which are having a negative impact on PUMA's product supply in the short-term. PUMA will continue to maneuver through these challenges by building on its brand momentum and operational flexibility. The strong and profitable growth in the first nine months of 2021, a strong product line up as well as very good feedback from retail partners 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.
April 27, 2022 Quarterly Statement Q1 2022
May 11, 2022 Annual General Meeting
The financial releases and other financial information are available on the Internet at "about.puma.com".
Notes to the editors:
- The financial reports are posted on https://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 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 more than 14,300 people worldwide, and is headquartered in Herzogenaurach/Germany. For more information, please visit https://about.puma.com.
27.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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