DGAP-News: PUMA SE / Key word(s): 9 Month figures/Quarter Results
QUARTERLY STATEMENT Q3 2020
Herzogenaurach, October 28, 2020
2020 Third Quarter Facts
- Sales increase by 13.3% currency adjusted to € 1,583 million (+7.2% reported)
- Gross profit margin declines to 47.0% mainly caused by negative currency impacts,
more promotional activities and an unfavorable regional mix
- Operating expenses (OPEX) decrease by 3.3% due to various cost saving measures
- Operating result (EBIT) up by 16.8% to € 190 million
- PUMA signs long-term partnership with Brazilian football star Neymar Jr
- PUMA successfully launches the football boot ULTRA and the basketball shoe RS DREAMER
- PUMA basketball athletes Danny Green and Kyle Kuzma win the 2020 NBA Championship with the Los Angeles Lakers
- PUMA partners with top NBA 2020 draft prospect LaMelo Ball
- PUMA and Cobra golf athlete Bryson DeChambeau wins the 2020 U.S. Open Championship
- Free float of PUMA shares increases after Kering sells 5.9% stake
2020 Nine Months Facts
- Sales decrease by 5.1% currency adjusted to € 3,714 million (-7.7% reported)
- Gross profit margin declines to 46.5% (last year: 49.4%), mainly caused by negative currency impacts, more promotional activities and higher inventory provisions
- Operating expenses (OPEX) decrease by 1.5% to € 1,596 million due to various cost savings in the second and third quarter
- Operating result (EBIT) at a profit of € 146 million (last year: € 385 million)
- Net earnings amounted to € 54.2 million and earnings per share to € 0.36
- To be prepared for a potentially longer-lasting impact of the COVID-19 pandemic, PUMA secures additional € 900 million revolving credit facility in May, which has not been utilized
- PUMA announces new sustainability targets 10FOR25, underlining its sustainability ambitions until 2025
Bjørn Gulden, Chief Executive Officer of PUMA SE:
The gross profit margin declined by 270 basis points to 47.0% mainly caused by negative currency impacts, more promotional activities and an unfavorable regional mix effect.
Operating expenses (OPEX) decreased by 3.3% to € 559.6 million. The continuation of various cost saving measures initiated at the end of the first and during the second quarter resulted in operating leverage in the third quarter.
The operating result (EBIT) increased by 16.8% from € 162.2 million last year to € 189.5 million due to strong sales growth combined with operating leverage and despite a lower gross profit margin. This corresponds to an improvement of the EBIT margin from 11.0% last year to 12.0% in the third quarter of 2020.
The Wholesale business decreased by 6.8% currency adjusted to € 2,791.8 million. PUMA's Direct to Consumer business (DTC), which includes owned and operated retail stores as well as e-commerce, increased by 0.4% currency adjusted to € 922.5 million. This represented a share of 24.8% of total sales for the first nine months of 2020 (share of 23.5% in the previous year). Supported by an intensified shift into performance marketing and successful promotions, our e-commerce business increased strongly by 66.5% currency adjusted.
The gross profit margin declined by 280 basis points from 49.4% to 46.5% in the first nine months of 2020, mainly caused by negative currency impacts but also due to more promotional activities as well as higher inventory provisions due to the impact of COVID-19.
The operating result (EBIT) decreased from € 385.0 million last year to € 145.9 million in the first nine months of 2020 due to the negative result in the first half of 2020, caused by the COVID-19 pandemic.
April 28, 2021 Quarterly Statement Q1 2021
May 5, 2021 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 www.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 13,000 people worldwide, and is headquartered in Herzogenaurach/Germany.
28.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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