29.04.2016
PUMA SE DE0006969603
DGAP-News: PUMA SE: First Quarter Sales Growth across all Segments
DGAP-News: PUMA SE / Key word(s): Quarter Results
PUMA SE: First Quarter Sales Growth across all Segments
29.04.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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QUARTERLY STATEMENT Q1 2016
First Quarter Sales Growth across all Segments
Herzogenaurach, April 29, 2016
- Sales increase by 3.7% to EUR 852 million (+7.3% currency adjusted),
with Footwear being the main growth driver
- Gross profit margin remains flat at 46.8%, as price adjustments,
combined with an improved product offering, compensate negative impacts
from a stronger US-Dollar
- EBIT improves by 10.1% to EUR 41.3 million, despite increased marketing
investments to support key initiatives
- Strong momentum in women's business continues, underpinned by the
successful launches of new products and marketing concepts
Bjørn Gulden, Chief Executive Officer of PUMA SE:
"The first quarter of 2016 developed as we expected. We saw organic growth
in all segments and all regions. The development in certain currencies
slowed down the reported growth in both top and bottom line.
We are especially happy to see that our sell through to consumers is
improving. Both in our own retail and with our retail partners we see a
continuous improvement. This is especially strong in our women's business,
where the launches of new products and new marketing concepts have started
to show excellent results.
We do now look forward to this year's great sport events. The Copa América,
the UEFA Euro 2016, and the Olympics in Rio are all events that will have a
positive impact on our industry and where we look forward to showcase PUMA
as an innovative and design driven sports brand.
Despite the negative impact of currencies we confirm our outlook for the
full year."
Sales Development:
PUMA's sales growth continued in the first quarter of 2016. Sales increased
by 3.7% to
EUR 851.9 million (+7.3% currency adjusted), compared to EUR 821.4 million
in the previous year.
In the EMEA region, sales grew by 3.8% to EUR 354.4 million (+6.6% currency
adjusted), with stronger growth in Germany, Austria, and France. This
development was supported by a good performance of the Teamsport category
prior to the UEFA Euro 2016. We anticipate further growth in Teamsport for
the second quarter leading up to the event. Our teams Italy, Switzerland,
Austria, Slovakia, and Czech Republic will all be wearing PUMA jerseys
featuring PUMA's new ACTV Thermo-R technology, which helps to maintain the
best body temperature.
Sales in the Americas region remained flat at EUR 288.1 million in reported
terms, but grew 5.4% on a currency adjusted basis. All major countries in
the region continued to improve, while the Latin American region was
strongly impacted by the weakness of its currencies, notably the
Argentinian Peso. This impacted the sales development in Euro terms
severely.
Sales in the Asia/Pacific region recorded the highest growth rate,
improving 9.8% (+11.2% currency adjusted) to EUR 209.4 million. China was
the strongest performer in the quarter, followed by India.
PUMA's Footwear segment grew for the seventh quarter in a row. Sales rose
by 3.7% (+8.5% currency adjusted) to EUR 392.0 million, with strong gains
in the Sportstyle as well as the Running and Training categories, supported
especially by the successful launches of women's silhouettes.
With an increase of 3.7% (+7.0% currency adjusted) to EUR 290.1 million,
the performance in Apparel was also positive, as our Training and Teamsport
products continued to resonate well with our customers.
Accessories saw a rise of 4.0% (+5.1% currency adjusted) to EUR 169.8
million despite a continued weak Golf environment.
PUMA's own and operated retail sales, including e-commerce, increased 15.1%
currency adjusted to EUR 158.7 million representing 18.6% of total sales in
the first quarter of 2016. This was achieved by strong like for like sales
growth, caused by better product offer and improved consumer experience in
the stores, and the expansion of new stores built with the new "Forever
Faster" store design.
Gross Profit Margin and Operating Expenses:
The gross profit margin remained broadly unchanged at 46.8%, despite the
negative currency impact from the stronger US-Dollar in 2016 compared to
last year. PUMA was able to successfully implement selective price
adjustments and our improved product mix helped to mitigate the negative
impact from a stronger US-Dollar. Footwear gross profit margins improved
from 42.9% to 43.5%, while Apparel margins declined from 50.7% to 49.9% and
Accessories softened from 49.6% to 49.2%.
Operating expenses rose only 3.0% and amounted to EUR 361.7 million in the
first quarter 2016. That increase stemmed mainly from intensified marketing
activities and retail upgrades, while other operating areas and functions
were able to keep the cost stable.
Operating Result and Net Earnings:
Operating result (EBIT) was ahead of the first quarter 2015 by 10.1% at EUR
41.3 million, as sales grew stronger than operating expenses, supported by
a stable gross profit margin.
Net earnings improved by 4.0% to EUR 25.8 million (prior year: EUR 24.8
million) and earnings per share were up correspondingly at EUR 1.73
compared to EUR 1.66 in the first quarter 2015.
Working Capital:
PUMA's working capital increased by 3.2% from EUR 744.7 million to EUR
768.4 million in line with the higher sales and business volumes.
Outlook 2016:
We continue to expect a currency adjusted high single digit increase of net
sales, a gross profit margin on previous year's level (45.5%), an increase
of currency-adjusted operating expenses in a mid to high single-digit
range, and an operating result (EBIT) between EUR 115 million and EUR 125
million.
Brand and Marketing:
One highlight for PUMA in the first quarter was the FENTY PUMA by Rihanna
fashion show at New York Fashion Week in February. A series of styles for
the female consumer have been launched successfully, both in collaboration
with Rihanna as well as in our inline collection. Key footwear styles such
as Creeper and FENTY Trainer sold out within weeks or days. We also
reintroduced our iconic DISC system into running by launching the IGNITE
DISC. In Motorsport we introduced the first products under our new
partnership with Red Bull Formula One Racing.
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.
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.
Financial Calendar FY 2016:
February 18, 2016 Financial Results FY 2015
April 29, 2016 Quarterly Statement Q1 2016
May 4, 2016 Annual General Meeting
July 27, 2016 Interim Report Q2 2016
November 10, 2016 Quarterly Statement Q3 2016
The financial releases and other financial information are available on the
Internet at "about.puma.com".
Media Relations:
Kerstin Neuber - Corporate Communications - PUMA SE - +49 9132 81 2984 -
[email protected]
Investor Relations:
Johan-Philip Kuhlo - Global Strategy - PUMA SE - +49 9132 81 0 -
[email protected]
Notes to the editors:
- The financial reports are posted on www.about.puma.com.
- PUMA SE stock symbol:
Reuters: PUMG.DE, Bloomberg: PUM GY,
Börse Frankfurt: ISIN: DE0006969603- WKN: 696960
Notes relating to forward-looking statements:
This document contains forward-looking statements about the Company's
future financial status and strategic initiatives. The forward-looking
statements are based on the current expectations and assumptions of the
management team. These are subject to a certain level of risk and
uncertainty including, but not limited to those described above or in other
disclosures, in particular in the chapter Risk and Opportunity Management
in the Group Management Report. In the event that the expectations and the
assumptions do not materialize or unforeseen risks arise, the Company's
actual results can differ significantly from expectations. Therefore, we
cannot assume responsibility for the correctness of these statements.
PUMA is one of the world's leading Sports Brands, designing, developing,
selling and marketing Footwear, Apparel and Accessories. For over 65 years,
PUMA has established a history of making fast product designs for the
fastest athletes on the planet. PUMA offers performance and sport-inspired
lifestyle products in categories such as Football, Running and Training,
Golf, and Motorsports. It engages in exciting collaborations with renowned
design brands to bring innovative and fast designs to the sports world. The
PUMA Group owns the brands PUMA, Cobra Golf, Dobotex and Brandon. The
company distributes its products in more than 120 countries, employs more
than 10,000 people worldwide, and is headquartered in
Herzogenaurach/Germany. For more information, please visit
http://www.puma.com
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29.04.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: PUMA SE
PUMA Way 1
91074 Herzogenaurach
Germany
Phone: +49 9132 81 0
Fax: +49 9132 81 2246
E-mail: [email protected]
Internet: www.puma.com
ISIN: DE0006969603
WKN: 696960
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Stuttgart; Terminbörse EUREX
End of News DGAP News Service
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