24.04.2018
PUMA SE DE0006969603
DGAP-News: PUMA SE: Strong Sales and EBIT Growth in the first Quarter
DGAP-News: PUMA SE / Key word(s): Quarter Results/Forecast
PUMA SE: Strong Sales and EBIT Growth in the first Quarter
24.04.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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QUARTERLY STATEMENT Q1 2018
Strong Sales and EBIT Growth in the first Quarter
PUMA slightly raises full-year guidance for 2018
Herzogenaurach, April 24, 2018
2018 First-Quarter Facts
- Sales increase of 21.5% currency-adjusted to EUR 1,131 million (+12.5%
reported) with double-digit growth in all regions and product segments
- Gross profit margin up by 110 basis points to 48.2%
- Operating expenses (OPEX) increase only 7.5%, further improving our
operating leverage
- Operating result (EBIT) improves significantly to EUR 112 million (last
year: EUR 70 million)
- The highly exclusive Phenom Lux, the first shoe designed by Selena Gomez
and released in limited quantities, will benefit the Lupus Research Alliance
- PUMA will be offical sponsor of AC Milan (season 2018/19) and of Brazilian
top club Sao Paulo Palmeiras (season 2019)
- PUMA signs long-term agreements with World Cup qualifiers Senegalese and
Serbian Football Associations
Bjørn Gulden, Chief Executive Officer of PUMA SE:
"We started the year with both first-quarter sales and profitability (EBIT)
coming in stronger than we had expected. The double-digit sales growth in
all regions and product segments, including an exceptionally high growth in
Asia, led to a very strong 21.5% organic sales increase. Operating result
even grew by 60% to EUR 112 million due to higher sales, an improvement in
our gross margin of 110 basis points and a tight OPEX management.
Because of an uncertain business environment caused by volatile currency
rates and the difficult economic trade environment, we raised our outlook
for the full year only slightly. We now expect our sales to grow 10% to 12%
in local currency (previous 10%) and EBIT to come in between EUR 310 to EUR
330 million (previous EUR 305 to EUR 325 million)."
First Quarter 2018
PUMA's sales growth continued in the first quarter of 2018. Sales increased
by 21.5% currency-adjusted to EUR 1,131.1 million (+12.5% reported) compared
to EUR 1,005.1 million last year. Due to the strength of the Euro against
all other major currencies during the first quarter 2018, there is a 9%
negative difference between sales growth in Euro and constant-currency
terms.
All regions and product segments supported the sales growth with a
currency-adjusted double-digit increase. Particularly our Asia/ Pacific
region, driven by China, achieved a strong sales growth of 34.8% in the
first quarter. Footwear continued to be the main growth driver followed by
Apparel and Accessories. Running and Training as well as Sportstyle were the
categories with the strongest growth rates.
The gross profit margin improved by 110 basis points from 47.1% to 48.2%.
The increase came from a favourable regional sales mix, higher sales of new
products with a better margin and further sourcing improvements.
Operating expenses (OPEX) grew by 7.5% to EUR 437.3 million in the first
quarter. The increase was mainly caused by higher marketing and retail
investments as well as higher sales-related variable costs.
The operating result (EBIT) increased by 59.9% from EUR 70.2 million to EUR
112.2 million in the first quarter 2018 due to a strong sales growth, a
higher gross profit margin and an improved operating leverage. This
corresponds to an EBIT-margin of 9.9% compared to 7.0% in the first quarter
last year.
Net earnings went up by 35.8% to EUR 67.4 million (last year: EUR 49.6
million). This translates into earnings per share of EUR 4.51 compared to
EUR 3.32 in the first quarter 2017.
Working Capital
Strong currency effects and our continued focus on working capital
management led to a decrease of working capital of 1.3% to EUR 791.0
million. Omitting these currency impacts, working capital would have grown
by approx. 10%, lower than our growth in business. Inventories rose only
slightly by 1.3% to EUR 760.4 million and trade receivables grew by only
5.8% to EUR 685.0 million. Trade payables decreased by 8.0% to EUR 471.4
million.
Outlook 2018
The first quarter saw a strong increase in sales and profitability, but
several uncertainties in our business environment have recently developed.
This includes adverse and volatile currency developments, political
instabilities as well as the uncertain trade environment between the USA and
China. Therefore, we adjusted our guidance for the full year 2018 only
slightly. PUMA now expects that currency-adjusted sales will increase
between 10% and 12% (previous guidance: currency-adjusted increase by
approximately 10%). The operating result (EBIT) is now anticipated to come
in between EUR 310 million and EUR 330 million (previous guidance: between
EUR 305 million and EUR 325 million). In line with the previous guidance,
the Management still expects that net earnings will improve significantly in
2018.
Financial Calendar FY 2018:
February 12, 2018 Financial Results FY 2017
April 12, 2018 Annual General Meeting
April 24, 2018 Quarterly Statement Q1 2018
July 26, 2018 Interim Report Q2 2018
October 23, 2018 Quarterly Statement Q3 2018
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 - Head of Investor Relations - PUMA SE - +49 9132 81 2589
- [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
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 and Dobotex. The company
distributes its products in more than 120 countries, employs more than
13,000 people worldwide, and is headquartered in Herzogenaurach/Germany. For
more information, please visit http://www.puma.com
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24.04.2018 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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Archive at 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, Tradegate Exchange
End of News DGAP News Service
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