EANS-News: PUMA AG Rudolf Dassler Sport / PUMA AG announces its consolidated financial results for the 1st Quarter of 2010

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quarterly report/Results First Quarter 2010

Herzogenaurach (euro adhoc) - Herzogenaurach, Germany, April 28, 2010
- PUMA AG announces its consolidated financial
results for the 1st Quarter of 2010

Highlights January-March:

• Consolidated sales down by 2.1%
• Gross profit margin at a strong, sector-leading 52.2%, slightly above last
year´s level
• Strong improvements in cost structure as a result of the cost reduction
program
• Operating result before special items jumps EUR 115 million versus last year
• EPS increase to EUR 5.51 after EUR 0.37
• Further improvement in equity ratio to 64%

Outlook 2010:

• Management expects sales growth in the low to mid single-digits
• Cost reduction program shall provide cost savings as planned
• Pre-tax profit is expected to improve by at least 70%

Jochen Zeitz, CEO: "We had a good start into the new year from a
bottom line perspective which highlights the effectiveness
of our comprehensive restructuring & reengineering efforts.
Assuming a continuous improvement of the economic outlook and a
planned increase of supplier orders, we anticipate low to mid
single digit growth for the full year, while net earnings should
jump significantly to complete the expected earnings rebound. We
are now looking forward to the upcoming World Cup and to a
successful integration of our newly acquired Cobra Golf business."

Sales and Earnings Development January-March 2010

Global Brand Sales Worldwide PUMA brand sales, which include
consolidated and license sales, decreased by 2.3% to EUR 720.6
million. Footwear sales were down by 6.0% to EUR 382.8 million and
Accessories by 3.1% to EUR 90.3 million. Apparel sales increased by
4.3% to EUR 247.5 million.

Consolidated Sales PUMA´s consolidated sales in the first quarter
were down by 2.7% currency- neutral and 2.1% in Euro terms to EUR
683.1 million. This development should be seen in the context of
last year´s sales increase of 3.6%, which was mainly driven by
closeout sales in order to reduce inventories. In addition, supplier
orders for the first half of 2010 were placed with caution.
Excluding the previous year´s inventory clearance, sales were
slightly above last year. Sales in Footwear declined
currency-neutral by 5.1% to EUR 378.8 million and Accessories
decreased by 1.6% to EUR 77.5 million. Apparel sales rose by 1.2% to
EUR 226.8 million due to a positive development in PUMA´s teamsport
business. In regional terms, sales in EMEA were down currency-neutral
by 6.2% to EUR 351.8 million (share: 51.5%) and Asia/Pacific
declined by 8.4% to EUR 141.0 million (share: 20.6%). Sales in the
Americas region significantly improved by 9.8% to EUR 190.4 million
(share: 27.9%) with both regions - North America and Latin
America - positively contributing to this strong performance.

Gross Profit Margin In the first quarter, PUMA´s gross profit
margin reached a strong, sector- leading 52.2% compared to 52.1%
last year. The Footwear segment reported 50.7% versus 50.4%,
Apparel was at 53.5% compared to 53.7% and Accessories remained
unchanged to last year at 55.6%. In terms of region, the gross profit
margin in EMEA softened to 54.3% after 55.1%, Americas rose to 47.4%
from 46.7% - driven by Latin America - and Asia/Pacific improved to
53.4% from 51.0% last year.

Operating Expenses

Operating expenses decreased by 4.6% from EUR 254.1 million to EUR
242.3 million. As a percentage of sales, the cost ratio improved from
36.4% last year to 35.5% because of the cost reduction program
introduced last year. Expenses in marketing/retail and
depreciation decreased due to the improvement to the overall
retail store portfolio.

EBIT

PUMA´s EBIT before special items increased by 4.4% to EUR 119.0
million versus EUR 114.0 million last year. As a percentage of sales
the EBIT margin improved from 16.3% last year to an excellent 17.4%.
Taking last year´s special items into account, EBIT increased
from EUR 4.0 million to EUR 119.0 million.

Financial Result

The financial result was at EUR -1.2 million after EUR -1.6 million
last year, as the net cash position improved significantly and led
to lower interest expenses due to reduced bank debts.

Net Earnings The pre-tax profit (EBT) jumped from EUR 2.4 million
to EUR 117.8 million. Net earnings increased to EUR 83.1 million
from EUR 5.6 million based on a tax rate of 29.5% versus an
operational tax rate of 28.5% last year. Earnings per share rose to
EUR 5.51 from EUR 0.37 and diluted earnings per share were at EUR
5.50 compared to EUR 0.37 last year.

Net Assets and Financial Position

Equity

As of March 31, 2010, total assets increased by 2.4% to EUR 2,159.3
million while PUMA´s equity ratio improved significantly from 56.6%
to 64.0% this year.

Working Capital

Inventories declined by 15.9% to EUR 375.7 million and accounts
receivable went up by 6.7% to EUR 568.6 million. Accounts payables
increased by 7.2% to EUR 265.5 million. Working capital remained
stable at EUR 595.6 million compared to EUR 596.9 million last year.

Capex/Cashflow

Capital investment amounted to EUR 7.7 million in the first quarter
after EUR 11.6 million in the previous year. The free cashflow came
in at EUR -73.4 million compared to EUR -118.0 million last year.

Cash Position

Total cash by the end of March jumped 59.5% to EUR 426.8 million
after EUR 267.6 million last year. Bank debts were reduced by 41.8%
from EUR 63.2 million to EUR 36.8 million. As a result, the net
cash position improved significantly by 90.7% from EUR 204.5
million to EUR 390.0 million.

Outlook 2010

Assuming a further improvement in the overall economic outlook,
sales for the full year 2010 should strengthen accordingly
throughout the year. The company´s pre-tax profit is expected to
improve by at least 70% in 2010 while sales should post an
increase in the low to mid single digits.

This document contains forward-looking information about the
Company´s financial status and strategic initiatives. Such
information is subject to a certain level of risk and uncertainty
that could cause the Company's actual results to differ
significantly from the information discussed in this document.
The forward-looking information is based on the current
expectations and prognosis of the management team. Therefore,
this document is further subject to the risk that such
expectations or prognosis, or the premise of such underlying
expectations or prognosis, become erroneous. Circumstances that
could alter the Company's actual results and procure such results
to differ significantly from those contained in forward-looking
statements made by or on behalf of the Company include, but are not
limited to those discussed be above.

###

PUMA is one of the world´s leading sportlifestyle companies that
designs and develops footwear, apparel and accessories. It is
committed to working in ways that contribute to the world by
supporting Creativity, SAFE Sustainability and Peace, and by
staying true to the principles of being Fair, Honest, Positive
and Creative in decisions made and actions taken. PUMA starts in
Sport and ends in Fashion. Its Sport Performance and Lifestyle
labels include categories such as Football, Running, Motorsports,
Golf and Sailing. Sport Fashion features collaborations with
renowned designer labels such as Alexander McQueen, Yasuhiro
Mihara and Sergio Rossi. The PUMA Group owns the brands PUMA,
Cobra and Tretorn. The company, which was founded in 1948,
distributes its products in more than 120 countries, employs more
than 9,000 people worldwide and has headquarters in
Herzogenaurach/Germany, Boston, London and Hong Kong. For more
information, please visit www.puma.com

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.

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.
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end of announcement euro adhoc
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ots Originaltext: Puma AG Rudolf Dassler Sport
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

Branche: Consumer Goods
ISIN: DE0006969603
WKN: 696960
Index: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX,
Prime All Share
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Berlin / free trade
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