EANS-News: PUMA reconfirms annual Outlook after posting strong Third-Quarter Sales

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Earnings

Herzogenaurach (euro adhoc) - PRESS RELEASE

PUMA reconfirms annual Outlook after posting strong Third-Quarter
Sales Herzogenaurach, October 25, 2011

Highlights Third Quarter 2011

• Consolidated sales increased by 10.2% currency adjusted to EUR 841.6
million
• Gross profit margin remained at 50.0% despite volatile input prices
• EBIT improved by 1,8% to EUR 118.6 million
• Net earnings remained flat at EUR 81.7 million
• EPS are up to EUR 5.45 from EUR 5.43
• PUMA has signed football stars Agüero, Falcao and Fàbregas

Highlights First Nine Months of 2011
• Consolidated sales climbed 11.0% currency adjusted to EUR 2.3 billion
• Gross profit margin remained at a sector-best 50.6%
• EBIT rose by 2.2% to EUR 285.0 million
• Net earnings improved by 4.7% to EUR 197.1 million
• EPS increased from EUR 12.51 to EUR 13.15

Outlook for the remainder of the Financial Year 2011

• PUMA´s management reiterates that PUMA´s target is EUR 3 billion in
sales
for the full year.
• In light of PUMA´s "Back on the Attack" growth strategy, investments and
expenses will remain at a high level, and gross profit margins will
continue to be stressed based on procurement price volatilities.
• Management continues to foresee an improvement of net earnings in mid
single-digits for the full year.

"PUMA posted a very solid sales performance for the fifth consecutive
quarter," said Franz Koch, CEO of PUMA SE. "This underpins our
5-year growth strategy, which is already delivering results. After
a strong performance in the first nine months of this year, we
are now approaching our sales target of EUR 3 billion for the
full year, and despite continuing cost pressures we maintain our
forecast of an improvement in net earnings in mid single-digits."

Asia/Pacific and Latin America drive PUMA´s Sales Growth in the Third
Quarter - Performance Business accelerating

PUMA´s third-quarter consolidated sales rose 10.2% currency adjusted
and 7.3% in Euro terms to EUR 841.6 million compared to last year,
representing the most successful quarterly performance in the firm´s
history. Asia and Latin America provided the platform for these
numbers, underpinning the excellent overall result with
double-digit growth.

With all product categories contributing to this increase, Footwear
rose 7.0% currency adjusted to EUR 431.1 million, Apparel went up
13.8% to EUR 294.7 million and Accessories climbed 13.9% to EUR
115.8 million.

PUMA´s Running category in particular grew significantly, boosted
by Usain Bolt´s spectacular performances at the Track & Field
World Championships in Daegu and by the light-weight concept which
includes our best selling PUMA Faas range. The shoe is constructed
with BioRide Technology which provides runners with a naturally
responsive ride. PUMA´s Women´s Fitness category is growing
strongly, a consequence of enhanced targeting of the female
consumer demographic with PUMA´s Bodytrain concept. PUMA´s
Sailing category also improved, as sales have been accelerating in
the run-up to PUMA´s participation in the Volvo Ocean Race
2011-2012. Given the duration of this sailing marathon and in the
light of our new extended range of outdoor products, PUMA expects
the positive performance of its Sailing category to continue.

PUMA´s five-year growth plan "Back on the Attack" already yielding
fruit

As previously detailed, PUMA is continuing to work on improving its
performance categories without losing sight of its Sportlifestyle
positioning as a brand. This was laid out in the company´s growth
strategy one year ago, which focused on strengthening PUMA´s Sports
Performance business alongside its lifestyle segment. To further
boost PUMA´s brand visibility on international football pitches
and underline our position as the No. 3 football brand, PUMA
signed three of the world´s top football stars during the third
quarter: Manchester City´s Sergio Agüero, Atletico Madrid´s
Falcao and FC Barcelona´s Cesc Fàbregas. PUMA also introduced
its new football boot, the Powercat 12. These boots will be worn
by Fàbregas, Nemanja Vidic of Manchester United and Gianluigi
Buffon, goalkeeper of the Italian National Team, amongst others.
This innovative boot features the new PUMA 3D DUO Power Shooting
Technology, applied to the inside of the boot.

Cobra-PUMA-Golf also continues to perform well, where the 360
degree offering appeals to discerning consumers. PUMA also
congratulates its brand ambassador and golf professional Lexi
Thompson who, at 16 years of age, has become the youngest ever
winner on the LPGA tour in America.

Asia/Pacific and Latin America remain the main growth areas in the
quarter

In regional terms, PUMA continued its excellent performance in
Asia/Pacific, with sales growing by 16.4% currency-adjusted to EUR
196.0 million. Light-weight Running gear such as the Faas range and
Women´s Fitness products (Bodytrain) drove the overall growth in
this region.

EMEA also performed well, posting an increase of 9.5% currency
adjusted to EUR 410.6 million. Russia, Turkey, Spain and Germany in
particular contributed to this performance.

Sales in the Americas grew by 6.7% currency-adjusted but were down
0.7% in Euro terms at EUR 235.0 million. Latin America
delivered a remarkable top-line performance, reflecting broad-based
double-digit growth across all countries in the region, while North
America had to comp against strong double-digit growth numbers from
the previous year.

Consolidated sales for the nine-month period climbed 11.0%
currency adjusted (9.9% in Euro terms) to EUR 2.29 billion. EMEA
sales rose 7.7% (7.6% currency adjusted), the Americas improved a
satisfying 8.7% (14.2% currency adjusted) and Asia/Pacific
climbed an impressive 16.4% (14.3% currency adjusted).

Nine-month sales across all product categories continued to
climb. Footwear sales were up 7.5% (9.5% currency adjusted), Apparel
sales increased 8.8% (8.9% currency adjusted) and Accessories grew
22.7% (22.8% currency adjusted), due in part to the full year effect
of the Cobra golf acquisition last year.

Gross Profit Margin remains at industry-leading levels despite cost
pressure

PUMA´s ongoing efficiency drive has resulted in a third quarter
gross profit margin of 50.0%, which remains the industry leading
number.

The Footwear segment had a gross profit margin of 49.8%, up from
49.7%. Apparel stood at 50.3%, up from 50.0%. Accessories were at
50.0%, a decline from 51.8% which can be attributed to higher
procurement costs.

For the first nine months of 2011, gross profit margin is down
slightly to 50.6% from 51.0% compared to last year. The Footwear
margin is currently at 49.8% down from 50.4%, Apparel down from
51.9% to 50.9% and Accessories up from 51.2% to 52.4%.

Operating Expenses

Operating expenses rose by 9.7% to EUR 307.0 million during the third
quarter of 2011. As a percentage of sales, this represents a slight
increase from 35.7% to 36.5% compared to last year. For the full
year to the end of September 2011, Operating expenses rose by
13.6% to EUR 885.5 million. Increases in expenditure arose from our
continued investments outlined in our 5-year growth plan and the
full year effects caused by the extension of the scope of
consolidation with Cobra and PUMA Spain now fully included. The
majority of those incremental increases went into Marketing,
Product Design and enhancements in our supply chain.

EBIT

Operating profit improved to EUR 118.6 million from EUR 116.6 million
in line with expectations. This represents 14.1% of consolidated
sales versus 14.9% at this time last year. On a nine month basis
EBIT was up 2.2% to EUR 285.0 million.

Financial Result / Income from associated companies

The financial result declined from EUR -1.4 million to EUR -2.1
million, however, the nine month number improved from EUR -4.1
million last year to EUR -3.9 million.

Earnings before Taxes

PUMA´s third quarter EBT rose from EUR 115.1 million to EUR 116.6
million. They also rose from EUR 274.8 million to EUR 281.1
million on a nine month basis. Quarterly tax expenses increased
from EUR 33.4 million to EUR 34.9 million and the tax rate increased
from 29.0% to 30.0% in the quarter but improved from 31.5% to
30.0% as of September 30, 2011.

Net Earnings

Consolidated net earnings were flat at EUR 81.7. Earnings per share
rose from EUR 5.43 to EUR 5.45, and diluted earnings per share were
up from EUR 5.39 to EUR 5.45.

For the first nine months of 2011, net earnings rose by 4.7%
to EUR 197.1 million. EPS increased by 5.1% to EUR 13.15.

Net Assets and Financial Position

Equity

Total assets (as of September 30, 2011) grew by 4.5% from EUR 2,319.0
million to EUR 2,422.5 million. This rise is primarily attributable
to an increase in both inventories and trade receivables based on
the additional volume in business. The equity ratio rose
sharply from 57.8% to 62.9%, signifying further improvement in
our capital base. In absolute figures, shareholders' equity
increased by 13.7% from EUR 1,340.2 million to EUR 1,524.3 million.

Working Capital

PUMA´s overall Working Capital went up by 35.0% to EUR 668.7
million. On the asset side, inventories went up by 18.5% from EUR
449.2 million to EUR 532.4 million, supporting our continued and
expected sales growth in addition to our new styles and offerings.
Trade receivables also increased, up 13.3% from EUR 538.9 million
to EUR 610.5 million. This again is an effect of our growth in
sales compared to this point in time last year.

Cashflow/ Capex

The Free Cashflow (before acquisitions) came in at EUR -89.4
million versus EUR 57.9 million last year. The additional outflow
resulted from tax payments and higher working capital needed as
well as higher CAPEX. For Capex, the company spent EUR 44.6
million versus EUR 35.5 million in 2010. The increase derives mainly
from investments in the improvement of organizational processes and
IT systems as well as in the expansion of our Retail store
portfolio, all of which continue to be integral components of our
growth strategy.

Cash Position

Total cash (as of September 30, 2011) dropped by 30.7% to EUR 289.5
million from EUR 417.9 million last year. Bank debts were reduced by
39.9% from EUR 57.2 million to EUR 34.4 million. As a result, the net
cash position decreased 29.3%, from EUR 360.7 million to EUR 255.1
million.

Share buyback

PUMA did not activate its share buyback program during the third
quarter of 2011.

Outlook for the Financial Year 2011

Going into the final quarter of 2011, we reiterate that PUMA´s
target is EUR3 billion in sales for the full year. Our overall
outlook remains positive despite the current uncertainty afflicting
various markets at this time. We anticipate ongoing input cost
volatility, although we have demonstrated in the third quarter
that our ability to maintain gross profit margins remains
undiminished. As previously communicated, our current elevated
operating and capital expenditures are an integral part of our
growth strategy. None the less, we continue to expect full year
net earnings to improve in the mid-single digit range.

Media Relations:

Ulf Santjer - Corporate Communications - PUMA SE - +49 9132 81 2489 -
ulf.santjer@puma.com Kerstin Neuber - Corporate Communications - PUMA
SE - +49 9132 81 2984 - kerstin.neuber@puma.com

Investor Relations:

Carl Baker - Finance - PUMA SE - +49 9132 81 3188 -
carl.baker@puma.com

Notes to the editors:
• This press release and financial reports are posted on www.about.puma.com.
• PUMA SE stock symbol:
Reuters: PUMG.DE, Bloomberg: PUM GY,
Börse Frankfurt: ISIN: DE0006969603- WKN: 6969603

Notes relating to forward-looking statements: 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 |

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, Mihara Yasuhiro
and Sergio Rossi. The PUMA Group owns the brands PUMA, Cobra Golf
and Tretorn. The company, which was founded in 1948, distributes
its products in more than 120 countries, employs more than 10,000
people worldwide and has headquarters in Herzogenaurach/Germany,
Boston, London and Hong Kong. For more information, please visit
http://www.puma.com

Further inquiry note:
Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

end of announcement euro adhoc
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company: PUMA SE
PUMA Way 1
D-91074 Herzogenaurach
phone: +49 (0)9132 81 0
FAX: +49 (0)9132 81-2246
mail: investor-relations@puma.com
WWW: http://about.puma.com/?lang=de
sector: Consumer Goods
ISIN: DE0006969603
indexes: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX, Prime All
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