EANS-News: PUMA posts 6.1% Sales Growth in the First Quarter

Geschrieben am 25-04-2012

Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.

Financial Figures/Balance Sheet

Herzogenaurach (euro adhoc) - PRESS RELEASE

PUMA posts 6.1% Sales Growth in the First Quarter

Profitability affected by slow-down in Europe

Herzogenaurach, April 25, 2012

Highlights First Quarter 2012

- Consolidated sales increase by 6.1% to EUR 820.9 million.
- Gross profit margin falls by 120 basis points to 51.2%.
- EBIT decline by 8.1% to EUR 102 million.
- Net earnings decrease slightly, by 4.9% to EUR 74 million.
- EPS decline from EUR 5.17 to EUR 4.92.
- Long-term contractual partnership with the Italian Football Federation

Outlook for the Financial Year 2012

- Management reiterates full-year sales target of high single-digit growth
for 2012.
- Management continues to see net earnings increasing in the mid-single
digit range for 2012.

"After a strong finish in 2011, PUMA's first-quarter sales growth
could not keep pace with that of recent quarters, translating into
weaker bottom line results, said Franz Koch, CEO of PUMA SE. "Our
first quarter sales performance indicates that we are facing
challenges in Europe. As a consequence, we have begun to respond
to these challenges, optimizing the efficiency of our business model
in the EMEA region. In addition, I am confident that the
product innovations we have in the pipelines will contribute to
achieving our full-year sales and earnings targets against the
background of this extraordinary sports year."

Sales Performance By Region

EMEA sales decline in a challenging consumer environment With
consumer spending remaining sluggish within the Eurozone,
Sportlifestyle company PUMA's first-quarter sales increased by 6.1%
in Euro terms and 4.2% currency adjusted to EUR 820.9 million
compared to last year.

Sales in the EMEA region softened by 1.4% currency adjusted to EUR
368 million, as restrained consumer spending in the wake of the
financial crisis in the Eurozone continued to impact demand. In
addition to the challenging overall business climate, the late
arrival of winter in Europe dampened sales at wholesale
accounts and retailers, which slowed the in-take of spring
collections and therefore had an effect on PUMA's first-quarter

As a consequence, PUMA has begun to respond to these challenges,
optimizing the efficiency of its business model in the EMEA region.
To this end Sergio Bucher, formerly PUMA's Head of Global Retail,
was appointed the new General Manager for Europe. In line with
the transformation outlined in the "Back on the Attack"
growth strategy, the company is currently in the process
of streamlining the country organizations and centralizing some of
the back-office functions on a regional level.

A strong sales performance in Asia/Pacific and the Americas
counterbalanced the softening sales in the EMEA region. Fuelled by
growth in India, Korea and Japan, which all saw significant
demand for PUMA's Motorsport, Running and Lifestyle products,
Asian sales climbed 10.2% currency adjusted to EUR 192.1

Sales in the Americas improved by 8.5% currency adjusted to EUR
260.8 million. Within the Latin American region, Mexico, Argentina
and Brazil in particular posted strong, double-digit growth rates.
North America was up, supported by the new joint ventures Wheat
Accessories and Janed socks and bodywear.

Sales Performance By Segment

Footwear sales soften primarily in mature markets Footwear sales
declined 2.1% currency adjusted to EUR 414.6 million in the first
quarter. However, PUMA has seen promising results of some of its
major recent footwear product launches.

For example, the ARCHIVE LITE, an ultralight shoe with a contemporary
look, is generating a double-digit sell-through in key leading
doors in various countries in Europe and Asia. These styles
have a distinct unique selling point, are bold, young and
colorful and are the proof that PUMA is heading in the right
direction. PUMA has extended its Lightweight Concept,
incorporating further styles for the fourth quarter to fully
capitalize on this opportunity.

The relevance of the Lightweight concept also applies to PUMA's
Performance categories. In 2012, PUMA's Year of Speed, the company
will be launching a new performance collection at the end of May
that for the first time encompasses all of PUMA's sport
categories. Inspired by Usain Bolt, the collection answers every
athlete's need for speed by taking performance technology
and innovations, and incorporating them in footwear and apparel
developed for various sports.

Sales in the Apparel segment climbed 8% currency adjusted to EUR
267.6 million. The Lifestyle and Performance collections resonated
well with consumers in all markets. Running, Lifestyle and Golf
apparel products in particular were in demand. PUMA further
expects an increase in Apparel sales on the back of UEFA Euro

Accessories jumped 19% currency adjusted to EUR 138.7 million, where
Cobra PUMA Golf continues to deliver an outstanding performance,
while the new joint venture for socks and bodywear in the North
American market follows suit.

PUMA's Teamsport category was further strengthened in the first
quarter by the signing of a long-term sponsorship contract
with the Slovak Football Association, and the confirmation of a
new long-term contractual partnership with the Italian Football
Federation that sees PUMA now actively managing the entire
licensing portfolio of the Federation's assets on a global basis.
PUMA also expanded its international club portfolio by signing the
Brazilian Club Botafogo from Rio de Janeiro and the Italian Serie
A club US Palermo. In addition, PUMA extended its partnership
with French football club Girondins de Bordeaux. The Teamsport
business is expected to benefit not only from these new
acquisitions, but also from the UEFA Euro 2012 in Poland/ Ukraine in

PUMA Running was driven by the light-weight PUMA Faas range, which
includes the ongoing best-seller PUMA Faas 300. The Running category
will receive a further support in the second quarter with the
unveiling of Olympic performance and lifestyle collections of
the Jamaican athletics team designed by Cedella Marley,
daughter of Reggae legend Bob Marley, at the beginning of June.

Motorsport remained active during the first quarter. PUMA boosted its
Formula 1 portfolio by signing new contracts with Mercedes GP
Petronas. Nico Rosberg then provided the perfect start to this
partnership, scoring his maiden F1 victory in his Mercedes AMG
Petronas car at the Chinese Grand Prix in Shanghai two weeks

Sales in Sailing also continued to increase as the marketing
activities around the Volvo Ocean Race and the press coverage of
PUMA's most recent success in this ocean marathon have been
positive. In the current America's Cup World Series PUMA, who
serves as the exclusive licensee for the America's Cup Event
Authority and the PUMA-sponsored Team ORACLE Racing, are getting
prepared for the next exciting regattas in Venice in May and
Newport, Rhode Island in June.

Expenses and Profitability

Gross Profit Margin softens to 51.2% in the first quarter of 2012
Input price pressures were mainly responsible for the drop of the
gross profit margin in the first quarter, which comprised 51.2% of
group sales, down from 52.4% at the same point last year. Hedging
also had a negative effect, as did the product and regional mix.
As a consequence, Footwear fell back from 51.3% to 49.5%,
Apparel dropped slightly from 53.7% to 53.5% and Accessories
declined from 54.0% to 51.9% which is mainly due to the first time
inclusion of the newly added US sock and bodywear business,
which carries lower margins.

Satisfying retail performance Retail sales constituted EUR 122
million, or 14.9% of total sales, in the first three months of
2012, an improvement of 15.2% year on year, underlined by
positive comparable sales in the current store portfolio and
newly opened stores in 2012.

Operating Expenses rise as growth strategy is implemented Operating
expenses rose by 8.0% to EUR 322 million in the first quarter of
2012, as the "Back on the Attack" growth strategy continues to be
implemented. This represents 39.3% of group sales compared to 38.6%
in 2011. This increase was mostly due to rising marketing,
research, design and development expenditures. Another component
of the increase is the expansion of the retail store
portfolio over the past twelve months.

Operating Result (EBIT) impacted by drop in gross profit margin
Operating profit declined in the first three months of 2012
from EUR 111.0 million to EUR 102.0 million, caused mainly by the
drop in gross profit margin. The moderate increase in operating
expenses was in line with PUMA's plans. As a consequence, the EBIT
ratio decreased from 14.4% last year to 12.4% this year.

Financial Result / Income from associated companies improves The
financial result improved from EUR -0.2 million to EUR 1.1 million in
the first quarter due to positive currency developments.

Earnings before Taxes (EBT) lower PUMA's first-quarter EBT was lower
at EUR 103.1 million in 2012 compared to EUR 110.8 million in
2011, representing 12.6% of group sales compared to 14.3% at this
time last year. Tax expenses also fell from EUR 33.1 million to
EUR 27.9 million, representing a tax rate of 27.1% versus 29.9%
for the comparable period in 2011.

Net Earnings drop slightly Consolidated net earnings dropped slightly
by 4.9% from EUR 77.7 million to EUR 73.9 million. Earnings per
share therefore also fell back from EUR 5.17 in 2011 to EUR 4.92 in
the first quarter of 2012.

Net Assets and Financial Position

Equity rises Total assets as of March 31st rose by 7.9% from EUR
2,303 million to EUR 2,486 million due to increases in both
inventories and trade receivables. The equity

ratio moved up from 60.6% to 66.4% when compared to the first quarter of 2011,
once again strengthening the capital base. Shareholder's equity is now
equivalent to EUR 1,652 million, up from EUR 1,396 million.

Working Capital increases
PUMA's overall Working Capital increased by 21.0% to EUR 723.7 million.
at assets, inventories rose by 26.4% to EUR 587.1 million. This is mainly due

anticipated sales growth in the upcoming quarters, continuous
expansion of our retail store network and higher average prices per
unit. Trade receivables also increased by 7.4% to EUR 620.5 million,
broadly in line with sales growth.

Cashflow (before acquisitions) remains constant The Free Cashflow
(before acquisitions) remained constant at EUR -111.5 million.
Outflows consisted mostly of working capital increases. The
payments for acquisitions relate to the purchase of the outstanding
Dobotex shares, effected on the 1st of January 2012.

Capex continued to increase by 28.1% to EUR -13.8 million and went
mainly into Retail stores, supply chain initiatives and IT projects
as "Back on the Attack" investments continued.

Cash Position reduced The Total cash position was reduced by 18.3%
from EUR 300.8 million to EUR 245.8 million, caused by the
purchase of the remaining Dobotex shares. Including stable bank
debts, the net cash position finished at EUR 203.2 million.

Outlook for the Financial Year 2012

PUMA's management has taken actions to improve the company's cost
structure and strengthen product desirability to foster sales growth
and profitability. PUMA is confident of achieving the full year
targets as outlined in the 2011 annual report. Management continues
to foresee sales increases in the high single- digit range and
an increase in net earnings in the mid-single digit range for the
full year.


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.

Media Relation:

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 -

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 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

Further inquiry note:
Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

end of announcement euro adhoc

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
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
regulated dealing: München, regulated dealing/prime standard:
language: English


Leider liegen uns zu diesem Artikel keine separaten Kontaktinformationen gespeichert vor.
Am Ende der Pressemitteilung finden Sie meist die Kontaktdaten des Verfassers.

Neu! Bewerten Sie unsere Artikel in der rechten Navigationsleiste und finden
Sie außerdem den meist aufgerufenen Artikel in dieser Rubrik.

Sie suche nach weiteren Pressenachrichten?
Mehr zu diesem Thema finden Sie auf folgender Übersichtsseite. Desweiteren finden Sie dort auch Nachrichten aus anderen Genres.


Weitere Informationen erhalten Sie per E-Mail unter der Adresse: info@bankkaufmann.com.

@-symbol Internet Media UG (haftungsbeschränkt)
Schulstr. 18
D-91245 Simmelsdorf

E-Mail: media(at)at-symbol.de


weitere Artikel:
  • EANS-News: PUMA verzeichnet Umsatzwachstum von 6.1% im ersten Quartal -------------------------------------------------------------------------------- Corporate News übermittelt durch euro adhoc. Für den Inhalt ist der Emittent/Meldungsgeber verantwortlich. -------------------------------------------------------------------------------- Geschäftszahlen/Bilanz Herzogenaurach (euro adhoc) - PRESSEMITTEILUNG PUMA verzeichnet Umsatzwachstum von 6.1% im ersten Quartal Profitabilität beeinflusst durch Rückgang in Europa Herzogenaurach, 25. April 2012 Highlights erstes Quartal 2012 mehr...

  • EANS-Adhoc: Weatherford Announces Conference Call -------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- quarterly report/Conference Call 25.04.2012 GENEVA, April 24, 2012 -- Weatherford International Ltd. (NYSE/SIX: WFT) today announced that it has scheduled a conference call for Wednesday, July 25, 2012 at 8:00 mehr...

  • EANS-Adhoc: Von Roll Holding AG presents figures for the first quarter of 2012 -------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 3-month report 25.04.2012 Au / Wädenswil, April 25, 2012 - Von Roll Holding AG announced its first-quarter results today. The development of the company's business during the first three months of 2012 was mehr...

  • EANS-Adhoc: Von Roll Holding AG legt Zahlen des ersten Quartals 2012 vor -------------------------------------------------------------------------------- Ad-hoc-Mitteilung übermittelt durch euro adhoc mit dem Ziel einer europaweiten Verbreitung. Für den Inhalt ist der Emittent verantwortlich. -------------------------------------------------------------------------------- 3-Monatsbericht 25.04.2012 Au / Wädenswil, 25. April 2012 - Die Von Roll Holding AG hat heute die Geschäftsentwicklung des ersten Quartals 2012 veröffentlicht. Der Geschäftsverlauf des Unternehmens war in den ersten drei Monaten mehr...

  • 3M Geschäftsergebnisse 1. Quartal 2012 / Anhaltend positives Wachstum der deutschen 3M Gruppe Neuss (ots) - Deutschland: Auch im ersten Quartal 2012 konnte die 3M Deutschland GmbH, Neuss, die positive Umsatzentwicklung des Vorjahres fortsetzen. So stieg der Gesamtumsatz der deutschen 3M Gruppe in den ersten drei Monaten um 6,5 Prozent auf 611 Millionen Euro. Dabei erhöhten sich der Inlandsumsatz und die Direktexporte um 10,4 Prozent auf 282 Millionen Euro, während das Geschäft mit den ausländischen Schwestergesellschaften um 3,2 Prozent auf 328 Millionen Euro zulegte. "Mit dieser Entwicklung konnten wir nicht nur unsere mehr...

Mehr zu dem Thema Finanzen

Der meistgelesene Artikel zu dem Thema:

Century Casinos wurde in Russell 2000 Index aufgenommen

durchschnittliche Punktzahl: 0
Stimmen: 0

Bitte nehmen Sie sich einen Augenblick Zeit, diesen Artikel zu bewerten:

Sehr gut