EANS-News: PUMA SE / Implementation of Transformation Program and Cost Cutting Measures Impact Third Quarter Net Earnings

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Financial Figures/Balance Sheet

Herzogenaurach (euro adhoc) - Implementation of Transformation
Program and Cost Cutting Measures Impact Third
Quarter Net Earnings

Herzogenaurach, October 24, 2012

Performance Third Quarter 2012

- Consolidated sales increase 6.0% in Euro terms
- EBIT before special items decreases by 16.7% to EUR 98.8 million
- Special items EUR 80 million due to Transformation and cost
reduction
program
- EPS down from EUR 5.45 to EUR 0.81

Performance First Nine Months of 2012

- Consolidated sales grow 7.8% in Euro terms
- EBIT before special items reduced by 13.0% to EUR 247.9 million
- EBIT including special items EUR 168.6 million
- EPS declines from EUR 13.15 to EUR 7.53
- Equity ratio improves from 62.9% to 65.2%

Outlook for the Financial Year 2012

- PUMA's Management maintains its 2012 sales guidance at a mid-single digit
rate in Euro terms.
- Transformation Program complemented by immediate cost cutting measures as
the difficult business environment in particular in Europe required short-
term adjustments.
- Management expects annual net earnings to be significantly below those of
2011, impacted in particular by the one-time expenses.

"PUMA posted a moderate increase in sales in the third quarter
despite the challenging business climate in Europe," said Franz
Koch, CEO of PUMA SE. "We have taken decisive actions to overcome
the issues we are currently facing in particular in Europe. Our
Transformation Program 2010-2015 in combination with immediate
cost cutting measures and a strengthened product pipeline in
Performance and Lifestyle for next year will provide a solid
basis for sustainable and desirable growth."

Challenging Business Climate in Europe continues to slow down sales
growth

Sales Performance by Segment PUMA's third quarter consolidated sales
grew by 6.0% in Euro terms and by 0.5% currency adjusted to EUR
892.2 million.

Footwear sales rose by 2.5% to EUR 441.9 million, supported by
continuing demand for the lightweight running footwear range PUMA
Faas and also Heritage styles such as the evergreen Suede Classics
and our Archive Lite Mid and Low designs. PUMA's success in its
running footwear range was underlined by the Olympic Summer
Games that saw PUMA's blend of Sportlifestyle at its best:
Outstanding athletic performances, combined with cool events in town.
However, the positive performance in our Running category was
dampened by declines in the Fitness & Training and Motorsport
categories in PUMA's mature markets.

Apparel sales increased by 5.6% to EUR 311.2 million, fueled
not only by continued strength in our Cobra PUMA Golf division,
but also by sales of replica jerseys as part of our Teamsport
category. PUMA has had tremendous success with Borussia Dortmund
replica and fan wear, which has played an important part in
our sales performance in Germany this year.

Accessories continued to climb strongly, up 20.1% to EUR 139.1
million with strong results in our American sock and bodywear
business and also in Golf. In September, PUMA was part of a
sensational finish at the 2012 Ryder Cup when Cobra PUMA Golf
athlete Ian Poulter, the undisputed player of the tournament, won
all four matches he played in the prestigious competition between
the best golfers from Europe and the USA.

Over the first nine months of this year, consolidated sales improved
by 7.8% in Euro terms or by 3.3% currency adjusted to EUR 2.46
billion. Footwear sales rose 2.2% in Euro terms, Apparel sales were
up 9.8% supported by strong sales in Running and other
performance items, and Accessories rose 23.4%, with Cobra PUMA
Golf products resonating well with consumers. Sales Performance by
Region Growth continues in the Americas In regional terms, sales in
EMEA declined by 3.4% to EUR 396.7 million as the economic
slow-down in Europe and restrained consumer spending continued to
have a severe impact on PUMA's business performance. Strong numbers
from Germany and Russia could not completely offset the
slowdown elsewhere. However, PUMA continued its excellent
performance in the Americas with sales growing by 20.5% in Euro
terms (10.6% currency adjusted) to EUR 283.2 million in the
third quarter, with Argentina, Brazil and Mexico all providing
strong double digit increases and continued growth in North
America. Asia/Pacific posted a gain of 8.3% in Euro terms to EUR
212.3 million with good numbers from Korea and India in particular.
Growth in China has slowed down due to a challenging overall market
environment and high inventory levels in the market.

First-nine-month sales in EMEA were down 2.5% with most markets
in Western Europe continuing to face challenges, although
Germany returned satisfying figures, as did Turkey. Conversely,
sales in the Americas rose strongly by 18.3% with good results
across both North and Latin America. North America benefitted
in particular from continued growth in our socks and bodywear
subsidiary as well as Cobra PUMA Golf. Asia/Pacific increased
by 14.9%, supported again by excellent numbers from India and also
Japan.

Sales Performance Retail Retail continues to grow PUMA's owned and
operated retail operations generated higher sales numbers.
Third-quarter retail sales were EUR 165.0 million, an increase of
22.7% compared to EUR 134.0 million for the third quarter of 2011 and
equal to 18.5% of total sales. For the first nine months to the
end of September, retail sales were up 20.4% from EUR 363.0 million
to EUR 437.0 million, delivering 17.7% of total sales compared to
15.8% at the same stage last year. Comparable sales rose at
existing stores and PUMA continues to open new selective stores in
profitable locations. However, a considerable amount of retail
stores in mature markets are not generating satisfying
contributions and will be part of the retail store network
optimization. PUMA's e-commerce business is growing and has
contributed positively.

Margins, Expenses and Profitability Gross Profit Margin fell in Q3
and for the first nine months of 2012 The gross profit margin
declined to 48.2% in the third quarter of 2012, under pressure
from input costs and unfavorable trading conditions in
Europe. Footwear fell from 49.8% to 46.1%, mainly impacted by
inventory clearances which have led to a stock reduction in the
footwear category in the third quarter, ahead of the launch of
our new ranges for Spring/Summer 2013. Apparel fell marginally from
50.3% to 50.1%. Accessories, however, rose from 50.0% to 50.6%
compared to 2011.

On a nine-month basis, the gross profit margin declined 110 basis
points from 50.6% to 49.5%. Footwear fell from 49.8% to 47.9%.
Apparel remained steady at 50.9% while Accessories moved lower
from 52.4% to 51.2% due to higher input costs and the
competitive Teamsport business.

Operating Expenses increase Third-quarter operating expenses rose by
9.5% to EUR 336.1 million in the third quarter of the year compared
to EUR 307.0 million last year. Retail costs have continued to
rise as PUMA has increased the number of retail stores it owns and
operates, whilst the Olympics and associated costs meant that
marketing was significantly higher than over the same period in
2011. As well as continuing to invest steadily in RD&D in
order to further strengthen our product portfolio, we are
continuing to enhance our supply chain and IT-systems.

For the first nine months of 2012, OPEX rose by 11.3% or EUR 100.5
million from EUR 885.5 million to EUR 986.0 million, impacted as
above by increased marketing, retail and RD&D expenditures as
well as investments in line with the accelerated
Transformation Program. The OPEX has also been impacted by currency
effects which alone led to an increase of 450 basis points.

Operating result before Special Items As a result of the lower gross
profit margin and increased operating costs related to the
Transformation Program, the operating result before special
items declined by 16.7% to EUR 98.8 million during the third quarter
of 2012. On a nine months basis EBIT before special items fell by
13.0% to EUR 247.9 million, an EBIT margin of 10.1%

Special Items PUMA recorded a total of EUR 80 million in special
items that are related to the Transformation Program during the
third quarter. These have been mainly incurred by restructuring
the European region, optimizing the retail portfolio and
reorganizing its global operations and functions.

EBIT after special items EBIT including special items were equal to
EUR 19.6 million for the third quarter and EUR 168.6 million for the
nine months to the end of September.

Financial Result The financial result was positive at EUR 1.7 million
compared to EUR -2.1 million in the third quarter of 2011, due
mainly to positive currency developments. Similarly, for the year
to date, the financial result improved from EUR -3.9 million to
EUR -0.9 million.

Earnings before Taxes PUMA's third-quarter EBT was down 81.7% to EUR
21.3 million. The quarterly tax ratio decreased from 30.0% to
27.7%.

EBT also fell for the first nine months of the year from EUR 281.1
million to EUR 167.7 million after special items, a drop of 40.3%.
The company reported an improved tax rate of 28.9% compared to
last year's 30.0%.

Net Earnings decline As a consequence of continued pressure on the
gross profit margin, increased expenditures and the special items
in particular, consolidated net earnings fell by 85.1% to EUR
12.2 million. Earnings per share therefore fell to EUR 0.81.

For the first nine months of 2012, net earnings weakened by 42.8%
to EUR 112.8 million and EPS decreased to EUR 7.53.

Net Assets and Financial Position

Equity Total assets as of September 30, 2012 grew by 6.5% from EUR
2,423 million to EUR 2,580 million, mainly due to an increase in
inventories. The equity ratio improved from 62.9% to 65.2% when
compared to the third quarter of 2011. In absolute figures,
shareholders' equity increased by 10.3% from EUR 1,524 million to
EUR 1,682 million.

Working Capital related Assets and Liabilities Looking at assets,
inventories rose by 21.3% in Euro terms to EUR 646.0 million or
16.8% currency adjusted. This increase is significantly lower
than in previous quarters and testament that our efforts to reduce
the current over- stock levels have been successful in the
quarter. Inventories have generally advanced in the wake of
continued retail expansion as well as higher average prices per
unit on stock. Trade receivables rose only slightly to EUR
623.7 million, which is due to a sharper focus and reflects
PUMA's dedication to improve outstanding days. On the liabilities
side, trade payables fell slightly to EUR 382.9 million.

Cashflow/ CAPEX The Free Cashflow (before acquisitions) came in at
EUR -82.7 million compared to EUR -89.4 million for the same period
in 2011, with working capital increases offset by lower tax
payments. The payments for acquisitions relate to the purchase
of the outstanding Dobotex shares, effected on January 1, 2012.

CAPEX increased by 21.4% to EUR 54.2 million and continued for the
most part to be related to investments aligned with the "Back on
the Attack" growth plan, such as supply chain initiatives, IT
projects and profitable retail store extension.

Cash Position The total cash position as of September 30, 2012 was
reduced by 9.4% from EUR 289.5 million to EUR 262.2 million,
affected by the purchase of the remaining Dobotex shares.
Including bank debts, the net cash position decreased 19.5% from
EUR 255.1 million to EUR 205.4 million.

Implementation Status of PUMA's Transformation Program and Cost
Reduction Measures

PUMA has progressed with and has already begun to implement major
parts of its Transformation Program which was introduced in 2010 as
a new development phase with the aim to reduce complexity and
increase operational efficiencies in the long run. In addition,
immediate cost reduction measures were initiated to improve the
overall current financial performance.

New Regional Business Model: At the core of the program is the setup
of a new regional business model which will initially be rolled out
in Europe and then gradually be extended to the remaining
regions. The European organizational structure has now also been
expanded to include several central and eastern European Union
member states (Czech Republic, Poland, Hungary, Slovakia and the
Baltic nations). Furthermore, PUMA has reduced the number of
organizational entities from 23 countries to seven areas in order to
reduce complexity of the business. Each area has a full management
team and P&L responsibility, while each country will focus its
activities on the commercial side of the business. The seven areas
are: DACH (Germany, Austria, Switzerland), IBERIA (Spain,
Portugal), UKIB (Belgium, Ireland, Luxemburg, Netherlands,
UK), NORDICS (Denmark, Finland, Norway, Sweden) EASTERN EUROPE
(Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland,
Slovakia), FRANCE and ITALY.

Consolidation of Warehouse Portfolio: Correspondingly, PUMA has
initiated the consolidation process of its warehouse portfolio
across Europe in order to generate further efficiencies and cost
savings with the long-term objective to align the warehouse network
with the new area structure.

Optimization of Retail Portfolio: PUMA has decided to close a
total of approximately 80 unprofitable stores with the focus on
mature markets, while the company will continue to open new
selected stores in profitable locations primarily in emerging
markets. By the end of December 2013, PUMA aims to operate
around 540 stores worldwide, compared to its current 590 stores.

Termination of Collaboration and Endorsement Contracts: PUMA has
decided to divest unprofitable collaborations and endorsement
contracts in line with the overall consolidation of its product
portfolio.

Reducing Product Collections: PUMA is planning to downsize its
overall product palette by 30% by the end of 2015. The number of
articles has already been aligned with the company's core
categories. The major portion of the article reduction will come
from streamlining regional and local ranges. The first
significant results of this rationalization and simplification will
be visible in Spring/Summer 2013.

Establishment of Business Units: PUMA will evolve its
international organization establishing seven Business Units
(Teamsport; Running, Training and Fitness; Golf; Fundamentals;
Motorsport; Lifestyle; Accessories and Licensing). Product
management, design, development and product-specific marketing
will be clustered under each Business Unit. Establishing the
Business Unit structure will help PUMA to press ahead with its
sharpened focus on Performance as well as Lifestyle categories.

Further actions are currently under investigation, to be put in
place during the fourth quarter of the year.

Outlook for the Financial Year 2012

Against the backdrop of a difficult business environment in
particular in Europe, PUMA's management has complemented its
2010-2015 Transformation Program with immediate cost reduction
measures. The above actions require one-time costs of EUR 80
million which were booked in the third quarter. PUMA expects that
these one-time expenses will be amortized within two to three years.

PUMA's management continues to forecast annual sales rising by
mid-single digits in Euro terms and net earnings significantly
decreasing from last year's level due to the aforementioned one-off
expenses.

Media Relation: 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 and Mihara
Yasuhiro. 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 about 11,000 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
Share
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
regulated dealing: München, regulated dealing/prime standard:
Frankfurt
language: English