Puma has just witnessed better-than-expected Q1 results!
The German sportswear brand said that high demand more than offset the effect of supply chain issues and the Russia-Ukraine war impact.
The brand’s Q1 operating profit surged by 27 per cent to €196 million, which is much more than analysts’ forecast of €181.5 million.
Notably, net earnings grew by 11.2 per cent during the quarter to clock €121 million.
However, owing to higher freight rates and not-so-favourable geographical and channel mix, the gross profit margin fell by 130 basis points to 47.2 per cent.
Q1 sales rose by 19.7 per cent currency-adjusted to €1.912 billion and were up 23.5 per cent on a reported basis. The wholesale increased by 23.3 per cent currency-adjusted to €1.528 billion.
Regionwise, Puma saw its strongest sales growth during Q1 in the Americas, where currency-adjusted sales grew by 44.1 per cent.
Sales in EMEA were up 25.5 per cent, while in Asia Pacific it declined by 17 per cent owing to concerns in Greater China resulting from its zero-Covid policy.
Puma, third largest sports manufacturer in the world, is a German multinational corporation that designs and manufactures athletic and casual footwear, apparel and accessories. It generated €6.8 billion in 2021.
