German sportswear label Puma has announced financial results for second quarter of this fiscal. The brand reported double-digit growth in all regions and product segments during the quarter under review.
The retailer noted 15 per cent increase in sales on currency-adjusted basis to € 1,049 million. More sales of new products carrying a higher margin and positive currency effects helped Puma to note an improvement in gross profit margin to 48.6 per cent this year.
Net earnings in the reporting quarter increased from € 21.9 million to € 31.1 million.
The brand’s EBIT during the second quarter increased by 33 per cent to € 57.6 million as compared to € 43.4 million in the corresponding period last year.
Operating expenses (OPEX) for the retailer increased 11 per cent due to higher sales related variable costs, higher marketing and retail investments.
Additionally, sportswear retailer’s sales noted 18 per cent increase on currency adjusted basis to € 2,180 million while gross profit margin up 160 basis points at 48.4 per cent.
Puma noted net earnings of € 98.5 million in the first half year as compared to € 71.5 million in the corresponding period last year.
Operating expenses (OPEX) increased 9 per cent while operating result (EBIT) improved by 50 per cent from € 114 million to € 170 million.
The retailer now expects to note operating result between € 310 million and € 330 million for full year. The company management anticipates significant improvement in net earnings in 2018.
