Puma announced its results for the second quarter 2015. Consolidated sales improved by 7.6% currency adjusted to € 772.7 million and were above company's expectations.
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This positive development was primarily driven by the growth in Footwear sales across all regions. In reported terms, consolidated sales rose a strong 18.5%.
Second-quarter sales for the EMEA region (Europe, Middle East and Africa) rose by 3.9% currency adjusted to € 270.5 million. The development was particularly encouraging in Germany, France and Turkey, while Italy and Switzerland suffered a decline on high comparables, last year’s World Cup replica sales not repeating this year.
Sales performance in the Americas was stronger in the second quarter with growth in both, North and Latin America. Currency adjusted sales increased by 11.6% to € 328.4 million. In particular, Argentina and Mexico showed above average sales developments.
Asia/Pacific (APAC) showed a satisfying second-quarter performance, with sales rising by 6.2% currency adjusted to € 173.8 million. The increase was primarily attributable to good performances in China and India, each reporting double-digit growth.
Sales in Footwear increased for the fourth quarter in a row, rising by 16.2% currency adjusted to € 358.8 million. This development was mainly driven by the Running, Training and Sportstyle categories and especially the PUMA IGNITE product platform.
Apparel sales were broadly flat at € 263.3 million. This is against high comparables in the second quarter 2014, when sales in replica jerseys driven by the FIFA World Cup were particularly strong.
Accessories grew by 3.6% currency adjusted to € 150.7 million and developed in line with our expectations.
Gross profit margin was stable at 46.7%, despite significant negative currency effects. The footwear gross profit margin decreased slightly from 42.7% to 42.3%, the apparel margin rose from 48.2% to 50.7% and the margin for accessories fell from 52.4% to 50.0%. ■