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Puma lifts full year outlook after strong Q2

Puma SE said that strong sales growth continued in the second quarter with sales up 15.7 percent currency-adjusted and 16.9 percent reported to 1,226.8 million euros (1,367.5 million dollars). The company said, Asia/Pacific and Americas regions continued to contribute with double-digit increases, while growth in the EMEA region was at a high single-digit rate. Both apparel and footwear showed strong growth in the quarter, improving by 22.7 percent and 14.5 percent respectively, while accessories grew by 6.3 percent.

Commenting on the second quarter results, Bjorn Gulden, Puma’s Chief Executive said in a statement: “The second quarter developed very positively for us, with sales growing 15.7 percent currency-adjusted and EBIT increasing 39 percent. With this development in the first half-year and the current expectations for the second half, we have slightly adapted our outlook for the full year, expecting revenues to now improve around 13 percent in constant currency and the full-year EBIT to come in between 410 million euros and 430 million euros.”

Review of Puma’s second quarter performance

The gross profit margin improved to 49.3 percent in the second quarter compared to last year’s 48.6 percent. The operating result (EBIT) increased by 39.4 percent from 57.6 million euros (64.2 million dollars) last year to 80.3 million euros (89.5 million dollars).

Net earnings increased from 31.1 million euros to 49.7 million euros (55.4 million dollars) and earnings per share were up from 0.21 euro in the second quarter last year to 0.33 euro correspondingly.

Puma’s sales improved 15.5 percent in H1

Sales for the first half-year rose by 15.5 percent currency-adjusted or 16.8 percent reported to 2,546 million euros (2,838 million dollars). The company added that strong sales development was largely driven by double-digit currency-adjusted growth rates in Asia/Pacific, where China continued to be the main growth driver, and the Americas. EMEA was at a more moderate level with a mid single-digit growth rate. From a product division perspective, the sales growth was driven by double-digit growth in apparel with an increase of 24.8 percent as well as in footwear, which grew by 11.7 percent.

Wholesale increased 13.8 percent currency-adjusted, supported by a strong performance of our key accounts. Puma's own and operated retail sales increased by 21.5 percent currency-adjusted to 599.6 million euros (668.4 million dollars) including ecommerce.

The gross profit margin improved by 80 basis points from 48.4 percent to 49.2 percent in the first half of 2019. The operating result (EBIT) grew by 31.2 percent to 222.8 million euros (248.4 million dollars), leading to improved EBIT-margin of 8.8 percent compared to 7.8 percent in the first half last year.

Net earnings rose by 46.3 percent to 144.1 million euros (160.6 million dollars) and earnings per share were 0.96 euro compared to 0.66 euro in the first half of 2018.

Puma raises full year outlook

Puma now expects that currency-adjusted sales will increase around 13 percent compared to previous guidance of currency-adjusted increase of around 10 percent. The gross profit margin is still anticipated to improve slightly compared to 48.4 percent last year and the company continues to expect that operating expenses (OPEX) will increase at a slightly lower rate than sales.

The operating result (EBIT) is now expected to come in between 410 million euros and 430 million euros compared to previous guidance of between 395 million euros and 415 million euros, while net earnings are expected to improve significantly in 2019.

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