Strong growth
in a volatile 2023
PUMA reports 6.6% sales growth in FY 2023
February 27, 2024PUMA reports 6.6% sales growth in FY 2023
February 27, 2024On Tuesday, we published our results for the fourth quarter and the full year 2023 and reported a 6.6% increase in annual sales, adjusted for currencies. This was driven by PUMA’s continued momentum and robust demand for our products.
Our sales growth was strongest in the Asia/Pacific region, closely followed by the EMEA region. Sales in the Americas region fell, as they were negatively impacted by the extraordinary devaluation of the Argentine peso in December 2023.
Our operating result (EBIT) was € 622 million, fully in line with our outlook. Excluding the devaluation of the Argentine peso, it would have been above last year at € 641 million.
In a volatile environment that impacted the whole industry, PUMA delivered strong growth and profitability fully in line with the outlook. Without the extraordinary devaluation of the Argentine peso, which had a significant one-off accounting impact, our results would have been even stronger. This outcome reflects the strong underlying performance of PUMA and we were only able to achieve this because of our amazing PUMA Family and all of its fantastic partners.
In 2023, we sharpened our strategy to achieve long-term, sustainable growth across all regions and product categories. To achieve our long-term vision of consistently outperforming the market, our highest priorities remain to drive brand elevation, increase product excellence and improve our distribution quality.
Given the relevance of these markets, we placed special emphasis on laying the foundation for sustainable long-term growth in the USA and China.
We established a new global marketing organization and started to execute our new marketing strategy to elevate the brand. We also built new management teams in the US and China to implement our local must-win strategies and cleared our inventories to healthy levels. As a result of all of these measures, PUMA is in a better position at the start of 2024 as we were at the start of 2023.
2024 will be a Year of Sport with major events such as the Olympic Games, Euro 2024 and the Copa America, which provide the perfect platform for us to showcase our strong product innovation and credibility as a performance brand. However, we expect the geopolitical and macroeconomic headwinds as well as currency volatility to continue.
In 2024, we expect to achieve mid-single-digit currency-adjusted sales growth and an operating result (EBIT) in the range of € 620 million to € 700 million for the financial year 2024.
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