PUMA's preliminary 2023 results
PUMA announces 2023 preliminary results
January 24, 2024PUMA announces 2023 preliminary results
January 24, 2024PUMA announced its preliminary results for 2023 on Wednesday. In 2023, we achieved full-year currency-adjusted sales growth of around 6.6% and 1.6% reported, with preliminary 2023 sales of approx. € 8,602 million. The operating result (EBIT) amounted to approx. € 622 million.
This was due to the extraordinary devaluation of the Argentine peso by 54% in December 2023, for which we had to adjust the value of this hyperinflationary currency to the much lower exchange rate valid at the end of the year.
Excluding the extraordinary currency effects, PUMA would have delivered currency-adjusted sales growth above 8% and an EBIT above last year’s.
“Our underlying operating performance was strong in 2023 and showed that we were well on track to meet all expectations. The accounting treatment of the hyperinflationary economy Argentina and its significant devaluation of the Argentine peso mid of December resulted in an extraordinary impact on fourth quarter and financial year results for 2023. Due to the magnitude and timing of this currency effect, we could not fully compensate the entire impact at the year-end. With a strong fourth quarter operating result we achieved a full-year EBIT absolutely in line with expectations as well as a significant improvement in the Free Cash Flow. This great achievement is thanks to the outstanding job of our entire PUMA family.”
Supported by our continued brand momentum and despite continued global geopolitical and macroeconomic headwinds, PUMA expects in the financial year 2024 a mid-single-digit currency-adjusted sales growth and an EBIT in the range of € 620 million to € 700 million (2023: approx. € 622 million).
“For 2024, we foresee the geopolitical and macroeconomic challenges as well as highly volatile currencies to persist. This continues to weigh on consumer sentiment and demand, especially in the first half of 2024. While we cannot change these external factors, we continue to stay 100% focused on elevating the brand and bringing exciting product newness to the market.
We are in a better position at the start of 2024 than we were at the start of 2023: we have cleared our inventories, we have a product pipeline with exciting product newness and innovations and we will launch our new brand campaign soon. We continue to stay hungry and have the ambition to continue to grab market shares.”
