Our
Q1
Results
PUMA delivers Q1 results fully in line with expectations
May 8, 2024PUMA delivers Q1 results fully in line with expectations
May 8, 2024We just announced our results for the first quarter this morning. In the January-March period, our sales increased by 0.5%, if adjusted for the change in currencies, to 2,102 million euros.
In terms of regions, the Americas region showed the strongest increase and grew for the first time in four quarters. Sales in the Asia/Pacific region showed a slight increase while sales in the EMEA region were unchanged compared to first three months of 2023. In Europe, sales came in better than expected.
Sales in Footwear were up 3.1%, adjusted for currencies, largely driven by strong demand for our Football and other performance categories. Sales in Apparel and Accessories declined.
We already see that sales of our trending terrace and skate styles Palermo and Suede XL are accelerating month over month and we are very excited to launch our vintage running franchise Easy Rider and low-profile shoes Mostro, SpeedCat and Inhale this year.
2024 is not only the year of sports, with major events such as the UEFA Euro 2024, Copa America and the Olympic and Paralympic Games, which give us the perfect platform to showcase our strong product innovation and credibility as a performance brand.
In April, we also launched our first worldwide brand campaign in 10 years “FOREVER. FASTER. – See The Game Like We Do” with the objective to strengthen PUMA’s positioning as the Fastest Sports Brand in the world.
Supported by the continued brand momentum and despite ongoing geopolitical and macroeconomic challenges, we expect to achieve mid-single-digit currency-adjusted sales growth and an operating result (EBIT or earnings before interest and taxes) in the range of € 620 million to € 700 million for the financial year 2024. We expect net income to change in 2024 in line with the operating result.
We are focusing our efforts on building the foundation for the next chapter of growth based on increased brand desirability. The launch of our first brand campaign in a decade was an important first step and the first results came in above our expectations. I could not imagine a better year than the 2024 Year of Sport to start PUMA’s brand elevation journey. We are looking forward to celebrating this summer’s events with our employees, consumers, retail partners and brand ambassadors.
