Our
second-quarter
results
PUMA delivers Q2 results fully in line with expectations
August 7, 2024PUMA delivers Q2 results fully in line with expectations
August 7, 2024PUMA’s sales in the second quarter, the April-June 2024 period, came in as we had expected with a 2.1% rise, adjusted for the change in currencies, compared to 2023. This result means we are well on track to meet our full-year targets.
PUMA saw growing sales in all regions except Eastern Europe, the Middle East and Africa. Among product divisions, Apparel showed the biggest increase, while Footwear sales were unchanged compared to last year and Accessories sales fell.
Our operating profit (Earnings before interest and taxes), a metric which analysts often look at to determine the performance of a company, also increased in line with our expectations, by 1.6% to 117 million euros.
With our second quarter operating performance, we fully delivered on our outlook for the quarter and are well on track to deliver on our outlook for the full year. I could not be prouder of our team and our strong retail partnerships, which were key to delivering this result in an environment of increased currency headwinds, stressed supply chains and macroeconomic and geopolitical challenges that are weighing on consumer sentiment around the world
We continued to elevate the PUMA brand in the second quarter. With amazing performances by Austria and Switzerland and our best-in-class players such as Xavi Simons and Kai Havertz, we enjoyed great visibility at Euro 2024. Building on our portfolio of entertainment ambassadors, K-Pop star Rosé joined the PUMA Family and in Basketball, we signed celebrated footwear designer Selehe Bembury to create a new signature basketball style.
On the performance side, we introduced great innovations such as the Deviate NITRO™ 3 in Running, the next generation of our football speed boot ULTRA with a new high-performance outsole design, or the MB.04 in Basketball.
In Sportstyle, we continued to maximize the current trends with our strong-performing Palermo and Suede XL sneakers while we successfully established the new low profile style with the Speedcat.
With a successful second quarter and first half of 2024 behind us, we continue to expect currency-adjusted sales growth in the mid-single digits. Taking into account external factors, such as higher freight costs, changing duties and continued muted consumer sentiment, we narrow our outlook for the operating result (EBIT) to a range of 620 million to 670 million euros (2023: 621.6 million euros; previous outlook: 620 – 700 million euros).
