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Herzogenaurach, Germany, October 29, 2004
PUMA reports strongest quarter in history

PUMA AG announces its consolidated financial results for the 3rd Quarter and First Nine Month of 2004

Financial Highlights:

  • PUMA reports strongest quarter in history.
  • Consolidated sales grow almost 17% in Q3 and 23% ytd. (currency neutral).
  • Highest gross profit margin ever achieved in a quarter.
  • EBIT margin sustains a high level: 27% in Q3 and 25% ytd.
  • Earnings per share up 22% to €5.30 and 41% to €13.75 respectively.

Outlook:

  • Management anticipates new records across the board in FY2004, and upgrades earnings expectations: Sales growth of around 20% and earnings growth between 35% and 40% now anticipated.
  • 35th consecutive quarter of order growth
  • Future orders are up by 19% currency adjusted.

Sales and earnings review

Strong sales performance

Third Quarter showed another outstanding performance with growth in consolidated sales of 16.5% on a currency-neutral basis or by 14.6% to €461 million in Euro currency. Footwear sales grew by 13.9% (in Euro terms 12.4%) to €301 million, Apparel increased 19.3% (17.6%) to €130 million and Accessories were up 27.1% (25.1%) to €31 million. Currency neutral sales for the first nine months jumped by 22.5%. In Euro terms, sales were up 20.1% to €1,257 million, nearly reaching full year sales of FY2003. Footwear sales grew by 18.1% (in Euro terms 16.2%) to €836 million, Apparel by 28.5% (26.6%) to €339 million and Accessories recognized the strongest growth of 39.8% (38.6%) reaching €82 million.

Branded sales growth in line with consolidated sales

PUMA’s global branded sales, which include consolidated and licensee sales, totaled €590 million during Q3, an increase of 17.2% (in Euro terms 15.2%) over last year. Licensed sales contributed with an increase of 19.7% (17.3%) to global sales. During the first nine months, branded sales grew by 20.9% currency neutral or by 18.9% to €1,604 million. Footwear sales rose by 15.4% (in Euro terms 13.4%) to €922 million, Apparel by 27.7% (25.7%) to €556 million and Accessories by 36% (34%) to €126 million. Sales from licensees were up by 15.3% or 14.5% respectively.