2023 Third Quarter Facts 

• Sales increase by 6.0% currency adjusted (ca) to € 2,311 million (Q3 2022: € 2,354 million) with sales growth in all regions 

• Gross profit margin increases by 30 basis points to 47.1% (Q3 2022: 46.8%), despite strong currency headwinds 

• Operating expenses (OPEX) increase moderately by 1.2% to € 864 million (Q3 2022: € 853 million), supported by continued cost discipline 

• Operating result (EBIT) amounts to € 236 million (Q3 2022: € 258 million), resulting in an EBIT margin of 10.2% (Q3 2022: 10.9%) 

• Net income is at € 132 million (Q3 2022: € 146 million) 

• Inventory further normalizes to an appropriate level of € 1,874 million (September 30, 2022: € 2,350 million) 

• PUMA is well on track to achieve its full-year outlook 

Product, Marketing & Other Highlights 

• PUMA and Rihanna see strong demand for the Avanti, the first PUMA x FENTY product of the renewed collaboration with the global icon 

• PUMA welcomes A$AP Rocky as Creative Director for PUMA x F1 partnership 

• PUMA athlete Neymar Jr. breaks all-time scoring record of Brazil’s national team overtaking PUMA athlete Pelé 

• PUMA joins the South American Football Confederation CONMEBOL and the Confederation of African Football CAF as an official partner 

• PUMA signs long-term partnership with German International & Arsenal star Kai Havertz 

• PUMA athletes win 22 medals at World Athletics Championships in Budapest, twice as many as in Eugene last year 

• PUMA athlete Armand “Mondo” Duplantis jumps 6.23 meters to break the pole vault world record for the seventh time 

• PUMA signs a multi-year extension of its partnership with F1 Team Scuderia Ferrari and enters a long-term partnership with F1 Team Williams Racing 

• PUMA athlete Dennis Schröder, captain of the German Basketball National Team, named Most Valuable Player at the FIBA Basketball World Cup 2023 and Breanna Stewart wins the 2023 WNBA Most Valuable Player Award 

• PUMA and LaMelo Ball unveil the LaFrancé collection debuting the MB.03, LaMelo Ball’s third signature basketball shoe 

• PUMA and Swarovski launch a collection in celebration of PUMA's 75th anniversary 

• PUMA brings back low-profile sneaker silhouettes for Paris Fashion Week in collaboration with fashion labels Coperni and Ottolinger 

• PUMA appoints Javier Ortega as General Manager Europe

Third Quarter 2023

Currency adjusted sales increased by 6.0% to € 2,311.1 million, while currency effects had a negative impact on sales in euro terms (-1.8% reported). The EMEA region recorded a sales growth of 9.9% (ca) to € 1,020.7 million, which was driven by strong performance in EEMEA. The Asia/Pacific region grew by 4.6% (ca) to € 435.9 million, supported by a continued trend of recovery in Greater China following the market reopening, as well as ongoing growth in Japan and India. Sales in the Americas region increased by 2.5% (ca) to € 854.6 million. In line with expectations and the year-to-date trend, North America declined due to macroeconomic headwinds and PUMA’s relative dependency on the off-price Wholesale business, while Latin America continued to show strong growth. The PUMA Group continues to benefit from its geographic diversification of the business. 

PUMA’s Wholesale business increased by 3.1% (ca) to € 1,786.3 million. This is fully in line with the objective of being the best partner for retailers while working with them to manage elevated inventory levels in the marketplace. Direct-to-Consumer (DTC) business was up by 17.4% (ca) to € 524.9 million. Sales in owned & operated retail stores increased 21.8% (ca) and e-commerce was up 8.3% (ca). The ongoing strong growth in DTC was supported by continued brand momentum, retail store expansion and improved store productivity. This resulted in an increased DTC share of 22.7% (Q3 2022: 20.8%). 

Sales in Footwear were up 11.3% (ca), driven by continued strong demand for our Football, Basketball and Performance Running categories as well as for Sportstyle. Sales in Apparel declined 0.5% (ca), while Accessories grew 4.2% (ca).

The gross profit margin increased by 30 basis points to 47.1% (Q3 2022: 46.8%). In line with expectations, currency effects became a strong headwind year-on-year and further intensified compared to last quarter. However, this was more than offset by tailwinds from sourcing, freight, price adjustments, geographical and distribution channel mix effects. These accomplishments resulted in an improved gross profit margin. 

Operating expenses (OPEX) increased by 1.2% to € 863.7 million (Q3 2022: € 853.2 million). The moderate increase was driven by continued growth in the DTC channel and investments in marketing, while continued cost discipline and currency effects were favorable. As a result, the OPEX ratio increased by 120 basis points to 37.4% (Q3 2022: 36.2%). 

The operating result (EBIT) decreased by 8.3% to € 236.3 million (Q3 2022: € 257.7 million). While an improved gross profit margin had a positive impact, the overall EBIT decreased due to currency effects. The EBIT margin came in at 10.2% (Q3 2022: 10.9%). 

Consequently, net income decreased by 10.0% to € 131.7 million (Q3 2022: € 146.4 million) and earnings per share amounted to € 0.88 (Q3 2022: € 0.98).

Nine Months 2023

Sales increased by 10.3% (ca) to € 6,619.5 million (+5.6% reported). 
The EMEA region led the growth with a sales increase of 19.1% (ca), followed by the Asia/Pacific region with a sales increase of 18.0% (ca). Sales in the Americas region declined 1.0% (ca) due to macroeconomic headwinds, high inventory levels in the trade and PUMA’s relative dependency on the off-price Wholesale business in the U.S..

The Wholesale business was up 7.3% (ca) to € 5,113.7 million and the Direct-to-Consumer (DTC) business increased by 22.0% (ca) to € 1,505.8 million. Sales in owned & operated retail stores increased 23.2% (ca) and e-commerce increased 19.5% (ca). This resulted in an increased DTC share of 22.7% (9M 2022: 20.9%).

Footwear continued to lead the growth with 19.0% (ca), while Apparel and Accessories grew moderately and were up 1.6% (ca) and 1.8% (ca) respectively. 

The gross profit margin decreased by 60 basis points to 46.2% (9M 2022: 46.8%). Unfavorable currency effects, industry-wide promotional activity as well as higher sourcing and freight costs had a negative impact on the gross profit margin. However, the negative effects were partially offset by price adjustments and a favorable geographical and distribution channel mix.

Operating expenses (OPEX) increased by 8.4% to € 2,555.5 million (9M 2022: € 2,357.3 million). The increase was driven by sales-related distribution and other variable costs, the growth of our DTC channel and higher investments into marketing. This development was partially offset by operating leverage in other cost areas and favorable currency effects. The OPEX ratio increased by 100 basis points to 38.6% (9M 2022: 37.6%).

The operating result (EBIT) decreased by 12.1% to € 527.2 million (9M 2022: € 600.1 million) due to an unfavorable gross profit margin and higher operating expenses, which resulted in an EBIT margin of 8.0% (9M 2022: 9.6%).

Consequently, net income decreased by 13.6% to €304.0 million (9M 2022: € 352.1 million) and the earnings per share amounted to € 2.03 (9M 2022: € 2.35).

Consequently, net income decreased by 13.6% to € 304.0 million (9M 2022: € 352.1 million) and the earnings per share amounted to € 2.03 (9M 2022: € 2.35).

Working Capital

The working capital increased by 34.0% to € 1,794.9 million (September 30, 2022: € 1,339.0 million). Inventories were down by 20.3% to an appropriate level of € 1,874.1 million (September 30, 2022: € 2,350.2 million). This development is the result of previously taken measures to rightsize inventories and is also supported by last year's high comparative base. Trade receivables increased by 12.9% to € 1,457.3 million (September 30, 2022: € 1,290.3 million). On the liabilities side, trade payables decreased by 32.0% to € 1,230.1 million (September 30, 2022: € 1,810.2 million).

Outlook 2023 

In the first nine months of the year, PUMA delivered double digit top-line growth and EBIT in line with expectations, based on continued strong brand momentum, exciting product launches and strong partnerships along the value chain with athletes, retailers and suppliers. Sustained demand for PUMA products, supported by operational agility, led to a further normalization of PUMA inventory levels, in line with expectations.

While remaining fully focused on its controllables, PUMA continues to operate in an increasingly challenging geopolitical and macroeconomic environment. The recent conflict in the Middle East, the war in Ukraine, persistent inflation and the risk of recession are weighing on consumer sentiment, resulting in volatile demand in the retail sector.

In the context of above mentioned environment and taking into consideration PUMA's strong sales growth in the first nine months of the year, the company confirms currency adjusted sales growth in the high single-digit percentage range for the financial year 2023. In line with the previous outlook for 2023, PUMA expects an unchanged operating result (EBIT) in the range of € 590 million to € 670 million and a respective change in net income. PUMA continues to expect a strong improvement in profitability in the fourth quarter, mainly driven by a significant gross margin improvement due to lower sourcing and freight costs as well as fewer promotional activities.

As in previous years, PUMA will continue to focus on overcoming short-term challenges without compromising the brand’s mid- and long-term momentum, prioritizing sales growth and market share gains over short-term profitability.

PUMA has a long-standing tradition of football partnerships in Africa since first equipping national teams starting in 1997. Today PUMA has agreements with six football federations on the African continent, including Morocco, the first African nation ever to reach the semifinals at a World Cup, and Senegal, the current African champions.

“The passion for football runs deep in Africa and PUMA has taken a unique and creative approach in its partnerships with its African teams over the years,” said Johan Kuhlo, General Manager EEMEA Distribution at PUMA. “Our agreement with CAF celebrates this passion for the sport across the continent and we will jointly develop exciting products specifically for African football.”

The agreement, which will commence on November 1, will see PUMA supply the official matchball at CAF tournaments, provide the kit for referees and engage in several marketing opportunities, both inside and outside of the stadium. The appeal of African football extends well beyond the continent, with a strong viewership in major markets such as the UK, France and the United States.

“PUMA has been a big part of some of African football’s most iconic moments over the years, on the international stage and with some of Africa’s major clubs,” said CAF President Dr Patrice Motsepe.  “Making African Football globally competitive requires that African teams must win on the field, which needs partnerships with global companies with a strong commitment to African Football. We are absolutely delighted to have a world-class company in PUMA join the CAF family as a strong partner in helping us grow the game on the continent.”

PUMA and CAF will launch the official match ball for TotalEnergies Africa Cup of Nations Cote d’Ivoire 2023 at the Final Draw on October 12 .

In the coming years, PUMA will continue to be the licensing partner for Ferrari-branded products and the supplier of team and race wear for Ferrari in Formula 1.

The renewal of the partnership and licence agreements continue the successful collaboration between PUMA and Ferrari, which first started in 2005.

"Since 2005, PUMA has the ambition to be the best brand partner for Scuderia Ferrari. We have celebrated many successes and the passion for Ferrari with the millions of tifosi worldwide over the past two decades. I'm very excited that we will further deepen our strong partnership by not only prolonging our partnership but further extending the scope of our collaboration," said Arne Freundt, PUMA CEO.

“Our longstanding journey with PUMA is a testament to an enduring trust and synergy to continue to embrace new opportunities together,” said Benedetto Vigna, Ferrari Chief Executive Officer. “As leaders in our respective fields, we are ready to support each other, demonstrating an unwavering commitment to offer increasingly engaging experiences for our tifosi and brand lovers”.
 

Javier, who has been with PUMA since 2009 and has worked as the Area General Manager for Southern Europe for the past nine years, succeeds Richard Teyssier, who started his new role as PUMA’s Global Brand & Marketing Director in July.

“During his time as Area General Manager of Southern Europe, Javier has done a great job of elevating the PUMA brand and growing our business substantially in Southern Europe,” said Arne Freundt, PUMA CEO. “In his new job as General Manager Europe, Javier will build on PUMA’s strong momentum in the region, strengthen our position as the best partner for our retailers and align our Go-To-Market activities across the region.”

Esteve Planas (47) will succeed Javier as Area General Manager for Southern Europe. He has held several financial roles at PUMA between 2010 and 2022, including as the CFO of PUMA Spain and PUMA Iberia. In these positions, he helped set PUMA’s successful growth strategy in Southern Europe. He returns to PUMA after working as CFO of Spanish pharmaceutical company Galenicum since the start of 2023.

“In Arne Freundt, we have a recognized leader withing the Company, taking over as CEO. He has been a designated candidate and is the ideal choice to continue PUMA’s very successful path and to further accelerate the Company’s momentum. He carries the PUMA family in his heart, and will ensure that PUMA continues to be the best partner for PUMA’s retailers, suppliers and athletes”, said Héloïse Temple-Boyer, Chair of the Supervisory Board of PUMA.

Héloïse Temple-Boyer added: “We thank Bjørn Gulden for his excellent contributions during his more than nine years at PUMA in which he brought the PUMA Group back on track and made sure he leaves it in outstanding shape.”

Arne Freundt (42) has worked for PUMA for more than ten years and has been a member of the Management Board as Chief Commercial Officer since June 2021. During his time at PUMA, he has held various positions and was responsible for the Corporate Strategy, the Global Direct-to-Consumer business and the Region EMEA as a General Manager.  

“My current contract with PUMA ends 31/12/22 and after 9 years I have decided not to renew,” said Bjørn Gulden. “I have had 9 great years with the PUMA family, and I am very proud of what we have achieved together. Even during difficult times, we have had great momentum and have delivered record results in revenue and in earnings. This has been achieved by outstanding teams, our special culture and a great Supervisory Board. The Board has been very supportive also in difficult times and always with a long-term view looking at what will be the best for the company and our people. I felt it was the right time for PUMA, my successor and me to leave now. I still have a lot of energy and want to at least continue 5-10 more years in an operational role, which I think would have been too long for PUMA. Arne has been working directly with me for 9 years, has always been part of setting the strategy and making big decisions and has made a big contribution to PUMA´s success. He knows my strengths and weaknesses and I am sure he will do an even better job than me.”

“I feel privileged to be given this opportunity by the Supervisory Board to lead this great company with its fantastic people and take PUMA to the next level,” said Arne Freundt. “Bjørn has been an inspiring leader and I am very thankful for the joint journey.”

The awareness of women’s racing will increase this year with eight GPs of W Series taking place on the same weekend and racetracks like Formula 1. PUMA is proud to be supporting female athletes through the “She Moves Us” platform which celebrates the women who move sport and culture forward and inspire other females around the world. ”We want to show our full commitment to get women inspired by the W-Series drivers”, adds James Clark.

“We are excited to partner with the W Series and thrilled to welcome Marta Garcia Lopez, Gosia Rdest, Caitlin Wood, Abbie Pulling and Tasmin Pepper into the PUMA family. The W Series and their drivers embody the essence of She Moves Us and we look forward to working together and pushing the boundaries for women in motorsport,” says PUMA’s Global Director of Brand Marketing Adam Petrick.

Ahead of the season´s kick-off GP in Austria this weekend PUMA W Series Team driver Marta Garcia Lopez is overwhelmed: „When I heard that I would be part of PUMA W Series Team I was truly honored. PUMA´s support in empowering and motivating female athletes is exactly what the sport needs. Together with PUMA W Series Team I want to be part of pushing W Series to the next level. The car´s livery is a true eye-catcher and I can´t wait to jump into the cockpit for the very first time. These are perfect preconditions for my goal to win the W-Series Championship this year.”

Hubert, 42, has been with PUMA for 16 years, most recently as the Global Director of Financial Controlling. As CFO, he will be responsible for Finance, Legal, IT and Business Solutions. Hubert will take over from Michael Lämmermann, 59, who has decided to retire after 28 years with PUMA and eight years as CFO. Michael will stay on as an adviser until the end of the year to guarantee a smooth transition.

Arne, 41, will take on the role of Chief Commercial Officer, where he will be in charge of Sales, including Retail & eCommerce, and Logistics. Arne has been with PUMA for 10 years, most recently as the Regional General Manager EMEA.

‘I’m very proud that we were able to fill these important Board positions with internal candidates and guarantee a smooth transition,” said PUMA Chief Executive Officer Bjørn Gulden. “I want to thank Michael for his outstanding contribution to our company over the past decades and I wish Hubert and Arne all the best in their new roles.”

Chief Sourcing Officer Anne-Laure Descours will continue to be responsible for Sourcing and Development while CEO Bjørn Gulden will continue to be in charge of Product and Marketing.