The report evaluated what brands publicly self-disclose about their decarbonization efforts in their own operations and supply chain. Fashion Revolution awarded scores across five sections including accountability, decarbonization, energy procurement, financing decarbonization as well as just transition and advocacy. 

PUMA received an overall score of 75%, making it the company with the highest overall score. The report warns that the fashion industry as a whole is lagging significantly in achieving climate targets and reducing emissions.

“While we feel honoured that Fashion Revolution has ranked us as the best performer among the companies it examined, we know there is still a lot of work to do in our decarbonization journey,” said Anne-Laure Descours, Chief Sourcing Officer at PUMA. “We believe that the report should also be seen as a wakeup call. Much more needs to be done to get all stakeholders to work together to descarbonize our industry and our supply chains. We need to come together to find the solutions needed to achieve our climate goals.”

In 2023, PUMA set itself new greenhouse gas reduction targets, which were approved by the Science Based Targets Initiative (SBTi), after the company had reached its previous goals seven years ahead of schedule. By 2030, PUMA seeks to cut its absolute Scope 1 and 2 greenhouse gas emissions by 90% from a 2017 baseline year and also committed to reduce absolute Scope 3 greenhouse gas emissions from its supply chain and logistics by 33% compared to 2017. 

For more information, please visit www.foreverbetter.com 

The upscaling builds on the 46,000 RE:FIBRE jerseys produced in 2023 and seeks to not only reduce textile waste, but also to create less reliance on plastic bottles to produce recycled polyester products. To make the upscaling possible, PUMA is exploring diversified ways to recycle polyester – such as thermo-mechanical and chemical recycling techniques enabling PUMA to significantly increase its capacity to recycle textile waste.

“RE:FIBRE gives football fans a tangible example of how PUMA is working towards creating a Forever Better,” said Anne-Laure Descours, Chief Sourcing Officer at PUMA. “Our wish is to have 100% of our polyester products created from textile waste. Rethinking how we produce and moving towards a more circular business model is important and RE: FIBRE is central to that.”
 

To celebrate this milestone, PUMA will hold a weekend of activities in the New York flagship store, timed to coincide with the launch of the AC Milan and Manchester City home replica kits and ahead of the two PUMA football teams playing in New York City.  Fans of PUMA, AC Milan and Manchester City are welcome to get involved and celebrate PUMA’s RE:FIBRE journey in store.

Saturday 20th July 2024
One hundred limited edition badges upcycled from match worn jerseys by Jack Grealish and Christian Pulisic will be up for grabs in-store. The badges have been designed by US upcycler and PUMA Voice of a RE:Generation Andrew Burgess, to commemorate the expansion of PUMA RE:FIBRE.

Sunday 21st July
Andrew Burgess will host three upcycling workshops to educate fashion-curious consumers on the techniques for customising and upcycling clothing to extend their lifespan. Leaning into the crossover between sport and fashion, consumers will have the chance to take a RE:FIBRE t-shirt and turn it into a sportstyle inspired garment.
 

More information on this can be found here.

 

Following the departure of long-term Supervisory Board member Thore Ohlsson and the appointment of the two new members, the size of the Supervisory Board has increased from six to seven members.

“Welcoming Harsh and Roland to the Supervisory Board will help PUMA to develop further by expanding the overall expertise of our Supervisory Board and further professionalizing its work,“ said Héloïse Temple-Boyer, Chair of the Supervisory Board of PUMA SE. “Both Harsh and Roland are excellent professionals, who will enrich the work of our board.”

“I am glad that we have been able to appoint such experienced leaders as Harsh and Roland to our Supervisory Board,” said PUMA CEO Arne Freundt. “Their vast knowledge will be an asset to our company, and I look forward to hearing their valuable perspectives on our business and working with them.”

Harsh Saini, a British citizen, is a sustainability expert. She has worked for brands like the Body Shop, Nike and the Fung Group where she implemented global sustainability strategies and shaped their commitment to ethical practices, sustainable development and corporate social responsibility.

Roland Krüger, a German citizen, is an expert in the field of retail management, marketing, and digitalization. He is currently a member of the Board of Directors of Dyson Holdings, having previously been Global CEO of Dyson, which is a technology company designing and manufacturing household appliances. He also has held various leadership positions in the automotive sector.

Key developments Q1 2024

• Currency-adjusted (ca) sales increase by 0.5% to € 2,102 million, reflecting a negative currency impact of approximately € 100 million (-3.9% reported) 
• Gross profit margin improves by 100 basis points to 47.5% despite major currency headwinds
• Operating expenses (OPEX) decrease by 0.4% to € 845 million
• Operating result (EBIT) declines by 9.4% to € 159 million, mainly due to negative currency effects on sales, gross profit margin and OPEX ratio
• 2024 Outlook confirmed: currency-adjusted sales growth at mid-single-digit percentage rate and EBIT in a range between € 620 million and € 700 million
• PUMA launches first global brand campaign in 10 years

First Quarter 2024

Sales increased by 0.5% (ca) to € 2,102.3 million from a strong quarter in the previous year (Q1 2023 grew +14.4% ca and reported). Currencies have continued to be a major headwind since Q2 2023, negatively impacting sales in euro terms by approximately € 100 million in Q1 2024 (-3.9% reported).

The Americas region recorded positive sales growth for the first time in four quarters, growing by 1.0% (ca) to € 790.0 million, with the U.S. showing a sequential improvement. Sales in the Asia/Pacific region increased by 0.6% (ca) to € 456.6 million, driven by continued growth in Greater China. In the EMEA region, sales were flat (ca) at € 855.7 million, with Europe coming in better than expected.

PUMA's wholesale business declined by 2.9% (ca) to € 1,608.1 million, reflecting the continued focus on good sell-through and prudent sell-in to improve inventory levels in the market. Our Direct-to-Consumer (DTC) business grew by 13.5% (ca) to € 494.2 million, driven by continued brand momentum and scaled back promotions. This resulted in an increased DTC share of 23.5% (Q1 2023: 21.3%), in line with expectations.

Sales in Footwear were up 3.1% (ca), largely driven by continued strong demand for our Football and other performance categories. Sales in Apparel and Accessories declined by 2.4% and 3.2% (ca) respectively.

The gross profit margin improved by 100 basis points to 47.5% (Q1 2023: 46.5%). Significant headwinds from currencies were more than offset by lower sourcing and freight costs as well as a favourable product and distribution channel mix.

Operating expenses (OPEX) decreased by 0.4% to € 845.3 million (Q1 2023: € 848.3 million). While marketing investments remained at 10% of sales, strict cost discipline in non-demand generating areas mostly offset warehouse ramp-up costs, investments in digital infrastructure and inflationary pressures. The OPEX ratio increased by 140 basis points to 40.2% (Q1 2023: 38.8%), mainly as a result of a higher DTC share and currency headwinds.

The operating result (EBIT) decreased by 9.4% to € 159.0 million (Q1 2023: € 175.5 million), mainly due to currency headwinds on sales, gross profit margin and OPEX ratio. As a result, the EBIT margin declined 50 basis points to 7.6% (Q1 2023: 8.0%).  

The financial result decreased to € -26.8 million (Q1 2023: € -7.8 million) due to lower gains related to forward exchange transactions (“swap points”) and higher interest rates.

Consequently, net income decreased by 25.5% to € 87.3 million (Q1 2023: € 117.3 million) and earnings per share amounted to € 0.58 (Q1 2023: € 0.78).

Working Capital

The working capital increased by 5.4% to € 1,845.7 million (31 March 2023: € 1,751.5 million). Inventories decreased by 16.8% to € 1,785.6 million (31 March 2023: € 2,147.3 million), mainly due to the elevated comparative base of the previous year, and remain at a healthy level. Trade receivables increased by 12.2% to € 1,432.5 million (31 March 2023: € 1,276.9 million) due to timing and the regional mix. On the liabilities side, trade payables decreased by 4.7% to 
€ 1,222.8 million (31 March 2023: € 1,282.7 million).

Outlook 2024

In line with our expectations, the year 2024 has started with geopolitical and macroeconomic challenges as well as currency volatility. In this environment, we continued to make further progress on our strategic priorities of brand elevation, product excellence and distribution quality, particularly in the key markets U.S. and China.

2024 is not only the year of sports, with major events such as the UEFA Euro 2024, CONMEBOL Copa América and the Olympic and Paralympic Games providing the perfect platform to showcase our strong product innovation and credibility as a performance brand. It is also the year in which PUMA has started to invest into its first global brand campaign in 10 years to sharpen its positioning as the fastest sports brand in the world.

Supported by the continued brand momentum and despite ongoing geopolitical and macroeconomic challenges, PUMA expects to achieve mid-single-digit currency-adjusted sales growth and an operating result (EBIT) in the range of € 620 million to € 700 million for the financial year 2024 (2023: € 621.6 million). We expect net income (2023: € 304.9 million) to change in 2024 in line with the operating result.

As in previous years, PUMA will continue to focus on managing short-term challenges without compromising the brand's medium- and long-term momentum. Our sales growth and market share gains will take priority over short-term profitability. The exciting product newness and innovation for 2024/2025 as well as the very good feedback from retail partners and consumers give us confidence for the medium and long term success and continued growth of PUMA. 

Q1 Brand & Product Update

Ongoing Momentum in Performance

• PUMA launches exciting innovation with its new football boot Future 7 
• 4th kits of Manchester City and AC Milan released and sold out in record time
• PUMA launches first-ever signature lifestyle shoe LaFrancé for LaMelo Ball and third signature performance shoe for Breanna Stewart
• All-Pro Nitro becomes the shoe of NXTPro Hoops, one of the leading basketball circuits in the US
• Running shoe Fast-R NITRO Elite 2 recently awarded the prestigious Spanish CORREDOR award for the best new shoe of 2024 
• Pre-Released Deviate Elite NITRO 3 running shoes make PUMA athletes reach podium of World Marathon Majors for the first time in decades 

Building Up Traction with Sportstyle Newness

• Continued newness of PUMA’s terrace lead model Palermo and skate lead model Suede XL builds up further momentum 
• Latest FENTY x PUMA drops of Avanti Pony Hair and Creeper Phatty Earth Tone create great consumer engagement
• Success of recent launches of Mostro and Speedcat confirm emerging low profile trend
• A$AP Rocky’s Collection and low profile shoe Inhale create great buzz around F1 Grand Prix in Miami 
• Exciting product newness with Easy Rider, Speedcat, Mostro and Inhale to launch in course of this year

Making Progress in Brand Elevation

• PUMA launches its first Brand Campaign in 10 years in Paris in April 
• Brand Campaign demonstrates that PUMA’s superpower is Speed, creating a strong emotional connection between the consumer and PUMA brand mantra FOREVER. FASTER.
• Biggest media investment ever for PUMA with a 360 media mix
• Brand campaign is visible worldwide and will cover the whole year 2024 with specific executions for UEFA Euro 2024, CONMEBOL Copa América, Olympics, Paralympics and NBA season start
• PUMA unveils 17 Track and Field Federation Kits and its Fireglow shoe colorway for the competitions in the “Year of Sport”

The decision to open a creative space in LA is part of PUMA’s strategic priority to win in the United States. By tapping into the rich ecosystem of creative and innovative professionals in LA, the new PUMA Studio will play an important part in creating products and marketing activations that resonate with US consumers.

“Opening our PUMA Studio in LA is an important strategic move for us, as we seek to elevate our business in the United States,” said Arne Freundt, Chief Executive Officer at PUMA. “Our new home will allow us to attract the best talent in one of the most vibrant and creative cities globally to create great product propositions for the US market.”

The PUMA Studio will offer an exciting environment which allows the company’s product, design and marketing teams to bring their creative ideas to life. It will complement PUMA’s existing global and regional product teams located in Somerville, Mass. While the PUMA Studio will open in its new location in early 2025, PUMA already started the recruitment of the talent for its temporary office location in LA.

The PUMA Studio will also allow PUMA to be closer to some of its most important ambassadors from the worlds of music and entertainment. Apart from the design and creative space, it will feature a bespoke space for VIP clients to have exclusive access to PUMA’s upcoming products. 

PUMA CEO Arne Freundt and Alexandra Popp, the captain of the Germany national football team, spoke about leadership and the challenges of women in football. The video interview is part of the sports company’s digital annual report, which was published on March 18 on about.puma.com. 

Voted Germany’s footballer of the year three times, Alexandra is one of the most prominent ambassadors for women’s football and she is known for her skill and charismatic leadership on the pitch. She started off her career playing in a mixed team, and she distinctly recalled how girls were often belittled and treated unfairly on the pitch.

“Football is still pretty tough for girls. The boys in my team were cool. But our opponents were another story. They laughed at you. They said: look, they have a girl in their team, we’ll beat them easily,” Alexandra said. “Or when you play and you dribble past the first guy, maybe past the second guy and then the third guy fouls you hard and knocks you off your feet. In a very nasty way. And you have the parents on the sidelines who cheer him on. If you hear how girls are still being treated at some of the clubs, not a lot has changed.”

Arne said her story showed how much there is still to be done to create a level playing field for women in football.

“Your story is very inspiring and had a huge impact on me. I had thought and hoped that our society would be more open and judge players on their skills and performance and not on their gender,” Arne said on his LinkedIn channel. “It clearly shows that we have still a huge way to go. As a sports company we are 100% committed to support trailblazers like you who prove the haters and doubters wrong.”

In spite of the difficult time as a youth player, Alexandra believes the challenges early in her career gave her the thick skin necessary to persevere in her long and successful career. 

“I totally get the girls who say: I don’t want that,” she said. “Because it was the path I chose to follow, I can now say that those years helped me build up a certain resilience and a certain mentality. Maybe it was what made me the type and the character I am today when I’m on the pitch.”

When it comes to leadership, Alex said she believes that the necessary skills were part of her mindset early on in her career, but she noted that she still had a lot to learn once she was asked to captain the team.

“I needed a year to grow into that position, especially when it came to communication,” Alexandra said. “As a player, I benefited from tough, straightforward advice. And I thought, well I’ll do it exactly the same way. But that really backfired with some of the players. I had to learn that.” 

Arne, who became PUMA CEO in 2022, said he quickly discovered how much he enjoyed leading a team and developing people to reach their full potential.

“My first team was quite small, just two employees,” Arne said. “But I already really enjoyed it back then, to lead them, to develop them and to see that you have an impact. You make them better at what they do.”

Asked to give advice to young people who want to become CEOs themselves, Arne said they should first and foremost follow their passion.

“Look for something that you really enjoy doing. That intrinsically motivates you,” Arne said. “That gives you energy and moves you forward. Once you have found that, there are no further barriers to making you successful.”

Alexandra will captain Germany at the Olympic Football Tournament in Paris this year. 

The video of the full interview is available at https://annual-report.puma.com

The 27-year-old became an overnight sensation on his Paralympic Games debut in Tokyo 2020, where he picked up gold in the Men’s 100m T37 event – setting a world record time of 10.95 – as well as taking home golds in both the Men’s 200m T37 and the Mixed 4x100m Relay.

In 2010, Nick was diagnosed with a mild form of cerebral palsy, but showed unwaivering determination to pursue a career in sport, becoming an integral member of the US Para Seven-a-Side National Soccer Team, before switching his focus to the track. Despite his relative inexperience, Nick found immediate success, and was the first ever T37 athlete to brake the 22 second barrier at 200m.

“Nick’s story is inspiring for many reasons; his grit, determination and desire to become the fastest athlete is something everyone can admire. We have such an exciting year ahead of us and we are looking forward to writing more stories and breaking many more records together,” said Pascal Rolling, Director of Sports Marketing at PUMA.

“PUMA is synonymous with speed, and representing the fastest athletes in the world. For me to be going into one of the most important years of my career, with PUMA on my feet, it’s a blessing,” added Nick Mayhugh.

To find out more about PUMA Running follow @pumarunning on Instagram.