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Herzogenaurach, Germany, November 06, 2015

RESULTS IN LINE WITH EXPECTATIONS

GROWTH IN ALL PRODUCT CATEGORIES / POSITIVE TREND IN FOOTWEAR CONTINUES

2015 Third Quarter Facts

Reported sales up by 8.4% to € 914 million (+3.1% currency adjusted)
Growth in Footwear driven by Running and Training category
Gross profit margin down 50 basis points to 45.8% due to adverse currency effects
OPEX increase due to marketing/retail activity, IT investments, and currency impacts
Operating result (EBIT) comes in at € 41 million
First appearance of Rihanna in PUMA TV ads and first Rihanna inspired footwear launch
Second wave of Forever Faster marketing campaign focuses on Training featuring IGNITE XT and PUMA brand ambassadors
PUMA athlete Usain Bolt wins three gold medals in Beijing, underlining PUMA being the Fastest Sports Brand in the World

2015 Nine Month Facts

Reported sales grow by 12.9% (+4.9% currency adjusted) to € 2,509 million, in line with expectations
Gross profit margin falls by 80 basis points to 46.4% due to currency effects
OPEX amount to € 1,090 million due to higher marketing activities, retail expansion, and IT investments as well as adverse currency impacts
Operating result (EBIT) amounts to € 85 million
Earnings per share come in at € 2.77
Performance products especially in Running and Training have continued to show good sell-through

Bjørn Gulden, Chief Executive Officer of PUMA SE:

“PUMA’s sales in the third quarter developed as expected with growth in all product categories. I am happy to see that our footwear category has increased for the fifth quarter in a row. I am especially pleased to see that also the sell-out at retail to the end consumer is continuously improving in all categories. The launch of the first PUMA BY RIHANNA shoe, the "Creeper”, has been extremely successful and most retailers have sold out within hours or days. We have generally seen a very positive development in our Women's business and we will put even more focus on the female consumer going forward. The continued volatile currency trends in some markets and the weakness of the Euro, especially towards the US Dollar, continues to put pressure on gross profit margin, OPEX, and net earnings. We have taken and will continue to take countermeasures but, as already indicated in the last two quarters, we cannot fully offset these negative impacts on our earnings. Good feedback from retailers, better sell-out and a solid order book validate our outlook for the fourth quarter and allow us to confirm our full-year guidance.“

Third Quarter 2015

Currency adjusted sales in line with expectations

In the third quarter of 2015, sales developed as anticipated: PUMA generated consolidated sales of € 914.4 million, representing an increase of 3.1% currency adjusted. In reported terms, the growth versus last year was 8.4%.

Americas outperform EMEA and Asia/Pacific region

In the third quarter, sales in the EMEA region (Europe, Middle East, and Africa) declined slightly by 3.6% currency adjusted to € 375.7 million. This result compares against high prior year figures, when last year´s performance was positively impacted by the Arsenal launch in the third quarter and included sales of Tretorn (the trademark rights were sold in the second quarter 2015). Without these effects, sales in the EMEA region would have been flat in the third quarter.

Growth in the Americas continued, with North and Latin America both showing strong performances, with sales up 10.8% currency adjusted to € 325.1 million. The United States were one of the key growth drivers with sales increasing double-digit.

In Asia/Pacific (APAC), sales were up 5.0% currency adjusted to € 213.6 million. While China and India showed substantial growth within the region, sales in Korea declined.

Performance products drive sales growth in all product segments

Footwear continued to grow as in the last quarters and is the main driver of PUMA’s total increase in net sales: Sales of € 408.4 million represent a rise of 3.5% currency adjusted. This development is mainly due to the growth of our Running and Training category with the IGNITE and Descendant product platforms.

In the Apparel segment, the sales growth of 2.5% currency adjusted to € 346.9 million was mainly attributable to the success of the Training products.

Sales with Accessories went up 3.7% currency adjusted to € 159.1 million, supported by strong sales in Europe and North America.

Gross profit margin impacted by currency effects

At 45.8%, gross profit margin fell short of last year´s figure by 50 basis points, due to negative currency effects impacting cost of goods sold. The footwear gross profit margin decreased from 41.9% to 41.2%, the apparel margin rose from 49.6% to 49.8% and the margin for accessories fell from 50.3% to 49.1%.

OPEX in line with expectations

Operating expenditures (OPEX) amounted to € 381.9 million in the third quarter. This represents an increase of 9.3% in reported terms versus the third quarter in 2014. As in previous quarters, OPEX was again impacted by negative currency effects, while PUMA continued to invest in marketing activities to further strengthen the brand´s positioning as the Fastest Sports Brand in the World. Ongoing campaigns as well as an increased number of own retail stores in operation also contributed to the higher OPEX. At constant currencies, the increase in OPEX is limited to 4.3% versus last year, reflecting tight underlying cost control.

Operating result (EBIT)

At € 41.1 million, the operating result was 11.2% below the last year´s figure.

Financial result

Unfavorable differences from currency conversions continued to weigh on the financial result, which came in at € -5.1 million.

Net earnings

Net earnings of the third quarter amounted to € 20.0 million (compared to € 28.9 million in the third quarter last year), resulting in earnings per share of € 1.34 (compared to € 1.93 last year).

Nine Months 2015

In the period from January to September 2015, consolidated sales developed in line with our expectations, rising by 4.9% currency adjusted to € 2,508.5 million. In reported terms, the increase is significantly higher at 12.9% as major currencies, in particular the US Dollar and the Chinese Renminbi, strengthened against the Euro.

Americas particularly strong

In the EMEA region, sales were flat at € 987.9 million, as stronger sales in Germany and Poland could not compensate for declines in other markets such as Switzerland and Benelux.

The Americas showed the highest growth among the regions, with both North and Latin America contributing to the increase of 9.4% currency adjusted to € 942.4 million. Within Latin America, Argentina as well as Mexico stood out with a solid double-digit growth.

Sales in Asia/Pacific were also strong, rising 7.2% currency adjusted to € 578.2 million. This increase was supported by the positive development in China and India, while sales in Japan were more muted.

All product segments contribute to growth

Footwear was the best performing segment in the first nine months, showing an increase of 8.6% currency adjusted to € 1,145.3 million. The Running and Training and the Teamsport categories supported this good result, reflecting the relevance of PUMA´s strategy to focus on performance.

Apparel rose 2.6% currency adjusted to € 890.0 million, positively impacted by the development of Training products. Accessories increased slightly by 0.6% currency adjusted to € 473.1 million.

PUMA’s retail sales increase in absolute terms and on a comparable store basis

PUMA increased the share of retail sales in total net sales from 19.5% to 20.4%. In absolute terms, retail sales rose to € 510.9 million (+9.5% currency adjusted). This result was supported by improved sales on a comparable store basis as well as an increased number of retail stores operating (33 more stores compared to one year ago).

Gross profit margin impacted by adverse currency effects

Again, PUMA’s gross profit margin for the period was strongly impacted by negative currency effects. At 46.4%, it fell short of last year´s result by 80 basis points. The footwear gross profit margin decreased from 42.9% to 42.1%, apparel margin was stable at 50.4% and the margin for accessories decreased from 50.7% to 49.6%. PUMA will continue to take countermeasures such as selective price increases to secure profitability, but such adjustments are to be done carefully in order not to impact consumer demand. Furthermore, in some countries, the costs of hedging outweigh its financial benefits, or in some cases, currency hedging is not possible at all. In addition, we are aiming to reduce such exposure to volatile currencies by increasing the share of locally sourced products in some of the most impacted markets.

OPEX increase as a result of strong marketing and retail activities

In the first nine months of 2015, operating expenses (OPEX) amounted to € 1,090.4 million, a 15.5% increase in reported terms. This rise stems from unfavorable currency effects as well as strong marketing activities including media investments and sponsorships of brand ambassadors. Opening up new stores and investing into IT infrastructure also contributed to the development. At constant currencies, the increase in OPEX is limited to 7.8% versus last year, as PUMA continued to put a strong emphasis on strict control of other operating costs.

Operating income came in at € 85.4 million compared to € 117.4 million in the previous year.

Unfavorable differences from currency conversions weighed on the financial result, which fell to
€ -9.9 million. These effects were in particular related to Latin American countries and Turkey.

Net earnings for the first nine months came in at € 41.5 million compared to € 68.6 million in the previous year, representing earnings per share of € 2.77 (1-9/2014: € 4.59).

Net Assets and Financial Position

Increase in working capital to serve higher demand

To support sales growth and serving the higher demand from new retail stores as well as ensuring product availability, inventories increased by 20.2% to € 689.5 million. Trade receivables went up by 3.3% to € 565.6 million. Trade payables were at € 509.0 million, rising 10.9% compared to last year´s figure. In total, working capital rose 11.8% to € 711.4 million.

As a result of the higher working capital requirements, the free cashflow went down to € -248.0 million for the nine-month-period 2015 compared to € -114.4 million as of September 30, 2014. The free cashflow was also impacted by higher CAPEX, which grew from € 47.8 million last year to
€ 54.6 million. This reflects our increased investment in IT and retail stores.

Cash and cash equivalents

Cash and cash equivalents were also impacted by the higher working capital requirements and decreased by 12.1% to 269.6 million, while borrowing increased as part of PUMA’s short term financing activities.

Brand and Product Update

In our Running and Training category, we benefitted from excellent athlete and team performances at the 2015 IAAF World Championships in Beijing with 18 podium positions for PUMA sponsored athletes and teams. The World’s Fastest Man Usain Bolt once again proved his status as the greatest athlete of all time with triumphs in the 100m, 200m and 4x100m relays, extending his record-breaking personal haul of IAAF World Championships gold medals to 11. The stellar performances of the Jamaican Team, which finished second in the medals table after Kenya, as well as the performances of the other PUMA teams including the Bahamas, Cuba, Grenada, Cayman Islands, Switzerland and the Dominican Republic, secured a strong brand visibility of PUMA throughout the competition.

The great achievements of our athletes in Beijing’s National Stadium came only shortly after the launch of our second major Forever Faster brand campaign, which had a dedicated focus on Training. Asking the question “What are you training for?” the campaign was brought to life through the unique training stories of PUMA’s most elite ambassadors such as Usain Bolt, Rihanna, Sergio Agüero, Arsenal Football Club, and the Cuban National Boxing team. The films intimately capture our athletes’ motivations and tactics to constantly improve through training. Underpinning this campaign was PUMA’s latest innovative footwear offering within the IGNITE franchise: the IGNITE XT. This high intensity training shoe’s responsive design maximizes energy and movement throughout high intensity workouts.

In our Teamsport category, we recently launched the latest iteration of our eye-catching Duality football boots, continuing the theme of two distinct coloured boots in one pair. This was applied to PUMA’s two football boot families, evoPOWER and evoSPEED, and worn by PUMA stars such as Cesc Fàbregas, Sergio Agüero, Marco Reus, and Antoine Griezmann. Furthermore, PUMA introduced the new bright blue colourway of its lightest football boot to date, the evoSPEED SL. It is worn on pitch by PUMA stars including midfielder Marco Verratti, who helped to secure the qualification of the PUMA partnered Italian national team for the 2016 UEFA European Championship next year in France. PUMA teams Czech Republic, Slovakia, Austria and Switzerland have also qualified.

In our successful Motorsports category, PUMA continues to be a leading supplier with its outstanding Mercedes AMG Petronas and Scuderia Ferrari F1 teams. Mercedes' Lewis Hamilton won his third Formula 1 Drivers’ World Championship with his 10th victory of 2015 at a thrilling United States Grand Prix two weeks ago. Having already grasped the Constructors' Championship title for the second consecutive year prior to this, the “Silver Arrows” are enjoying their most dominant season in more than 60 years.

In September, COBRA PUMA GOLF golfer Rickie Fowler enjoyed another victory at The Deutsche Bank Championship at TPC Boston. Wearing his signature orange apparel and equipped with his COBRA Fly-Z+ Driver, Fowler powered his way to a victory. His looks consisted of PUMA apparel and footwear from our 2015 Autumn/Winter collection, for example the Titantour, the coolest shoe in golf. COBRA PUMA GOLF athlete Lexi Thompson recently won the LPGA KEG Hana Bank Championship in South Korea, proving her outstanding talent once again with her second victory of the year and sixth overall.

Strategy Update

Our sales for the first nine months of this year and the very positive feedback from retailers around the world regarding our new products as well as a strong order book confirm that we are on the right track. Our stronger sales performance in Footwear underlines our progress in becoming the Fastest Sports Brand in the World.

We have continued to improve our product offering for women and our communication approach to them. Building on a strong heritage and credibility with women, we have emphasized female consumers as a key growth segment for PUMA. A key element of this strategy is our collaboration with world-famous artist Rihanna as brand ambassador and Creative Director, which we have taken to a new level. She plays a prominent role in our second Forever Faster brand campaign, a multi-million euro media investment with a dedicated focus on Training. Within the campaign, Rihanna is featuring the training shoe IGNITE XT. Her first TV commercial for PUMA initially aired in September.

Beyond a mere endorsement, PUMA has just launched the first in a series of Rihanna-inspired footwear and apparel styles. The “Creeper” is the first sneaker from PUMA by Rihanna under her FENTY Label. It remixes the iconic PUMA Suede with a creeper sole inspired by the NYC punk rock scene with high-end details and Rihanna's signature branding. The first limited edition black and white colorway of the Creeper was available only on our PUMA.com website and a PUMA-hosted pop-up store in New York’s SoHo neighborhood. The shoe generated unprecedented social media and PR coverage for PUMA and sold out within hours. More colorways are currently being sold via PUMA.com and key retail partners worldwide.

We will further optimize our product offering for women across our performance and lifestyle categories in the coming seasons. This is not limited to, but includes additional Rihanna-associated styles, such as the boxing-inspired Eskiva shoe available in November 2015 and a complete collection of footwear and apparel styles to be launched in 2016.

Our efforts to further improve our close collaboration with key retailers are critical in our go-to-market strategy. The Creeper launch would not have been possible without the close alignment of our product and marketing teams with key retailers. Additionally in North America we have improved our presence with shop-in-shops, special wall units and permanent in-store communication at major sports accounts including Finish Line and Champs. As for PUMA’s owned and operated stores, we have continued to roll out our new Forever Faster store layout to currently eleven locations worldwide.

Social, economic and environmental sustainability is a core value for all of us at PUMA. We believe that keeping these dimensions in balance is crucial to achieving sustainable business development. Therefore we welcomed the opportunity of becoming an official partner of COP21. As an official partner of the UN Climate Change Conference in Paris, we will equip 180 students in charge of welcoming visitors from all over the world. These trainee hosts and hostesses will wear specifically designed PUMA outfits that are entirely made of organic cotton.

Outlook for the Financial Year 2015

The business development in the first nine months of 2015 was in line with our expectations and our full-year guidance for 2015 remains unchanged.

We reiterate our expectation that adverse currency effects, particularly the strengthening of the US Dollar versus nearly all other currencies, will continue to impact PUMA’s reported gross profit margin, OPEX and EBIT. PUMA has already taken and will continue to take countermeasures, but the impact will not fully offset the negative currency effects.

In the remainder of 2015, PUMA will continue to invest strongly in marketing to further enhance and reinforce its new brand positioning. The investments in the upgrade of PUMA’s current IT-infrastructure and the extension of our own retail store network will also continue. This will result in an increase in OPEX that will be further impacted by negative currency effects. At the same time, PUMA’s management will continue to put a strong emphasis on strict control of other operating costs.

Thanks to the countermeasures implemented and at the current exchange rate levels, we expect a slightly softer drop in the gross profit margin for the full-year at the lower end of the range of minus 100 to 150 basis points versus last year. The improvement in gross profit margin due to these countermeasures, however, comes at a slight negative effect on net sales. Nonetheless, we continue to expect an increase in the medium single-digit range for full-year currency-adjusted net sales and we reiterate our expectation for a full-year EBIT in a range between € 80 million and € 100 million, with net earnings impacted accordingly.

Notes to the editors:

This press release and financial reports are posted on about.puma.com.
PUMA SE stock symbol:

Reuters: PUMG.DE, Bloomberg: PUM GY,
Börse Frankfurt: ISIN: DE0006969603– WKN: 6969603

Notes relating to forward-looking statements:

This document contains forward-looking information about the Company’s financial status and strategic initiatives. Such information is subject to a certain level of risk and uncertainty that could cause the Company's actual results to differ significantly from the information discussed in this document. The forward-looking information is based on the current expectations and prognosis of the management team. Therefore, this document is further subject to the risk that such expectations or prognosis, or the premise of such underlying expectations or prognosis, become erroneous. Circumstances that could alter the Company's actual results and procure such results to differ significantly from those contained in forward-looking statements made by or on behalf of the Company include, but are not limited to those discussed be above.

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Herzogenaurach, Germany, February 18, 2016

PUMA ACHIEVES FULL-YEAR GUIDANCE FOR 2015

SALES GROWTH ACROSS ALL REGIONS AND PRODUCT SEGMENTS IN FOURTH QUARTER AND FULL-YEAR

2015 Fourth Quarter Facts

Sales grow by 17.1% to € 879 million (+11.5% currency adjusted)
Gross profit margin decreases to 42.7% due to adverse currency effects
EBIT improves only slightly to € 11 million, because of continued heavy investments in OPEX, especially marketing, retail, and IT
Strong sell-through of first Rihanna-inspired Footwear ignites PUMA’s women’s business

2015 Full Year Facts

PUMA’s full-year sales increase by 14.0% to € 3.4 billion (+6.5% currency adjusted)
Sales growth mainly driven by Footwear and Running and Training category
Gross profit margin decreases to 45.5% due to adverse currency effects
OPEX increase due to higher marketing activities, retail upgrades, and IT investments as well as adverse currency effects
EBIT at € 96.3 million in line with guidance
Net earnings amount to € 37.1 million (2014: € 64.1 million) and EPS come in at € 2.48 (2014: € 4.29)
New product launches perform strongly, both in sports performance and lifestyle categories

Bjørn Gulden, Chief Executive Officer of PUMA SE

The year ended with a strong fourth quarter showing double digit reported growth across all regions and all product categories. We saw improved sell-through both in our owned and operated retail and with our retail partners. We know that we still have a lot to improve but feel that during this year we have strengthened the PUMA brand, presented better products and further improved the co-operation with our retail partners.

We have seen progress in our performance categories, led by Running and Training, as well as our lifestyle business where especially our classic styles developed strongly in the second half of the year. I am especially proud to see our positive development in the women’s business where our co-operation with Rihanna and a strong product offering have increased the interest from both retailers and consumers.

Unfortunately the strengthening of the US-dollar versus nearly all other currencies has had a significant impact on both our gross profit margin and our operating expenses and therefore also on our EBIT and net earnings.

But we feel that we as a company have made progress in 2015 and that we have laid the groundwork for high single digit sales growth as well as improved EBIT and net earnings in 2016. We look forward to a great sports year with the Olympic Games in Rio, Copa America in the USA and the UEFA Euro 2016 in France. We feel we are well prepared with better products, more and better marketing and an even closer co-operation with our retailers.

Fourth Quarter 2015

Double-Digit Sales Growth thanks to strong Performance across all Regions and Product Segments

PUMA's growth trend in revenues continued in the fourth quarter 2015. Sales increased by 17.1% to € 878.9 million (+11.5% currency adjusted), compared to € 750.8 million in the previous year.

In the EMEA region, revenues were particularly high, rising 20.3% to € 270.3 million (+21.0% currency adjusted). This development was supported by a strong Footwear performance in nearly all countries of the region.

The Americas region outperformed last year’s sales by 15.4% to € 368.4 million (+7.2% currency adjusted). Both North- and Latin America grew. All product segments were positive, with Apparel delivering the strongest growth.

Sales in the Asia/Pacific region came in at € 240.2 million, representing an increase of 16.2% (+8.6% currency adjusted) against the fourth quarter 2014. China and Oceania were the strongest performers in the quarter. While Footwear and Apparel grew, Accessories sales were broadly flat due to the weaker Golf business.

PUMA's Footwear segment achieved growth for the sixth quarter in a row. Sales improved by 16.1% (+11.0% currency adjusted) to € 360.8 million with strong gains in the Running and Training category as well as the successful launch of the first Footwear models designed by Rihanna.

With an increase of 21.1% (+15.3% currency adjusted) to € 354.8 million, the performance in Apparel was even stronger, as our Training and Fundamental products continued to resonate well.

Accessories saw a rise of 11.0% (+5.1% currency adjusted) to € 163.3 million despite a continued weak Golf environment.

Gross Profit Margin impacted by Currency Effects in the fourth Quarter

Due to adverse currency effects, PUMA’s gross profit margin decreased from 45.0% to 42.7% in the fourth quarter of 2015. This decrease applies to all categories. Footwear gross profit margins fell from 41.6% to 38.6%, Apparel margins declined from 47.1% to 46.5% and the margin for Accessories went down from 47.8% to 43.7%.

OPEX Growth in Line with Plan

Operating expenses rose by 11.3% and amounted to € 370.1 million in the fourth quarter 2015. That increase stemmed mainly from intensified marketing and retail activities. At constant currencies, the increase in OPEX was limited to 5.7%.

Operating Result / Financial Result / Net Earnings and Earnings per Share

Operating result (EBIT) was ahead of 2014 by 2.6% to € 10.9 million with the impact of sales growth more than compensating for lower gross profit margins and higher OPEX. The financial result amounted to € -1.3 million compared to € -1.0 million last year, while taxes on income decreased from € -4.7 million to € -2.8 million in the fourth quarter. Net earnings came in slightly improved at € -4.3 million (Prior year: € -4.6 million) and earnings per share were at € -0.29 compared to € -0.30 in the fourth quarter 2014.

Full-Year 2015

Full-Year Sales increase by 14.0%

In the financial year 2015, PUMA sales improved by 14.0% to around € 3.4 billion. The currency adjusted increase amounted to 6.5% and was in line with the guidance for 2015, which had anticipated currency adjusted growth to be in the medium single-digit range. All regions and product segments contributed to the positive development, posting a currency adjusted growth.

In the EMEA region, sales increased by 4.3% (+3.6% currency adjusted) to € 1.3 billion. Growth was in particular driven by the United Kingdom, France, and Germany with Eastern European countries, the Middle East, and Africa also reporting positive performances.

Sales developed particularly well in the Americas region, rising 22.5% (+8.8% currency adjusted) to € 1.3 billion. Both North- and Latin America contributed to the increase.

The Asia/Pacific region generated revenues of € 818.4 million, representing an increase of 17.5% (+7.6% currency adjusted). This was mainly attributable to higher demand from China and India, while growth in Japan stagnated, affected by the challenging overall economic situation.

The most important product segment for PUMA, Footwear, showed sustained growth through the year and had a very good overall performance in 2015, driven by the Running and Training as well as Teamsport categories. Reported sales increased by 17.4% (+9.2% currency adjusted) to € 1.5 billion.

Sales in the Apparel segment also improved significantly, thanks to strong demand for our Running and Training products. At € 1.2 billion, sales were up 12.9% (+6.0% currency adjusted) compared to 2014.

Sales in Accessories improved by 8.5% (+1.7% currency adjusted) to € 636.4 million.

Strong Increase in PUMA’s Retail Business

PUMA's retail sales increased by 9.3% currency adjusted to € 726.2 million, equivalent to 21.4% of total sales for the year. Growth was achieved on a like-for-like comparable store basis as well as by an expansion of the retail store portfolio and upgrades in consumer experience with the continued roll-out of the new “Forever Faster” store design at selected locations.

CURRENCY EFFECTS PUT PRESSURE ON GROSS PROFIT MARGIN

In line with expectations, PUMA's gross profit margin decreased in the financial year 2015, down 110 basis points to 45.5% compared to 46.6% in the previous year. The Footwear margin for the full-year was 41.2% after 42.6% in the previous year. The Apparel margin decreased slightly from 49.5% to 49.3%. The Accessories margin also declined from 50.0% to 48.0%. Those developments were principally caused by adverse currency effects, which significantly increased our input costs. Without the adverse currency effects the margin development would have been slightly positive.

Marketing efforts continue to drive OPEX

PUMA continued to place a strong emphasis on strict cost management during 2015 and prioritized marketing investments, aimed at cementing PUMA’s brand positioning as the Fastest Sports Brand in the World. 2015 saw the next successful iteration of the “Forever Faster” marketing campaign as well as investments into PUMA’s retail store portfolio and IT-infrastructure. Consequently, OPEX rose by 14.4% from € 1.3 billion to € 1.5 billion. At constant currencies, the increase in OPEX was limited to 7.3%.´

Operating Result (EBIT)

As projected, EBIT was significantly impacted by negative currency effects on the gross profit margin and by enhanced marketing. EBIT was € 96.3 million, down by 24.8% compared to 2014.

Financial Result

For the full-year 2015, PUMA’s financial result was at € -11.2 million as against € -6.2 million in 2014.

Net Earnings and Earnings per Share

Net earnings amounted to € 37.1 million (2014: € 64.1 million), representing earnings per share of € 2.48 (2014: € 4.29).

Net Assets and Financial Position

Business Expansion results in higher Working Capital Requirements

The Group's working capital increased to € 532.9 million as a consequence of sales growth and expanded product availability. Inventories were up 15.0% to € 657.0 million (previous year: 571.5 million), which is not only necessary in order to accommodate our planned sales growth in 2016, but also driven by higher unit cost and our extended retail store portfolio. Trade receivables rose by 7.6% to € 483.1 million (€ 449.2 million), while trade payables reported only a slight increase of 0.9% from € 515.2 million to € 519.7 million.

Free Cashflow

PUMA’s free cashflow came in at € -98.9 million as against € 39.3 million at year-end 2014. This development stemmed mainly from higher working capital requirements related to inventories.

Cash Position

As of December 31, 2015, PUMA's cash position amounted to € 338.8 million compared to € 401.5 million at the balance sheet date last year.

Dividend Proposal of € 0.50

The Administrative Board will propose an unchanged dividend of € 0.50 per share for the financial year 2015 at the Annual General Meeting on May 4, 2016.

Strategy Update

In 2015, we made further progress towards our mission of becoming the World’s Fastest Sports Brand. Our strategy encompasses five strategic priorities: Increasing PUMA’s brand heat, improving our product engine, optimizing our distribution quality, increasing the speed within our organization and infrastructure, and upgrading our IT infrastructure.

The repositioning of our brand began in 2014 with the largest brand campaign in our company history. It was clearly the focus of our activities again in 2015. The second "Forever Faster" advertising campaign in 2015 focused on our brand ambassadors and showed how they were training with PUMA products to get into shape for the major events in 2016. Rihanna joined Usain Bolt, Arsenal London and other athletes for the campaign. That included her first TV spot for our new training shoe IGNITE XT. Leading up to this highlight, she created a high level of buzz and positive attention in the media and on social networks.

In 2015, we made good progress in further improving our product engine. The collections stood out for their clearer design, more innovative technologies, and greater commerciality of the products. Not only was the feedback from our retail partners more positive, but also the increase in sell-in and sell-through shows that the product improvements have started to resonate well with our customers. The product highlights in 2015 include our new running shoe technology IGNITE, which we have built into a cornerstone of our Running and Training category with continuous new product launches – such as the IGNITE PWRCOOL, the IGNITE PROKNIT and the IGNITE XT. In Football, we continued to strengthen our product platforms evoSPEED and evoPOWER. The new products include evoSPEED SL, which is the lightest football shoe in the market at 103 grams. In Lifestyle, we introduced the first shoe models designed by Rihanna. The Creeper model received great attention in social media and in the press and the first color ways were sold out within hours. In addition, we also introduced the boxing-inspired Eskiva footwear collection. We will introduce a complete women's collection of shoes and textiles under the FENTY by Rihanna label during 2016. Our PUMA mainline products for women will also continue to be inspired by Rihanna’s creative direction.

In order to improve the quality of our sales and distribution, we established further joint product and marketing programs with our key retailers to showcase our brand in the right retail environment and drive sell-through. In 2015, we continued the roll-out of the retail concept "PUMA Lab", initially launched with Foot Locker in 2014, both in the U.S. and in the first locations in Europe and Australia. During the year we intensified our collaboration with other well-known retailers with the aim of improving the presence of the PUMA brand in stores, better communicating our product promise on site, and thereby achieving a sustained sales increase. For example, we continued to expand our presence in major sports retailers such as Finish Line and Champs by adding new shop-in-shop systems, special shelving units and permanent in-store communication. Amongst our marketing partnerships with key retailers was the evoCHALLENGE football campaign with Intersport. The hard work we did to improve the service level to our retail partners has started to show results: PUMA DACH was crowned No. 1 in the SAZ customer satisfaction survey amongst 300 sports retailers in the category Fitness and was ranked third in Teamsport.

In 2015, we developed a completely new "Forever Faster" store concept for PUMA’s own retail stores. This concept was first introduced at the group headquarters in Herzogenaurach and then in 14 additional locations during the year. The new store concept optimizes the presentation of our products and the related technologies and strengthens our position as a sports brand. To further improve and expand our online presence, we have rolled out and further enhanced our integrated web shop in 2015. The continuous optimization of the e-com website and our online product offering is a high priority for PUMA.

One of the key projects in terms of organizational structure was standardizing and optimizing the processes between PUMA and its suppliers by establishing a new platform to manage global order and invoice flows. One of the prerequisites was the implementation of an improved ERP-system supporting these standardized processes with our sourcing partners. Beyond that, PUMA has also made further progress in the modernization of our IT setup. That included the optimization of our basic IT-infrastructure and improved internal workflows. In 2016, we will initiate the implementation of an improved standard ERP-system for our local sales companies and continue the optimization of our internal platforms. We are very confident that our investments in these areas will lay the foundation for a fast, lean and efficient company in the future.

We also simplified our organization in other areas and made processes faster. For example, our two non-performance product areas Sportstyle and Fundamentals have been merged under joint leadership. PUMA is now also more efficiently organized in terms of regional setup. We have combined the two regions Europe and EEMEA under joint management and fostered the collaboration between both teams creating a simplified, more effective structure. PUMA is now also serving the heterogeneous Asian markets more effectively. The regional team in APAC has been integrated into the global organization, eliminating the additional reporting layer and giving local management direct access to our global resources.

We believe that "The future is female". For years, women have become more and more interested in sports, both in terms of sports viewership as well as participating in professional and leisure sports. Clearly the female market segment has been growing and outpacing the overall sports market. In addition, women have a much more profound impact on the entire sports industry. Athletic wear is turning into fashion as women have increasingly combined sportswear and sports-inspired pieces into their daily outfits. PUMA as the most fashion-forward global sports company has both the sports authenticity and the fashion credibility to be successful in the women’s athletic wear market. PUMA has a long history with outstanding female athletes and renowned creative partners and a diverse portfolio of current female brand ambassadors. We have been increasing our strategic focus on the female target group. A key element of this strategy is the partnership with Rihanna as our brand ambassador and creative director. Rihanna will directly influence our Performance and Sportstyle women’s collections with her intuitive, highly individual style.

Brand and Marketing Update

Following the launch of the home kits for our Football teams Italy, Switzerland, Austria, Czech Republic and Slovakia last November, all of whom qualified for the European Championships in France this summer, we recently introduced the away shirts. They also feature PUMA’s new apparel technology ACTV Thermo-R, strategically inserted in both the front and the back of the shirt to help players maintain an optimum body temperature. The taping in the shirts provides an extra snug fit, micro-massaging the skin in specific areas to enable a faster, more effective energy supply to the active muscles.

We only recently underlined again our strong innovation power for sports products when our evoTRG Football jacket was chosen as Winner in the ISPO AWARD 2016 category Apparel Performance Products Outer Layer. The jacket comes with dynamic thermoregulation control and has ergonomically-placed inserts that adapt during football moves: they open when in motion to keep players cool and close when the movement stops to keep them warm.

In December 2015, we extended our roster of world-class athletes in our Running and Training category through a new endorsement partnership with Canadian sprint sensation Andre De Grasse, which followed a number of other signings including Asafa Powell and Jenna Prandini. De Grasse shot to stardom, when he claimed a 100m bronze medal at the 2015 IAAF World Championships at only 20 years of age. He will become an increasingly important athlete within the PUMA family and feature in our Running campaigns across all regions in the lead up to the Olympic Games in Rio later this year.

Underlining our ambition to improve our product offering for women, which represents a key growth segment for PUMA, we have just launched our Spring Summer 2016 Training collection, which clearly recognizes the demands faced by today’s women with an active lifestyle. It includes both our Pulse XT Training shoe, which returns with great new colourways and offers maximum flexibility as well as a whole selection of sports bras to suit every women’s needs. The collection is presented by our newly signed Running and Training ambassadors Jenna Prandini, Enzinne Okparaebo and Jamie Granger.

A key partner in strengthening our women’s business is our brand ambassador and Women’s Creative Director Rihanna, who stole the show at New York Fashion Week earlier in February, when she launched a complete collection of footwear and apparel styles of her PUMA by Rihanna Collection and FENTY label. Her first product introduction as PUMA Women's Creative Director included the PUMA Creeper shoe released in September 2015 – which was a huge success.

In our Motorsport category, 2015 was another very successful season for PUMA, with Championship titles for MERCEDES AMG PETRONAS and Lewis Hamilton winning both the Drivers’ and Constructors’ standings in Formula One. Underlining our leading position as a supplier in Motorsport, our new long-term partnership with RED BULL RACING kicked-off yesterday during a spectacular event in London, when we introduced this season’s performance racewear, teamwear, and PUMA’s Red Bull Racing lifestyle and replica merchandising collections.

Outlook for the Financial Year 2016

Since autumn 2014, PUMA has invested heavily into its Forever Faster Campaign to position PUMA as the Fastest Sports Brand in the World. The partnerships with PUMA’s most elite ambassadors – the World’s Fastest Man Usain Bolt, star striker Sergio Agüero, Golfstar Rickie Fowler, Arsenal Football Club, Borussia Dortmund, the Jamaican and Cuban Olympic Federations, multi-platinum recording artist, designer and entrepreneur Rihanna, and more – have played a major role in increasing the brand heat and sell-through for PUMA in 2015.

With major improvements in the product offering, improved sourcing and higher investments in marketing, PUMA is confident that 2016 will be a year of solid sales growth with an initial improvement of profitability. As a consequence, currency-adjusted net sales are expected to increase at a high single-digit rate for the full-year 2016. The gross profit margin is forecasted to be on previous year’s level (45.5%), as countermeasures are planned to compensate the negative impact of further foreign currency developments for 2016 compared to 2015.

PUMA’s OPEX are forecasted to increase in a mid to high single-digit range. From a marketing perspective, the two major sporting events in 2016 (UEFA Euro 2016 and Rio 2016 Olympic Games) will require additional funding as does investment to modernize our retail store portfolio. Ongoing investments into the upgrade of PUMA’s IT-infrastructure will contribute to an increase in OPEX, but at all times management will continue to place a strong emphasis on strict control of other operating costs. At the current exchange rate levels, PUMA’s management expects that the operating result will improve in 2016 compared to last year. EBIT for the full-year 2016 is expected to come in between € 115 million and € 125 million with net earnings forecasted to improve correspondingly.

Notes to the editors:

This press release and financial reports are posted on www.about.puma.com.
PUMA SE stock symbol:
Reuters: PUMG.DE, Bloomberg: PUM GY,
Börse Frankfurt: ISIN: DE0006969603– WKN: 6969603

Notes relating to forward-looking statements:

This document contains forward-looking information about the Company’s financial status and strategic initiatives. Such information is subject to a certain level of risk and uncertainty that could cause the Company's actual results to differ significantly from the information discussed in this document. The forward-looking information is based on the current expectations and prognosis of the management team. Therefore, this document is further subject to the risk that such expectations or prognosis, or the premise of such underlying expectations or prognosis, become erroneous. Circumstances that could alter the Company's actual results and procure such results to differ significantly from those contained in forward-looking statements made by or on behalf of the Company include, but are not limited to those discussed be above.

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Herzogenaurach, Germany, July 27, 2016

Sales Growth and improved Operating Result in Second Quarter

2016 Second Quarter Facts

Sales improve by 13% currency adjusted to € 827 million (+7% reported) with growth across all product segments
Gross profit margin declines to 45.6%, negatively affected by stronger US-Dollar
Moderate increase in OPEX of 3%
Operating result (EBIT) improves by 75% to € 12 million
Great visibility of PUMA in the UEFA Euro 2016 with five national teams wearing PUMA jerseys and PUMA player Antoine Griezmann being the top scorer and Player of the Tournament

2016 Half-Year Facts

Sales up by 10% currency adjusted to € 1,678 million (+5% reported) with growth in all product segments and regions
Gross profit margin decreases slightly to 46.2% due to negative currency impacts
Operational leverage with OPEX increasing by 3% only
Operating result (EBIT) rises by 20% to € 53 million
Earnings per share improve by 28% to € 1.84
PUMA Women's category further strengthened by continued launches of products such as the PUMA Fierce and new partnership with New York City Ballet

Bjørn Gulden, Chief Executive Officer of PUMA SE

“We are happy with the development in the second quarter. Sales developed as expected with double-digit organic growth. Gross profit margin continued to be under pressure due to the strong US-Dollar, but based on good cost discipline, we achieved operational leverage and saw nice improvements in both EBIT and net earnings.

We continue to see better sell-out of our products in the stores, as we feel consumers are getting more interested in our brand and products again. Meanwhile, we continue to work hard with the leading retailers in order to secure more and better space in their stores.

We felt that our teams and players in Euro 2016 in France gave us a lot of good visibility. We now see that our women initiatives with products and marketing around Rihanna and Kylie Jenner are working very well. Finally, we are looking forward to great Olympic days in Rio where fantastic athletes like Usain Bolt will be wearing our innovative and design driven products.”

Second Quarter 2016

Sales

PUMA’s sales growth continued in the second quarter 2016. Sales improved by 12.8% currency adjusted to € 826.5 million (+7.0% reported) with all segments contributing to this positive development.

The EMEA region performed extraordinarily well, posting a double-digit growth rate of 23.5% currency adjusted to € 321.3 million (+18.8% reported). All countries within the region showed strong performances, especially in the Teamsport category which gained extra momentum due to the UEFA Euro 2016.

In the Americas region, sales increased by 5.0% currency adjusted to € 315.6 million with growth in North- and Latin America. In Euro terms, however, sales decreased by 3.9%, as the weakness of currencies in Latin America, notably in Argentina, had a negative impact on reported sales.

The Asia/Pacific (APAC) region performed well with sales increasing by 10.3% currency adjusted to € 189.6 million (+9.1% in Euro terms). China was the main driver of this positive development.

Footwear was able to continue its growth path. Sales came in at € 360.2 million, representing an increase of 7.3% currency adjusted (+0.4% reported). Especially Sportstyle, Fundamentals and Teamsport achieved major gains.

Apparel posted the highest growth rate among the three product segments, improving by 19.5% currency adjusted to € 299.1 million (+13.6% reported). This excellent result derives mainly from the success of the Teamsport category, fuelled by the UEFA Euro 2016 and high growth in other product categories.

Sales in Accessories improved by 14.1% currency adjusted to € 167.1 million (+10.9% in Euro terms), driven by a higher demand for backpacks and headwear amongst others.

Gross Profit Margin and Operating Expenses

The negative currency impact from the stronger US-Dollar continued to put pressure on the gross profit margin, resulting in a decrease of 110 basis points to 45.6%, which is reflected in all product segments: The Footwear gross profit margin softened slightly from 42.3% to 41.9%, the Apparel margin fell from 50.7% to 49.5% and the Accessories margin declined more strongly, mainly due to the difficult golf market, from 50.0% to 46.6%.

Operating expenses (OPEX) increased only by 3.2% to € 368.8 million. The increase is mainly due to investments in PUMA retail stores and additional marketing activities associated with the UEFA Euro 2016. Other operating areas and functions kept the costs stable.

Operating Result and Net Earnings

The operating result (EBIT) improved by 75.1% to € 11.9 million. The main reason for this is the sales growth combined with the only moderate increase in operating expenses.

Net earnings amounted to € 1.6 million compared to a loss of € -3.3 million last year, translating into earnings per share of € 0.11 after a loss of € -0.22 in the second quarter of 2015.

First Half-Year 2016

Sales:

Based on two good quarters, sales for the first half-year 2016 improved by 9.9% currency adjusted to 1,678.4 million (+5.3% reported). The main driver was the strong performance in the EMEA and APAC regions. This sales development supports our full-year guidance of a high single-digit growth of currency adjusted net sales.

Sales in the EMEA region showed the highest increase, rising by 14.0% currency adjusted to € 675.7 million (+10.4% in Euro terms), with France and the DACH area (Germany, Austria, Switzerland) having developed particularly well. From a product perspective, all three product segments recorded double-digit growth.

In the Americas region, sales rose by 5.2% currency adjusted to € 603.6 million (-2.2% reported). North- and Latin America contributed to this positive development. However, negative currency effects in Latin America, notably in Argentina, continued to impact the sales development in Euro terms.

The Asia/Pacific region was also a strong driver of the overall growth of PUMA in the first half of 2016. Sales were up by 10.8% currency adjusted to € 399.0 million (+9.4% reported). China recorded a double-digit growth rate and Japan also showed a solid upturn. This positive development was supported by strong demand for PUMA Footwear in the region.

Sales in PUMA's Footwear segment amounted to € 752.2 million, representing an improvement of 7.9% currency adjusted (+2.1% reported). Especially Sportstyle and Fundamentals achieved major gains.

Apparel grew by 13.0% currency adjusted to € 589.2 million (+8.5% reported), contributing the major part of the overall sales increase. The strong performance is mainly due to the ongoing success of Teamsport as well as Running & Training products.

Accessories sales rose by 9.4% currency adjusted to € 336.9 million (+7.3% in Euro terms), driven by a higher demand for backpacks and headwear amongst others.

Including eCommerce, PUMA's own and operated retail sales increased by 12.2% currency adjusted to € 344.7 million. This represents a share of 20.5% of total sales for the first half of 2016 (20.2% in the previous year). The reasons for this rise are a healthy like-for-like sales growth and the extension of our retail store network, as well as a growing eCommerce business.

Gross Profit Margin and Operating Expenses

At 46.2%, the gross profit margin was 60 basis points below last year's 46.8%, solely due to the negative currency impact on our cost of sales from the stronger US-Dollar. Despite this impact the margin for the Footwear segment improved slightly from 42.6% to 42.7% thanks to a better product mix, whereas margins for the Apparel as well as for the Accessories segments went down from 50.7% to 49.7% and from 49.8% to 47.9% respectively.

Operating expenses (OPEX) amounted to € 730.5 million in the first half of 2016, being up moderately by 3.1%. The slightly higher costs compared to 2015 derive from intensified marketing activities and retail upgrades, while other operating areas and functions were able to keep the costs stable.

Operating Result and Net Earnings

At € 53.2 million, the operating result (EBIT) for the reporting period came in 20.1% higher than in 2015. This is due to the operational leverage as sales increased stronger than operating expenses.

At € 27.4 million, net earnings also improved by 27.6% (prior year: € 21.5 million). As a consequence, earnings per share went up to € 1.84 versus € 1.44 in the last year.

Working Capital and Cashflow

Working Capital

As at the balance sheet date, PUMA’s working capital amounted to 658.2 million, increasing only by 2.9% compared to June 30, 2015, in spite of higher sales and business volumes. This development in working capital is the result of an increase of inventories (+9.0%) combined with a slight reduction of trade receivables (-1.6%) and a moderate increase of trade payables (+2.7%).

Cashflow:

The free cash flow before acquisitions improved significantly by 40.1% amounting to
€ -100.5 million.

Outlook 2016

We continue to expect a currency adjusted high single-digit increase of net sales, a gross profit margin on previous year’s level (45.5%), an increase in currency adjusted operating expenses in a mid to high single-digit range and an operating result (EBIT) between € 115 million and € 125 million.

Brand and Product Update

The UEFA Euro 2016 in France proved to be a great stage to showcase PUMA as an innovative and design driven sports brand. With an on-field presence of almost 40% across all matches, PUMA’s five participating teams secured a strong visibility with their kits featuring our apparel technology ACTV Thermo-R. While Switzerland and Slovakia reached the round of sixteen following passionate and decisive appearances, Italy made it to the quarter final beating former European Champion Spain. A clear highlight was France's Antoine Griezmann, who was voted Player of the Tournament by the UEFA after being the top scorer with six goals that he shot in his dual coloured PUMA Tricks boots. PUMA player Olivier Giroud was ranked third in the scoring table of the event, while European Champion Portugal's Rui Patricio emerged as the Goalie of the Tournament. They all sported the yellow-pink boots on the pitch, in addition to players like Cesc Fàbregas, Nolito, Gianluigi Buffon, Giorgio Chiellini, Adam Lallana and Grzegorz Krychowiak.

In the English Premier League, Leicester City Football Club made the unthinkable happen at the end of the season in May. The "Foxes" became the first PUMA team to take the Premier League title after an extraordinary season, while PUMA-sponsored Arsenal FC secured the second rank. Both teams qualified for the UEFA Champions League.

In the run-up to the Olympic Games in Rio this August, PUMA signed a partnership with the Athletics Association of Barbados (AAB) as the supplier of performance race and training wear along with all the federation apparel needs through the next major championships. With Jamaica, Cuba, Grenada, Dominican Republic and the Bahamas already in PUMA’s Carribbean stable, signing Barbados continues a focus on an area of the world where fast reigns supreme. The Barbados Track & Field team will first wear PUMA apparel in Rio, with the deal seeing PUMA support the Caribbean nation through the next two IAAF World Championships.

In our Motorsport category, PUMA released the latest edition to its DISC footwear franchise, the futuristic looking metallic silver BMW X-CAT DISC. This striking shoe showcases PUMA’s reinvented DISC technology of internal wires that tighten the upper, which was originally launched in 1991 and provides ultimate comfort and a snug fit. In Formula One, our three partnered teams Mercedes AMG Petronas, Scuderia Ferrari and Red Bull Racing are currently holding the top ranks in both the drivers’ and the constructors’ standings in this year’s supberb season so far.

In our Running category, we continued to expand our successful IGNITE franchise: the all-new IGNITE Dual for Autumn-Winter 16. It provides ultimate flexibility and cushioning for mid- and long-distance runners, thanks to the special sole with IGNITE FOAM and grooves. It is also available in IGNITE Dual Disc and IGNITE Dual evoKnit iterations.

Strategy Update

In the first half of 2016, PUMA continued to make inroads into becoming the Fastest Sports Brand in the World. The two major football tournaments - Copa America and the UEFA Euro 2016 - on the one side and the further accelerated success of our women’s initiative "The Future is Female" on the other were the dominating factors for us.

With our five sponsored teams as well as our high profile players sporting our new PUMA TRICKS boots and gloves, PUMA achieved great visibility through these events. We have been leveraging this momentum with our key retail partners. Building on the impressive sell-through results of TRICKS during the 2014 world cup, we generated healthy sell-in of TRICKS this year. Many key retailers including Intersport, Dick’s Sporting Goods and Kamo supported them with very visible in-store executions.

The overwhelming reactions to our FENTY PUMA by Rihanna runway show during the New York Fashion Week and especially the social media buzz further strengthened the FENTY footwear launches. The FENTY Trainer and the CREEPER’s new color ways were sold out in days, the Fur Slide in hours or minutes. In a partnership with Kylie Jenner, a key influencer for young women in the US and new PUMA brand ambassador, PUMA has launched another revolutionary silhouette, the FIERCE performance training shoe. All of these products generated great sell-in and sell-out results, which continue to strengthen our relationship with key retailers. This includes Foot Locker’s women-only banner SIX:02, that has decided to dedicate additional space to PUMA shop-in-shops in their stores.

In June, we announced our partnership with New York City Ballet (NYCB), one of the leading dance companies in the world, as their official off-stage active wear partner. Starting in October 2016, a number of dancers from the New York City Ballet will be featured in several PUMA creative and marketing campaigns that will highlight women in sports and culture. In addition, PUMA and New York City Ballet will explore ways for PUMA to support a variety of NYCB initiatives, including the ballet company’s education, audience development and dancer health and wellness efforts.

PUMA strongly believes in the power of sports that improves people's health around the world every day. As we want to make a difference in the lives of people, including the most disadvantaged ones, we have partnered with Right To Play. Right To Play is a global organization, founded by four-time Olympic gold medalist Johann Olav Koss, and uses the transformative power of play to educate and empower children facing adversity. This year PUMA supports Right To Play with a donation and delivery of equipment such as 10,000 footballs to children in need.