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25.10.2011 – 08:02


EANS-News: PUMA reconfirms annual Outlook after posting strong Third-Quarter Sales

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Herzogenaurach (euro adhoc) - PRESS RELEASE

     PUMA reconfirms annual Outlook after posting strong Third-Quarter Sales
                        Herzogenaurach, October 25, 2011

Highlights Third Quarter 2011

    • Consolidated sales increased by 10.2% currency adjusted to EUR 841.6
    • Gross profit margin remained at 50.0% despite volatile input prices
    • EBIT improved by 1,8% to EUR 118.6 million
    • Net earnings remained flat at EUR 81.7 million
    • EPS are up to EUR 5.45 from EUR 5.43
    • PUMA has signed football stars Agüero, Falcao and Fàbregas

Highlights First Nine Months of 2011
    • Consolidated sales climbed 11.0% currency adjusted to EUR 2.3 billion
    • Gross profit margin remained at a sector-best 50.6%
    • EBIT rose by 2.2% to EUR 285.0 million
    • Net earnings improved by 4.7% to EUR 197.1 million
    • EPS increased from EUR 12.51 to EUR 13.15

Outlook for the remainder of the Financial Year 2011

    • PUMA´s management reiterates that PUMA´s target is EUR 3  billion  in 
      for the full year.
    • In light of PUMA´s "Back on the Attack" growth strategy,  investments  and
      expenses will remain at a  high  level,  and  gross  profit  margins  will
      continue to be stressed based on procurement price volatilities.
    • Management continues to foresee an improvement  of  net  earnings  in  mid
      single-digits for the full year.

"PUMA posted a very solid sales performance for the fifth consecutive  quarter,"
said Franz Koch, CEO of PUMA SE. "This underpins  our  5-year  growth  strategy,
which is already delivering results. After a strong  performance  in  the  first
nine months of this year, we are  now  approaching  our  sales  target  of  EUR 
billion for the full year, and despite continuing  cost  pressures  we  maintain
our forecast of an improvement in net earnings in mid single-digits."

 Asia/Pacific and Latin America drive PUMA´s Sales Growth in the Third Quarter -
                        Performance Business accelerating

PUMA´s third-quarter consolidated sales rose 10.2% currency  adjusted  and  7.3%
in Euro terms to EUR 841.6 million compared to last year,  representing  the 
successful quarterly performance in the firm´s history. Asia and  Latin  America
provided the platform for these  numbers,  underpinning  the  excellent  overall
result with double-digit growth.

With all product categories contributing to this increase,  Footwear  rose  7.0%
currency adjusted to EUR 431.1 million, Apparel went up 13.8% to EUR  294.7 
and Accessories climbed 13.9% to EUR 115.8 million.

PUMA´s Running category in  particular  grew  significantly,  boosted  by  Usain
Bolt´s spectacular performances at the Track  &  Field  World  Championships  in
Daegu and by the light-weight concept which includes our best selling PUMA  Faas
range. The shoe is constructed with BioRide Technology  which  provides  runners
with a naturally responsive ride. PUMA´s Women´s  Fitness  category  is  growing
strongly,  a  consequence  of  enhanced  targeting  of   the   female   consumer
demographic  with  PUMA´s  Bodytrain  concept.  PUMA´s  Sailing  category   also
improved, as sales have been accelerating in the run-up to PUMA´s  participation
in the Volvo Ocean Race 2011-2012. Given the duration of this  sailing  marathon
and in the light of our new extended range of  outdoor  products,  PUMA  expects
the positive performance of its Sailing category to continue.

PUMA´s five-year growth plan "Back on the Attack" already yielding fruit

As previously detailed, PUMA is continuing to work on improving its  performance
categories without losing sight of its Sportlifestyle positioning  as  a  brand.
This was laid out in the company´s growth strategy one year ago,  which  focused
on strengthening PUMA´s Sports  Performance  business  alongside  its  lifestyle
segment. To further boost PUMA´s  brand  visibility  on  international  football
pitches and underline our position as the No.  3  football  brand,  PUMA  signed
three of the world´s top football stars during  the  third  quarter:  Manchester
City´s  Sergio  Agüero,  Atletico  Madrid´s  Falcao  and  FC  Barcelona´s   Cesc
PUMA also introduced its new football boot, the Powercat 12.  These  boots  will
be worn by Fàbregas, Nemanja Vidic of Manchester United  and  Gianluigi  Buffon,
goalkeeper of the Italian National Team, amongst others.  This  innovative  boot
features the new PUMA 3D DUO Power Shooting Technology, applied  to  the  inside
of the boot.

Cobra-PUMA-Golf also continues to perform well, where the  360  degree  offering
appeals to discerning consumers. PUMA also congratulates  its  brand  ambassador
and golf professional Lexi Thompson who, at 16 years  of  age,  has  become  the
youngest ever winner on the LPGA tour in America.

Asia/Pacific and Latin America remain the main growth areas in the quarter

In regional terms, PUMA continued its  excellent  performance  in  Asia/Pacific,
with sales growing by 16.4% currency-adjusted to EUR 196.0  million. 
Running gear such as the Faas range and  Women´s  Fitness  products  (Bodytrain)
drove the overall growth in this region.

EMEA also performed well, posting an increase of 9.5%  currency  adjusted  to 
410.6 million. Russia, Turkey, Spain and Germany in  particular  contributed  to
this performance.

Sales in the Americas grew by 6.7% currency-adjusted but were down 0.7% in  Euro
terms at  EUR  235.0  million.  Latin  America  delivered  a  remarkable 
performance, reflecting broad-based double-digit growth across all countries  in
the region, while North America had to comp against strong  double-digit  growth
numbers from the previous year.

Consolidated sales for the nine-month period  climbed  11.0%  currency  adjusted
(9.9% in Euro terms) to EUR 2.29 billion. EMEA  sales  rose  7.7%  (7.6% 
adjusted), the Americas improved a satisfying  8.7%  (14.2%  currency  adjusted)
and Asia/Pacific climbed an impressive 16.4% (14.3% currency adjusted).

Nine-month sales across all product  categories  continued  to  climb.  Footwear
sales were up 7.5% (9.5% currency adjusted), Apparel sales increased 8.8%  (8.9%
currency adjusted) and Accessories grew 22.7% (22.8% currency adjusted), due  in
part to the full year effect of the Cobra golf acquisition last year.

Gross Profit Margin remains at industry-leading levels despite cost pressure

PUMA´s ongoing efficiency drive has resulted in a  third  quarter  gross  profit
margin of 50.0%, which remains the industry leading number.

The Footwear segment had a gross profit margin of 49.8%, up from 49.7%.  Apparel
stood at 50.3%, up from 50.0%. Accessories were at 50.0%, a decline  from  51.8%
which can be attributed to higher procurement costs.

For the first nine months of 2011, gross  profit  margin  is  down  slightly  to
50.6% from 51.0% compared to last year. The  Footwear  margin  is  currently  at
49.8% down from 50.4%, Apparel down from 51.9% to 50.9% and Accessories up  from
51.2% to 52.4%.

Operating Expenses

Operating expenses rose by 9.7% to EUR 307.0 million during the third  quarter 
2011. As a percentage of sales, this represents a slight increase from 35.7%  to
36.5% compared to last year. For the full year to the  end  of  September  2011,
Operating expenses rose by 13.6% to EUR 885.5 million.  Increases  in 
arose from our continued investments outlined in our 5-year growth plan and  the
full year effects caused by the extension of the  scope  of  consolidation  with
Cobra and PUMA Spain now fully  included.  The  majority  of  those  incremental
increases went into Marketing, Product Design and  enhancements  in  our  supply


Operating profit improved to EUR 118.6 million from EUR 116.6 million in  line 
expectations. This represents 14.1% of consolidated sales versus 14.9%  at  this
time last year. On a nine month basis EBIT was up 2.2% to EUR 285.0 million.

Financial Result / Income from associated companies

The financial result declined from EUR -1.4 million to EUR  -2.1  million, 
the nine month number improved from EUR -4.1 million last year to EUR -3.9

Earnings before Taxes

PUMA´s third quarter EBT rose from EUR 115.1 million  to  EUR  116.6  million. 
also rose from EUR 274.8 million to  EUR  281.1  million  on  a  nine  month 
Quarterly tax expenses increased from EUR 33.4 million to EUR 34.9 million  and 
tax rate increased from 29.0% to 30.0% in the quarter but  improved  from  31.5%
to 30.0% as of September 30, 2011.

Net Earnings

Consolidated net earnings were flat at EUR 81.7. Earnings per share  rose  from 
5.43 to EUR 5.45, and diluted earnings per share were up from EUR 5.39 to EUR

For the first nine months of  2011,  net  earnings  rose  by  4.7%  to  EUR 
million. EPS increased by 5.1% to EUR 13.15.

                        Net Assets and Financial Position


Total assets (as of September 30, 2011) grew by 4.5% from EUR 2,319.0  million 
EUR 2,422.5 million. This rise is primarily attributable to an  increase  in 
inventories and trade receivables based on the additional  volume  in  business.
The  equity  ratio  rose  sharply  from  57.8%  to  62.9%,  signifying   further
improvement in our capital  base.  In  absolute  figures,  shareholders'  equity
increased by 13.7% from EUR 1,340.2 million to EUR 1,524.3 million.

Working Capital

PUMA´s overall Working Capital went up by 35.0%  to  EUR  668.7  million.  On 
asset side, inventories went up by  18.5%  from  EUR  449.2  million  to  EUR 
million, supporting our continued and expected sales growth in addition  to  our
new styles and offerings. Trade receivables also  increased,  up  13.3%  from 
538.9 million to EUR 610.5 million. This again is  an  effect  of  our  growth 
sales compared to this point in time last year.

Cashflow/ Capex

The Free Cashflow (before acquisitions) came in at  EUR  -89.4  million  versus 
57.9 million last year. The additional outflow resulted from  tax  payments  and
higher working capital needed as well as higher CAPEX. For  Capex,  the  company
spent EUR 44.6 million versus EUR 35.5 million in 2010. The increase derives 
from investments in the improvement of organizational processes and  IT  systems
as well as in the  expansion  of  our  Retail  store  portfolio,  all  of  which
continue to be integral components of our growth strategy.

Cash Position

Total cash (as of September 30, 2011) dropped by 30.7% to EUR 289.5  million 
EUR 417.9 million last year. Bank debts were reduced by 39.9% from EUR 57.2 
to EUR 34.4 million. As a result, the net cash position decreased  29.3%,  from 
360.7 million to EUR 255.1 million.

Share buyback

PUMA did not activate its share buyback program  during  the  third  quarter  of

                       Outlook for the Financial Year 2011

Going into the final quarter of 2011, we reiterate  that  PUMA´s  target  is 
billion in sales for  the  full  year.  Our  overall  outlook  remains  positive
despite the current uncertainty afflicting various  markets  at  this  time.  We
anticipate ongoing input cost volatility, although we have demonstrated  in  the
third quarter  that  our  ability  to  maintain  gross  profit  margins  remains
undiminished. As previously communicated, our  current  elevated  operating  and
capital expenditures are an integral part  of  our  growth  strategy.  None  the
less, we continue to expect full year net earnings to improve in the  mid-single
digit range.

Media Relations:

Ulf Santjer - Corporate Communications - PUMA SE - +49 9132 81 2489 -
Kerstin Neuber - Corporate Communications - PUMA SE - +49 9132 81 2984 -

Investor Relations:

Carl Baker - Finance - PUMA SE - +49 9132 81 3188 -

Notes to the editors:
    • This press release and financial reports are posted on
    • 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.

|PUMA                                                                          |

PUMA is one of the world´s leading Sportlifestyle  companies  that  designs  and
develops footwear, apparel and accessories. It is committed to working  in  ways
that contribute to the world by supporting Creativity, SAFE  Sustainability  and
Peace, and by staying true to the principles of  being  Fair,  Honest,  Positive
and Creative in decisions made and actions taken. PUMA starts in Sport and  ends
in Fashion. Its Sport Performance and Lifestyle labels include  categories  such
as Football, Running, Motorsports, Golf  and  Sailing.  Sport  Fashion  features
collaborations with renowned designer labels such as Alexander  McQueen,  Mihara
Yasuhiro and Sergio Rossi. The PUMA Group owns the brands PUMA, Cobra  Golf  and
Tretorn. The company, which was founded in 1948,  distributes  its  products  in
more than 120 countries, employs more  than  10,000  people  worldwide  and  has
headquarters in Herzogenaurach/Germany, Boston, London and Hong Kong.  For  more
information, please visit

Further inquiry note:
Kerstin Neuber

Telefon: +49 (0)9132 81-2984


end of announcement                               euro adhoc 

company:     PUMA SE
             PUMA Way  1
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phone:       +49 (0)9132 81 0
FAX:         +49 (0)9132 81-2246
sector:      Consumer Goods
ISIN:        DE0006969603
indexes:     Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX, Prime All
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
             Hamburg, Stuttgart, Düsseldorf, Hannover, regulated dealing:
language:   English

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