Footwear and apparel brand Puma has achieved currency-adjusted sales growth of 6.6% and reported growth of 1.6% in the financial year 2023 (FY23), with preliminary sales of €8.6bn ($7.3bn). 

The company has seen its performance impacted by the Argentine peso’s significant devaluation which resulted in a net income in the country of €305m.  

Puma’s earnings before interest and taxes (EBIT) were €622m in FY23, aligning with its forecasted range of between €590m and €670m.  

Puma saw a currency-adjusted sales increase above 8%, excluding the peso’s extraordinary devaluation, and an EBIT higher than the previous year’s €641m. 

In the fourth quarter of 2023, the company saw its sales decline due to hyperinflationary accounting, with currency-adjusted sales dropping by 4.0% while reported sales fell by 9.8% to €1.98bn.  

EBIT for the quarter was still strong at €94m.  

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By GlobalData

PUMA CEO Arne Freundt stated: “Our underlying operating performance was strong in 2023 and showed that we were well on track to meet all expectations. The accounting treatment of the hyperinflationary economy [of] Argentina and its significant devaluation of the Argentine peso [in] mid December resulted in an extraordinary impact on the fourth quarter and financial year results for 2023. 

“Due to the magnitude and timing of this currency effect, we could not fully compensate [for] the entire impact at the year-end. With a strong fourth quarter operating result we achieved a full-year EBIT absolutely in line with expectations as well as a significant improvement in free cash flow. This great achievement is thanks to the outstanding job of our entire Puma family.”  

Puma anticipates mid-single-digit currency-adjusted sales growth and an EBIT between €620m and €700m for FY 2024.  

It expects that any future devaluation of the peso will be compensated by corresponding price increases in Argentina.