1. News
July 28, 2022

Puma records 19.0% increase in sales for first half of FY22

The apparel brand expects a currency-adjusted sales growth in the mid-teens for the full year.

German sports apparel brand Puma has reported €3.91bn in sales for the first half (H1) of the fiscal year 2022 (FY22), up by 19.0% from €3.13bn a year earlier.

The company said its sales for the period were driven by strong regional performance, including a 33.6% sales growth in the Americas and all its key markets in Europe recording a 23.5% increase in sales.

Puma’s gross profit margin dropped by 120 basis points to 46.8% from 48.0% in H1 2021, while its earnings before interest and tax (EBIT) margin rose by 30 basis points to 8.7% from 8.4% year-on-year (YoY).

The company generated H1 net earnings of €206m, up by 30.3% from €158m in H1 2021, while its earnings per share (EPS) were up from €1.06 to €1.37 YoY.

For the second quarter (Q2) of FY22, Puma’s sales increased by 18.4% to €2bn, representing the highest quarterly sales in its history.

The retailer’s sales in the Americas and Europe, Middle East and Africa (EMEA) regions grew by 25.6% and 21.5% respectively during the quarter.

They declined by 1.8% in the Asia-Pacific region due to Covid-19-related restrictions in Greater China.

Puma CEO Bjørn Gulden said: “The second quarter was another great quarter for us. With a currency-adjusted growth of 18% (26% reported) to €2.002bn, we exceeded €2bn in quarterly sales for the first time in Puma’s history.

“This underlines the strong demand for our products despite all the global obstacles and uncertainties! I am especially proud that we have again seen very strong growth in all our performance categories like Running, Training, Teamsports, Golf and Basketball.”

In response to its H1 results, Puma expects a currency-adjusted sales growth in the mid-teens for the full year, having previously predicted a currency-adjusted sales growth of at least 10% with upside potential.

The company also anticipates its EBIT to be between €600m and €700m for the financial year 2022.