1. News
April 28, 2022

Puma registers 19.7% sales increase in first quarter of FY22

The company expects a currency-adjusted sales growth of at least 10% for the full year.

German sportswear retailer Puma has registered €1.91bn ($2.01bn) in sales for the first quarter (Q1) of the fiscal year 2022 (FY22).

This represents a 19.7% currency-adjusted (CA) increase and a 23.5% rise on a reported basis compared with the same period of FY21.

Puma’s Americas business delivered the strongest sales growth, registering a 44.1% CA increase.

This was followed by the company’s Europe, Middle East and Africa (EMEA) business, which reported a 25.5% CA growth.

Puma’s sales in the Asia-Pacific region, however, dropped by 17.0% CA, impacted by unfavourable market conditions in Greater China due to Covid-19 and other geopolitical tensions.

During the quarter, Puma’s wholesale business grew by 23.3% CA to €1.52bn, while its direct-to-consumer (DTC) business was up by 7.1% CA to €384.0m.

In addition, sales in the company’s owned and operated retail stores increased by 21.3% CA, while its e-commerce sales declined by 13.2% CA.

The company also saw its net earnings rise by 11.2% to €121m compared with Q1 2021.

Puma CEO Bjørn Gulden said: “We have had a very good start into 2022.

“The demand for our products was high, both from retailers and consumers, and our operations people were able to move enough product through a tight supply chain to partly fulfil this increasing demand.

“I am very happy to see that the growth is coming from all product divisions and all business units.”

For FY22, Puma expects to record a CA sales growth of at least 10% for the full year, with its earnings before interest and tax (EBIT) being between €600m and €700m.

Gulden added: “Based on such a strong first quarter, we would normally raise our outlook for the full year.

“But given the increased uncertainty in the world, we have decided to stick to our initial outlook from the beginning of this year.”