Puma Remains Optimistic about 2023 Guidance

Puma, the leading German sporting-goods company, has expressed confidence in its 2023 guidance, even though its third-quarter earnings took a hit primarily due to currency effects. Despite this setback, Puma remains steadfast in its commitment to achieve its long-term goals.

Third-Quarter Performance Overview

During the third quarter, Puma recorded a net profit of €131.7 million ($140.5 million), down from €146.4 million in the same period last year. Additionally, sales declined by 1.8% to reach €2.31 billion. The negative impact of currency fluctuations was the main factor contributing to the 8.3% decrease in earnings before interest and taxes (EBIT), which amounted to €236.3 million.

Regional Sales Analysis

Puma experienced the most significant decline in sales within the Americas during the quarter, registering an 8.3% decrease to €854.6 million. This decline can be attributed to macroeconomic challenges faced in the region. On a positive note, Europe witnessed the highest reported sales growth, increasing by 5%.

Apparel Sales Performance

Among its various product categories, Puma observed the largest reported sales decrease in apparel during the quarter, with a significant drop of 7.1%. Despite this decline, Puma remains focused on addressing the challenges and finding innovative strategies to revive apparel sales.

Steadfast Outlook and Future Projections

Puma reaffirmed its confidence in achieving its 2023 guidance, which includes currency-adjusted sales growth in the high single-digit percent range. The company also maintains its guidance for an operating result between €590 million and €670 million.

As Puma perseveres through these challenges, it remains committed to driving growth and delivering exceptional products to its valued customers.