Puma worldwide sales grow on expanding store network
Puma worldwide sales increased by 17 per cent on a constant currency basis in the first nine months of this year as the sportswear label achieved growth in every region.
Asia and the Americas drove sales, with both markets achieving double-digit growth year-on-year.
Sales for the period reached €3.422 billion, with gross profit margin by by 150 basis points to 48.8 per cent. Operating profit rose 40 per cent from €215 million to €300 million and net earnings from €134 million last year to €176 million.
CEO Bjorn Gulden said Puma was still witnessing large shifts in product trends and consumer demand, “but feel we have reacted fast enough to continue our growth”.
The company’s move to expand its own-operated store network is paying off, with sales up 22..5 per cent year to date, increasing the share of the company’s overall sales to 22.5 per cent. The company said additional stores, improving same-store sales and e-commerce all contributed to the increase.