Net profit at PUMA drops 3.4 percent in Q1

Last updated: 2023/04/26 at 8:00 PM

starconnect Published 26 April 2023

Leading German maker of footwear, apparel and accessories PUMA SE has seen a fall in profits in the first quarter of 2023 compared to the same period a year ago, but it has maintained its full-year outlook. Photo: Daniel Vogl/dpa

Emmanuel Thomas, DPA, Wednesday, April 26, 2023

BERLIN – Leading German maker of footwear, apparel and accessories PUMA SE has seen a fall in profits in the first quarter of 2023 compared to the same period a year ago, but it has maintained its full-year outlook.

PUMA reported on Wednesday that its first-quarter net income dropped 3.4% to €117.3 million ($129.3 million) from last year’s €121.4 million. The earnings per share amounted to €0.78, lower than last year’s €0.81.

Operating result, or EBIT, amounted to €176 million, down from last year’s €196 million. EBIT margin was 8%, down from 10.3%.
Sales increased 14.4% to €2.19 billion from prior year’s €1.91 billion. Sales grew 14.4% on a currency-adjusted basis.

Looking ahead for the second quarter, PUMA expects low to mid single-digit sales growth due to high inventory levels in the trade trade and continued headwinds in the market.

For fiscal 2023, the company confirmed high single-digit sales growth and EBIT of €590 million to €670 million, compared to €641 million last year. PUMA’s net income is expected to change accordingly.

TAGGED: Puma