Puma’s net income dips by 42.3 percent in Q4

 

Admin I Wednesday, Feb. 28, 2024

 

BERLIN – The German athletic apparel, footwear and accessories manufacturer said on Tuesday that net income in the fourth quarter dropped 42.3% to €800,000 ($868,500) from the previous years. €1.4 million.

Earnings per share amounted to €0.01, same as last year.The decline in net income mainly reflected the weak financial result.

The operating result or EBIT, a key earnings metric, however, climbed 133% to €94.4 million from last year’s €40.5 million euros. The improvement was achieved through the gross profit margin and strict cost discipline. The EBIT margin improved to 4.8% from the prior year’s 1.8%.

PUMA’s Group sales decreased 9.8% to €1.98 billion. At constant currency, sales fell 4%. Further, the management and supervisory boards would propose a dividend of €0.82 per share for 2023 to the annual general meeting on May 22, same as last year.

Looking ahead for fiscal 2024, PUMA expects to achieve mid-single-digit currency-adjusted sales growth and an improved EBIT in the range of €620 million to €700 million.

The company expects net income to change in 2024 in line with the operating result. Last year’s net income was €304.9 million and EBIT was €622 million.