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Puma raises FY22 outlook amid record sales in Q2

Jeremy Lim
27 July 2022

Puma has raised its forecast for the financial year after posting net sales of just over £1.6 billion (€2 billion), setting a new quarterly revenue record.

The German sportswear company made £1.33 billion in the same period last year, representing a 18.4% rise in revenue.

Second quarter sales at Puma increased by 18.4% to €2 billion. All product divisions grew double-digit with Footwear being up 19.7%, Apparel up 20.2% and Accessories up 11.2%.

PUMA’s Wholesale business increased by 22.6% to £1.2 billion and the direct-to-consumer (DTC) business was up by 5.5% to £368 million. Sales in owned & operated retail stores increased 11.3%, whilst e-commerce declined 4.1%, mainly due to lockdown measures in Greater China.

Over the first six months of 2022, Puma made £3.2 billion in sales, representing an increase of 19%. All product divisions grew double-digit, with footwear being up 18.9%, apparel up 18.1% and accessories up 20.9%.

The wholesale business was up 22.9% to £2.5 billion and the DTC business increased by 6.2% to £692 million. Sales in owned & operated retail stores increased 15.8%, whilst e-commerce declined 8.6%.

Considering the strong first half of the year, Puma is raising its outlook from previously at least 10% currency-adjusted sales growth – with upside potential – to mid-teens currency-adjusted sales growth.

The company has reiterated operating result (EBIT) to be in a range of £504 million to £588 million for FY22 and a corresponding improvement in net earnings.

Commenting on the results, Bjørn Gulden, CEO of Puma, said: "The second quarter was another great quarter for us. With a currency-adjusted growth of 18 percent (26 percent reported) to 2,002 million euros, we exceeded 2 billion euros in quarterly sales for the first time in Puma’s history. This underlines the strong demand for our products despite all the global obstacles and uncertainties

"We do see an increased level of uncertainty around the world: COVID-19 is still around us, the crisis in Ukraine is worse than ever and there is high inflationary pressure in almost all our markets. Despite all these uncertainties we will continue to invest into our people, brand and infrastructure."

Sportswear competitor Adidas has lowered its guidance for the full year, citing a slower-than-expected recovery in Greater China due to its COVID-19 pandemic restrictions.


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