Puma Q3 sales down 8.9 percent

REPORT_ Puma third quarter 2013 consolidated sales declined by 1.4 percent. In euro terms,

sales declined by 8.9 percent. For the first nine months of 2013 consolidated sales declined by 2.5 percent and gross profit margin stood at 47.5 percent. In the third quarter, retail sales rose by 5.3 percent. For the first nine months of the year, retail sales increased by 7.1 percent. EBIT before special items declined in the first nine months of 2013 by a margin of 8.3 percent. Operating expenditures were down 8.2 percent in the third quarter of 2013.

Gross profit margin fell over the first nine months of the year, moving from 49.5 percent to 47.5 percent. Footwear declined from 47.9 percent to 44.9 percent, apparel from 50.9 percent to 49.6 percent and accessories from 51.2 to 50.2 percent. For the financial year 2013 the management reiterates its expectations for a low to mid-single-digit decline in currency adjusted full-year net sales. It expects 2013 full year net earnings to be positive, but significantly below those of 2012.

Puma is based in Germany. Bjoern Gulden, Chief Executive Officer of Puma, said: “Sales and profitability for the third quarter developed as expected. Our business is currently in a difficult position with challenging sell-throughs, sub-optimal distribution and low brand heat. But Puma is an amazing brand with a great history, global awareness, fantastic logos, great assets and talented people. I am therefore convinced that we will turn this business around.”