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PUMA AG Rudolf Dassler Sport

EANS-News: PUMA AG Rudolf Dassler Sport
PUMA AG announces its consolidated financial results for the 1st Quarter of 2010

Herzogenaurach (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
quarterly report/Results First Quarter 2010
Herzogenaurach, Germany, April 28, 2010
- PUMA AG announces its consolidated                   financial 
results for the 1st Quarter of 2010
Highlights January-March:
• Consolidated sales down by 2.1%
  • Gross profit margin at a strong, sector-leading 52.2%, slightly above last
    year´s level
  • Strong improvements in cost structure as a result of the cost reduction
    program
  • Operating result before special items jumps EUR 115 million versus last year
  • EPS increase to EUR 5.51 after EUR 0.37
  • Further improvement in equity ratio to 64%
Outlook 2010:
• Management expects sales growth in the low to mid single-digits
  • Cost reduction program shall provide cost savings as planned
  • Pre-tax profit is expected to improve by at least 70%
Jochen Zeitz, CEO: "We had a good start into the new year  from  a  
bottom  line perspective  which   highlights   the   effectiveness   
of   our   comprehensive restructuring & reengineering efforts. 
Assuming a continuous improvement of  the economic outlook and a 
planned increase of supplier orders,  we  anticipate  low to mid 
single digit growth for the full year, while  net  earnings  should  
jump significantly to complete the expected earnings  rebound.  We  
are  now  looking forward to the upcoming World Cup and to a 
successful integration of  our  newly acquired Cobra Golf business."
Sales and Earnings Development January-March 2010
Global Brand Sales Worldwide PUMA brand  sales,  which  include  
consolidated  and  license  sales, decreased by 2.3% to EUR 720.6 
million. Footwear sales were down by 6.0% to EUR 382.8 million and 
Accessories by  3.1% to EUR 90.3 million. Apparel sales increased by 
4.3% to EUR 247.5 million.
Consolidated Sales PUMA´s consolidated sales in the first quarter  
were  down  by  2.7%  currency- neutral and 2.1% in Euro terms to EUR
683.1 million. This development  should be seen in the context of 
last year´s sales increase of  3.6%,  which  was  mainly driven by 
closeout sales in order to reduce inventories. In addition,  supplier
orders for the first half of 2010  were  placed  with  caution.  
Excluding  the previous year´s inventory clearance, sales were 
slightly above last year. Sales in  Footwear  declined  
currency-neutral  by  5.1%  to  EUR  378.8  million and Accessories 
decreased by 1.6% to EUR 77.5 million. Apparel sales rose by 1.2% to 
EUR 226.8 million due to a positive development in PUMA´s teamsport 
business. In regional terms, sales in EMEA were down currency-neutral
by  6.2%  to  EUR 351.8 million (share: 51.5%) and Asia/Pacific 
declined by 8.4%  to  EUR  141.0 million (share: 20.6%). Sales in the
Americas region significantly improved by 9.8%  to EUR 190.4 million 
(share: 27.9%) with both regions  -  North  America  and Latin 
America - positively contributing to this strong performance.
Gross Profit Margin In the first quarter, PUMA´s gross  profit  
margin  reached  a  strong,  sector- leading 52.2% compared to 52.1% 
last year. The Footwear segment  reported  50.7% versus 50.4%, 
Apparel was at 53.5% compared to 53.7%  and  Accessories  remained 
unchanged to last year at 55.6%. In terms of region, the gross profit
margin  in EMEA softened to 54.3% after 55.1%, Americas rose to 47.4%
from 46.7%  -  driven by Latin America - and Asia/Pacific improved to
53.4% from 51.0% last year.
Operating Expenses
Operating expenses decreased by 4.6% from EUR 254.1 million to  EUR  
242.3 million. As a percentage of sales, the cost ratio improved from
36.4% last year to  35.5% because of  the  cost  reduction  program  
introduced  last  year.  Expenses  in marketing/retail and 
depreciation  decreased  due  to  the  improvement  to  the overall 
retail store portfolio.
EBIT
PUMA´s EBIT before special items increased by 4.4% to EUR 119.0 
million  versus EUR 114.0 million last year. As a percentage of sales
the EBIT margin improved  from 16.3% last year to an excellent 17.4%.
Taking last  year´s  special  items  into account, EBIT increased 
from EUR 4.0 million to EUR 119.0 million.
Financial Result
The financial result was at EUR -1.2 million after EUR -1.6 million  
last  year,  as the net cash position improved significantly and led 
to lower interest  expenses due to reduced bank debts.
Net Earnings The pre-tax profit (EBT) jumped from EUR 2.4  million  
to  EUR  117.8  million. Net earnings increased to EUR 83.1 million 
from EUR 5.6 million based on a tax  rate  of 29.5% versus an 
operational tax rate of 28.5% last year. Earnings per share rose to 
EUR 5.51 from EUR 0.37 and  diluted  earnings  per share were at EUR 
5.50 compared to EUR 0.37 last year.
Net Assets and Financial Position
Equity
As of March 31, 2010, total assets increased by 2.4% to EUR 2,159.3 
million while PUMA´s equity ratio improved significantly from 56.6% 
to 64.0% this year.
Working Capital
Inventories declined by 15.9% to EUR 375.7 million and  accounts  
receivable went up by 6.7% to EUR 568.6 million. Accounts payables 
increased by 7.2%  to  EUR 265.5 million. Working capital remained 
stable at EUR 595.6 million compared to EUR 596.9 million last year.
Capex/Cashflow
Capital investment amounted to EUR 7.7 million in the first quarter 
after EUR 11.6 million in the previous year. The free cashflow came 
in at EUR -73.4 million compared to EUR -118.0 million last year.
Cash Position
Total cash by the end of March jumped 59.5% to EUR 426.8  million  
after  EUR 267.6 million last year. Bank debts were reduced by 41.8% 
from EUR  63.2  million  to EUR 36.8 million. As a result, the  net  
cash  position  improved  significantly  by 90.7% from EUR 204.5 
million to EUR 390.0 million.
Outlook 2010
Assuming a further improvement in the overall economic outlook,  
sales  for  the full year 2010 should strengthen accordingly 
throughout the year. The  company´s pre-tax profit is expected to 
improve by  at  least  70%  in  2010  while  sales should post an 
increase in the low to mid single digits.
This  document  contains  forward-looking  information   about   the 
Company´s financial status and strategic initiatives. Such 
information  is  subject  to  a certain level of risk and uncertainty
that  could  cause  the  Company's  actual results  to  differ  
significantly  from  the  information  discussed  in   this document.
The forward-looking information is based on the  current  
expectations and prognosis of the  management  team.  Therefore,  
this  document  is  further subject to the risk that such 
expectations or prognosis, or the premise of  such underlying 
expectations  or  prognosis,  become  erroneous.  Circumstances  that
could alter the Company's actual results and  procure  such  results 
to  differ significantly from those contained in forward-looking 
statements made by  or  on behalf of the Company include, but are not
limited to those discussed be above.
PUMA is one of the world´s leading sportlifestyle  companies  that  
designs  and develops footwear, apparel and accessories.  It is 
committed to working in  ways that contribute to the world by 
supporting Creativity, SAFE  Sustainability  and Peace, and by 
staying true to the principles of  being  Fair,  Honest,  Positive 
and Creative in decisions made and actions taken. PUMA starts in 
Sport and  ends in Fashion. Its Sport Performance and Lifestyle 
labels include  categories  such as Football, Running, Motorsports, 
Golf  and  Sailing.  Sport  Fashion  features collaborations  with  
renowned  designer  labels  such  as  Alexander   McQueen, Yasuhiro 
Mihara and Sergio Rossi. The PUMA Group owns  the  brands  PUMA,  
Cobra and Tretorn.  The company, which was founded in 1948, 
distributes  its  products in more than 120 countries, employs more 
than 9,000  people  worldwide  and  has headquarters in 
Herzogenaurach/Germany, Boston, London and Hong Kong.  For  more 
information, please visit www.puma.com
Rounding differences may be observed in the percentage and numerical 
values expressed in millions of Euro since the underlying 
calculations are always based on thousands of Euro.
Rounding differences may be observed in the percentage and numerical 
values expressed in millions of Euro since the underlying 
calculations are always based on thousands of Euro.
Rounding differences may be observed in the percentage and numerical 
values expressed in millions of Euro since the underlying 
calculations are always based on thousands of Euro. 
end of announcement                               euro adhoc

Further inquiry note:

Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

Branche: Consumer Goods
ISIN: DE0006969603
WKN: 696960
Index: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX,
Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / regulated dealing

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