PUMA AG Rudolf Dassler Sport

EANS-News: PUMA SE
PUMA posts Best Second Quarter Sales Performance in Company History


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Earnings


Herzogenaurach (euro adhoc) - PRESS RELEASE




    PUMA posts Best Second Quarter Sales Performance in Company History
                                 27th July, 2011


Highlights Second Quarter 2011

    • Consolidated sales increased by 14.1% currency adjusted to a record second
      quarter high of EUR 674 million
    • Gross profit margin  holding  up  well  at  49.1%  despite  pressure  from
      external factors
    • EBIT 3.2% above last year at EUR 55.4 million
    • Net earnings up 10.6% to EUR 37.6 million
    • EPS up to EUR 2.51 from EUR 2.26 last year
Highlights First Half 2011

    • Consolidated sales up by 11.5%  currency  adjusted  to  a  record  EUR 
1.45
      billion
    • Gross profit margin still a strong 50.9%
    • EBIT 2.5% above last year at EUR 166.4 million
    • Net earnings improved by 8.2% to EUR 115.3 million
    • EPS increased to EUR 7.69 from EUR 7.07 last year
Outlook for the Financial Year 2011


    • PUMA´s continued business success over the past six months  confirmed  the
      Management view that the 3 billion milestone in sales for the full year of
      2011 is attainable.
    • Sourcing cost increases caused by rising prices for commodities and higher
      wages in Asia will continue to impact gross margins. PUMA will continue to
      support business growth and the "Back on the Attack" growth strategy; thus
      investments in marketing, sales, product development as  well  as  process
      optimization will continue to affect overall expenses.
    • Although increases in sourcing costs and continued  investments  in  brand
      and product will impact overall operational results,  management  foresees
      continuous improvement of net earnings by mid single-digits for  the  full
      year.


"I could not have asked for a better start to my  new  position  as  PUMA´s  CEO
than to announce the best second quarter in PUMA´s history in terms of sales,  a
performance that underlines our ambition  to  achieve  our  sales  target  of  3
billion Euros for this year," said Franz Koch, CEO of PUMA SE. "The  investments
into our core markets, in line with  our  Back  on  the  Attack  company  growth
strategy, have started to pay off and we will continue to strengthen  our  brand
and  product  in  order  to  become   the   most   desirable   and   sustainable
sportlifestyle company in the world."


   PUMA´s Q2 Sales Record underpinned by Running Category and strong Growth in
                             Latin America and Asia

With the global economic recovery having  gained  strength,  the  Sportlifestyle
company PUMA posted a strong second quarter  growth  in  consolidated  sales  of
14.1% currency-adjusted and 9.4% in Euro terms to EUR 673.5  million  compared 
to
last year, representing PUMA´s best ever second quarter sales performance.

PUMA Faas is building up momentum
With all product categories contributing to this increase, Footwear  rose  16.2%
currency adjusted to EUR 352.6 million, Apparel went up 10.7% to EUR  224.3 
million
and Accessories again posted an eye catching 15.0% increase to EUR  96.7 
million.
In particular, PUMA´s  Running  category  grew  significantly,  boosted  by  the
ongoing top seller PUMA Faas, a lightweight neutral racer  for  tempo  runs  and
racing. The shoe is constructed with BioRide Technology,  an  integrated  system
that  provides  more  natural  running  rhythm  and  enhanced   speed.   Another
Performance category that performed well in the second quarter  was  Cobra-PUMA-
GOLF as a result of synergies arising from the Cobra Golf integration.

In the Teamsport category, PUMA claimed  another  champion  title  with  Uruguay
winning the Copa America for the 15th time, building on their  fourth  place  at
the 2010 FIFA World Cup. The team also achieved their second-ever  qualification
for the FIFA Confederations Cup to be held  in  Brazil  in  2013.  Uruguay  beat
Paraguay 3-0 in Sunday´s  final,  becoming  the  most  successful  team  in  the
tournament´s history.

The FIFA Women´s World Cup in Germany provided another great opportunity,  where
PUMA  further  strengthened  its  brand  awareness  in  Women´s  Football.  PUMA
sponsored eight PUMA players on the German team as well as  international  stars
from England, Canada, Norway, Sweden, France  and  the  USA  as  well  as  brand
ambassador Marta of Brazil, who all sported the PUMA Speed v1.11 football  boot.
In fact, the v1.11 scored most goals in the tournament, 16 in total.

Over the first half of this year sales across all categories increased in  pace.
Footwear sales were up 9.9% (10.9% currency adjusted),  Apparel  sales  were  up
7.0% (6.1% currency adjusted) and Accessories  were  up  29.4%  (28.3%  currency
adjusted) partly due to the full year effect of Cobra golf.

Latin America and Asia remain the main growth areas
In regional terms, PUMA continued its  excellent  performance  in  the  Americas
with sales growing by 16.9% currency-adjusted to EUR 226  million.  Latin 
America
and Asia excelled with a strong double-digit  rise  with  Lifestyle  and  PUMA´s
Motorsport categories being the main growth drivers.

Sales in EMEA grew by 9.2% currency-adjusted to EUR 290  million  with 
satisfying
performances in both Western and Eastern Europe.  Spain  advanced  significantly
after a PUMA subsidiary was opened in the second quarter of last  year.  Women´s
Fitness (Bodytrain) increased by double-digit rates.

Asia/Pacific posted a gain of 20.1% currency  adjusted  to  EUR  158  million, 
as
sales in Japan have recovered much faster than anticipated in the  aftermath  of
the earthquake disaster, posting double-digit  growth.  PUMA´s  Lifestyle  (PUMA
Social),  Running  (Faas  and  light-weight  gear)   and   Fitness   (Bodytrain)
categories drove the overall growth.

Half-year EMEA sales are up 7.3% (6.5% currency adjusted), the Americas  are  up
a  satisfying  14.3%  (18.4%  currency  adjusted)  and  Asia/Pacific  is  up  an
impressive 16.5% (13.0% currency adjusted).

Gross Profit Margin at industry-leading levels
The gross profit  margin  remained  at  an  industry  leading  49.1%,  which  is
testament to PUMA´s continuing efforts to maximize returns and efficiencies.

The Footwear segment had a gross  profit  margin  of  48.1%,  down  from  50.7%.
Apparel stood at  48.9%,  down  from  52.1%.  Both  segments  were  impacted  by
slightly higher sourcing  costs  as  well  as  negative  currency  impacts  from
hedging. Accessories were at 53.3%, a sharp jump from 46.3% which  is  based  on
last year´s impact of the Cobra takeover.

Overall the half year gross profit margin is down slightly to 50.9% after  51.5%
last year. The Footwear margin is currently  at  49.8%,  Apparel  at  51.4%  and
Accessories at 53.7%.

Operating Expenses
Operating expenses rose by 10.3% to EUR 279.9 million during  the  second 
quarter
of 2011. As a percentage of sales, this represents a slight increase from  41.2%
to 41.6% compared to last year. For the full year to the end of June 2011,  OPEX
rose by 15.9% to EUR 578.5  million.  Increases  in  expenditure  arose  from 
our
continued investments outlined in our 5-year  growth  plan  and  the  full  year
effects caused by the extension of the scope of  consolidation  with  Cobra  and
PUMA Spain now fully included.

EBIT
Operating profit came in as expected, improving to EUR 55.4 million  from  EUR 
53.6
million. This represents 8.2% of consolidated sales, down slightly from  a  rate
of 8.7% at this time last year. On a half year basis EBIT is up  slightly  to 
EUR
166.4 million.

Financial Result / Income from associated companies
The financial result declined from EUR -1.3 million to EUR  -1.6  million, 
however,
the half year number improved from EUR -2.7 million last year to EUR -1.8
million.

Earnings before Taxes
PUMA´s second quarter EBT rose from EUR 52.3 million to EUR 53.8 million. They 
also
rose from EUR 159.6 million to EUR 164.6 million on a half yearly  basis. 
Quarterly
tax expenses declined from EUR 18.2 million to EUR 16.2 million  and  the  tax 
rate
dropped from 34.9% to a normalized tax rate of 30.0%.
Net Earnings
Consolidated net earnings increased by 10.6% to  EUR  37.6  million  from  EUR 
34.0
million in 2010. Earnings per share rose from EUR 2.26  to  EUR  2.51,  and 
diluted
earnings per share were up from EUR 2.25 to EUR 2.51.

For the first half of 2011, net earnings rose by 8.2% to EUR  115.3  million. 
EPS
increased by 8.8% to EUR 7.69.


                        Net Assets and Financial Position


Equity
Total assets (as of 30th June 2011) grew by 2.6% from EUR  2,284.8  million  to 
EUR
2,343.4 million. This rise is primarily attributable  to  an  increase  in  non-
current assets in the form of deferred taxes and non-current assets as a  result
of our ongoing capital investment program. The equity ratio rose from  58.6%  to
59.4%. In absolute figures, shareholders' equity increased by 4.1% to EUR 
1,392.5
million from EUR 1,338.3 million. PUMA´s balance sheet remains strong.

Working Capital
PUMA´s overall Working Capital went up by 13.0% to EUR 509 million. On  the 
asset
side, inventories went up by 12.1% from EUR 453.1  million  to  EUR  508.0 
million,
supporting our continued and  expected  sales  growth.  Trade  receivables  also
increased, up 5.0% from EUR 497.1 million to EUR 522.0 million.  This  again  is
 an
effect of our growth in sales compared to this point in time last year.  On  the
liabilities side, trade payables rose 7.6% from  EUR  395.4  million  to  EUR 
425.3
million.

Cashflow/ Capex
The Free Cashflow (before acquisitions) came in at EUR -9.2 million versus EUR 
57.2
million last year. The additional outflow resulted from tax payments and  higher
working capital needed as well as higher CAPEX. The  payments  for  acquisitions
are related to the purchase of the outstanding shares in  our  Chinese  venture.
For Capex, the company spent EUR 29.1 million versus EUR 18.5 million in  2010. 
The
increase derives mainly from investments in the  improvement  of  organizational
processes and IT as well as in the expansion  of  our  Retail  store  portfolio,
which are necessary components of our growth strategy.

Cash Position
Total cash (as of 30th June, 2011) dropped by 21.6% to EUR 351.6  million  from 
EUR
448.3 million last year. Bank debts were reduced by 41.2% from  EUR  51.5 
million
to EUR 30.3 million. As a result, the net cash position decreased  19.0%,  from 
EUR
396.8 million to EUR 321.3 million.

Share buyback
PUMA continued with its share buy-back program and purchased 72.853  shares  for
EUR 15.7 million during the second quarter. The company now holds  173.377 
shares
in total as treasury stock which equals 1.15% of the subscribed capital.




                                  Other Events


PUMA AG converts to a Societas Europaea (SE)
With the completion of the transformation on July 25th,, 2011,  Franz  Koch  has
become Chief Executive Officer, with Jochen Zeitz taking  over  as  Chairman  of
the Administrative Board of PUMA SE. At the same time, he will lead PPR's  Sport
& Lifestyle Division. In this role, he will  ensure  PUMA  SE´s  continuous  and
strategic growth within the framework of  the  next  phase  of  development  and
support the drive to sustainability as PPR´s Chief Sustainability Officer.

SPANISH Court Ruling
As already announced in an ad hoc release on 17th of June, 2011 the  arbitration
ruling of 2nd June, 2010 by a Spanish arbitration panel regarding  the  one-time
payment of 98 million Euros has been repealed by the District Court  of  Madrid.
PUMA is therefore no longer obliged to pay the amount of 98 million Euros.


                       Outlook for the Financial Year 2011


PUMA continues to target the EUR 3 billion sales mark  for  the  full  year 
which
reflects a continuation of our first-half sales. There will,  however,  continue
to be pressure on gross profit margins in  the  shape  of  higher  raw  material
prices and Asian wage increases, although PUMA has thus far shown an ability  to
keep its gross profit margins at the highest level within the industry.  Despite
higher operating expenditures which are in line with the overall strategy,  PUMA
expects absolute net earnings to improve in the mid single digit range.


Notes to the editors:
    • This press release and financial reports are posted on www.about.puma.com.
    • PUMA SE stock symbol:
      Reuters: PUMG.DE, Bloomberg: PUM GY,
      Börse Frankfurt: ISIN: DE0006969603- WKN: 6969603



Notes relating to forward-looking statements:
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                                                                          |


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,  Mihara
Yasuhiro and Sergio Rossi. The PUMA Group owns the brands PUMA, Cobra  Golf  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 http://www.puma.com


Further inquiry note:
Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

end of announcement                               euro adhoc 
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company:     PUMA AG Rudolf Dassler Sport
             Würzburger Strasse 13
             D-91074 Herzogenaurach
phone:       +49 (0)9132 81 0
mail:     investor-relations@puma.com
WWW:      http://about.puma.com/?lang=de
sector:      Consumer Goods
ISIN:        DE0006969603
indexes:     Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX, Prime All
             Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
             Hamburg, Stuttgart, Düsseldorf, Hannover, regulated dealing:
             München 
language:   English
 

 

 



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