PUMA SE

EANS-News: PUMA posts 6.1% Sales Growth in the First Quarter

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Financial Figures/Balance Sheet


Herzogenaurach (euro adhoc) - PRESS RELEASE




                PUMA posts 6.1% Sales Growth in the First Quarter

                  Profitability affected by slow-down in Europe

                         Herzogenaurach, April 25, 2012


Highlights First Quarter 2012


    - Consolidated sales increase by 6.1% to EUR 820.9 million.
    - Gross profit margin falls by 120 basis points to 51.2%.
    - EBIT decline by 8.1% to EUR 102 million.
    - Net earnings decrease slightly, by 4.9% to EUR 74 million.
    - EPS decline from EUR 5.17 to EUR 4.92.
    - Long-term contractual partnership with  the  Italian  Football  Federation
      extended.




Outlook for the Financial Year 2012


    - Management reiterates full-year sales target of high  single-digit  growth
      for 2012.
    - Management continues to see net  earnings  increasing  in  the  mid-single
      digit range for 2012.


"After a strong finish in 2011, PUMA's  first-quarter  sales  growth  could  not
keep pace with that of recent quarters,  translating  into  weaker  bottom  line
results, said Franz Koch, CEO of PUMA SE. "Our first quarter  sales  performance
indicates that we are facing challenges in Europe. As  a  consequence,  we  have
begun to respond to these challenges, optimizing the efficiency of our  business
model in the  EMEA  region.  In  addition,  I  am  confident  that  the  product
innovations we have in the pipelines will contribute to achieving our  full-year
sales and earnings targets against the background of this  extraordinary  sports
year."


                           Sales Performance By Region


EMEA sales decline in a challenging consumer environment
With consumer spending remaining sluggish within  the  Eurozone,  Sportlifestyle
company PUMA's first-quarter sales increased by 6.1%  in  Euro  terms  and  4.2%
currency adjusted to EUR 820.9 million compared to last year.

Sales in the EMEA region softened by 1.4% currency adjusted to  EUR  368 
million,
as restrained consumer spending in the wake  of  the  financial  crisis  in  the
Eurozone continued to impact demand. In  addition  to  the  challenging  overall
business climate, the late  arrival  of  winter  in  Europe  dampened  sales  at
wholesale  accounts  and  retailers,  which  slowed  the   in-take   of   spring
collections and therefore had an effect on PUMA's first-quarter sales.

As a consequence, PUMA has begun to respond to these challenges, optimizing  the
efficiency of its business model in the EMEA region. To this end Sergio  Bucher,
formerly PUMA's Head of Global Retail, was appointed  the  new  General  Manager
for Europe. In line with  the  transformation  outlined  in  the  "Back  on  the
Attack"  growth  strategy,  the  company  is  currently  in   the   process   of
streamlining the country organizations and centralizing some of the  back-office
functions on a regional level.

A strong sales performance in Asia/Pacific and the Americas counterbalanced  the
softening sales in the EMEA region.  Fuelled  by  growth  in  India,  Korea  and
Japan, which all saw significant  demand  for  PUMA's  Motorsport,  Running  and
Lifestyle products, Asian sales climbed  10.2%  currency  adjusted  to  EUR 
192.1
million.

Sales in the Americas improved by 8.5% currency adjusted  to  EUR  260.8 
million.
Within the Latin American region, Mexico, Argentina  and  Brazil  in  particular
posted strong, double-digit growth rates. North America  was  up,  supported  by
the new joint ventures Wheat Accessories and Janed socks and bodywear.


                          Sales Performance By Segment


Footwear sales soften primarily in mature markets
Footwear sales declined 2.1% currency adjusted to EUR 414.6 million in  the 
first
quarter. However, PUMA has seen promising results of some of  its  major  recent
footwear product launches.

For example, the ARCHIVE LITE, an ultralight shoe with a contemporary  look,  is
generating  a  double-digit  sell-through  in  key  leading  doors  in   various
countries in Europe and Asia.  These  styles  have  a  distinct  unique  selling
point, are bold, young and colorful and are the proof that PUMA  is  heading  in
the right direction. PUMA has extended its  Lightweight  Concept,  incorporating
further styles for the fourth quarter to fully capitalize on this opportunity.

The relevance of the Lightweight concept  also  applies  to  PUMA's  Performance
categories. In 2012, PUMA's Year of Speed, the company will be launching  a  new
performance collection at the end of May that for  the  first  time  encompasses
all of PUMA's sport categories. Inspired by Usain Bolt, the  collection  answers
every  athlete's  need  for  speed  by   taking   performance   technology   and
innovations, and incorporating  them  in  footwear  and  apparel  developed  for
various sports.

Sales in the Apparel segment climbed 8% currency adjusted to  EUR  267.6 
million.
The Lifestyle and Performance collections resonated well with consumers  in  all
markets. Running, Lifestyle and Golf apparel  products  in  particular  were  in
demand. PUMA further expects an increase in Apparel sales on the  back  of  UEFA
Euro 2012.

Accessories jumped 19% currency adjusted to EUR 138.7 million,  where  Cobra 
PUMA
Golf continues to deliver  an  outstanding  performance,  while  the  new  joint
venture for socks and bodywear in the North American market follows suit.

PUMA's Teamsport category was further strengthened in the first quarter  by  the
signing  of  a  long-term  sponsorship  contract  with   the   Slovak   Football
Association, and the confirmation of a  new  long-term  contractual  partnership
with the Italian Football Federation that sees PUMA now  actively  managing  the
entire licensing portfolio of the Federation's assets on a  global  basis.  PUMA
also expanded its international club portfolio by  signing  the  Brazilian  Club
Botafogo from Rio de Janeiro and  the  Italian  Serie  A  club  US  Palermo.  In
addition, PUMA extended its partnership with French football club  Girondins  de
Bordeaux. The Teamsport business is expected to benefit not only from these  new
acquisitions, but also from the UEFA Euro 2012 in Poland/ Ukraine in June.

PUMA Running was driven by the light-weight PUMA Faas range, which includes  the
ongoing best-seller PUMA Faas 300. The Running category will receive  a  further
support in the second quarter with the  unveiling  of  Olympic  performance  and
lifestyle collections  of  the  Jamaican  athletics  team  designed  by  Cedella
Marley, daughter of Reggae legend Bob Marley, at the beginning of June.

Motorsport remained active during the first quarter. PUMA boosted its Formula  1
portfolio by signing new contracts with Mercedes GP Petronas. Nico Rosberg  then
provided the perfect start to this partnership, scoring his  maiden  F1  victory
in his Mercedes AMG Petronas car at the  Chinese  Grand  Prix  in  Shanghai  two
weeks ago.

Sales in Sailing also continued to increase as the marketing  activities  around
the Volvo Ocean Race and the press coverage of PUMA's  most  recent  success  in
this ocean marathon have been positive.  In  the  current  America's  Cup  World
Series PUMA, who serves as the exclusive licensee for the  America's  Cup  Event
Authority and the PUMA-sponsored Team ORACLE Racing, are  getting  prepared  for
the next exciting regattas in Venice in May and Newport, Rhode Island in June.



                           Expenses and Profitability


Gross Profit Margin softens to 51.2% in the first quarter of 2012
Input price pressures were mainly responsible for the drop of the  gross  profit
margin in the first quarter, which comprised 51.2% of  group  sales,  down  from
52.4% at the same point last year. Hedging also had a negative  effect,  as  did
the product and regional mix.
As a consequence, Footwear fell  back  from  51.3%  to  49.5%,  Apparel  dropped
slightly from 53.7% to 53.5% and Accessories declined from 54.0% to 51.9%  which
is mainly due to the first time  inclusion  of  the  newly  added  US  sock  and
bodywear business, which carries lower margins.

Satisfying retail performance
Retail sales constituted EUR 122 million, or 14.9% of total sales,  in  the 
first
three months of 2012, an improvement  of  15.2%  year  on  year,  underlined  by
positive comparable sales in  the  current  store  portfolio  and  newly  opened
stores in 2012.

Operating Expenses rise as growth strategy is implemented
Operating expenses rose by 8.0% to EUR 322 million in the first quarter  of 
2012,
as the "Back on the Attack" growth strategy continues to  be  implemented.  This
represents 39.3% of group sales compared to 38.6% in  2011.  This  increase  was
mostly due to rising marketing, research, design and  development  expenditures.
Another component  of  the  increase  is  the  expansion  of  the  retail  store
portfolio over the past twelve months.

Operating Result (EBIT) impacted by drop in gross profit margin
Operating profit declined in the  first  three  months  of  2012  from  EUR 
111.0
million to EUR 102.0 million, caused mainly by the drop in  gross  profit 
margin.
The moderate increase in operating expenses was in line with PUMA's plans. As  a
consequence, the EBIT ratio decreased from 14.4% last year to 12.4% this year.

Financial Result / Income from associated companies improves
The financial result improved from EUR -0.2 million to EUR 1.1 million in the 
first
quarter due to positive currency developments.

Earnings before Taxes (EBT) lower
PUMA's first-quarter EBT was lower at EUR 103.1 million  in  2012  compared  to 
EUR
110.8 million in 2011, representing 12.6% of group sales compared  to  14.3%  at
this time last year. Tax expenses also fell  from  EUR  33.1  million  to  EUR 
27.9
million, representing a tax rate  of  27.1%  versus  29.9%  for  the  comparable
period in 2011.

Net Earnings drop slightly
Consolidated net earnings dropped slightly by 4.9% from  EUR  77.7  million  to 
EUR
73.9 million. Earnings per share therefore also fell back from EUR  5.17  in 
2011
to EUR 4.92 in the first quarter of 2012.



                        Net Assets and Financial Position



Equity rises
Total assets as of March 31st rose by 7.9% from  EUR  2,303  million  to  EUR 
2,486
million due to increases in both inventories and trade receivables.  The  equity

ratio moved up from 60.6% to 66.4% when compared to the first quarter  of  2011,
once  again  strengthening  the  capital  base.  Shareholder's  equity  is   now
equivalent to EUR 1,652 million, up from EUR 1,396 million.

Working Capital increases
PUMA's overall Working Capital increased by 21.0% to EUR  723.7  million. 
Looking
at assets, inventories rose by 26.4% to EUR 587.1 million. This is mainly  due 
to

anticipated sales growth in the upcoming quarters, continuous expansion  of  our
retail store network and higher average prices per unit. Trade receivables  also
increased by 7.4% to EUR 620.5 million, broadly in line with sales growth.

Cashflow (before acquisitions) remains constant
The Free Cashflow (before acquisitions) remained constant at EUR  -111.5 
million.
Outflows consisted  mostly  of  working  capital  increases.  The  payments  for
acquisitions relate to the purchase of the outstanding Dobotex shares,  effected
on the 1st of January 2012.

Capex continued to increase by 28.1% to EUR -13.8 million  and  went  mainly 
into
Retail stores, supply chain initiatives and IT projects as "Back on the  Attack"
investments continued.

Cash Position reduced
The Total cash position was reduced by 18.3% from EUR 300.8  million  to  EUR 
245.8
million, caused by the purchase  of  the  remaining  Dobotex  shares.  Including
stable bank debts, the net cash position finished at EUR 203.2 million.


                       Outlook for the Financial Year 2012


PUMA's management has taken actions to improve the company's cost structure  and
strengthen product desirability to foster sales growth and  profitability.  PUMA
is confident of achieving the full year targets as outlined in the  2011  annual
report. Management continues to foresee sales  increases  in  the  high  single-
digit range and an increase in net earnings in the mid-single  digit  range  for
the full year.

[pic]


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.

[pic]


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.

[pic]

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.














Media Relation:

Ulf Santjer - Corporate Communications - PUMA SE - +49 9132 81 2489 -
ulf.santjer@puma.com
Kerstin Neuber - Corporate Communications - PUMA SE - +49 9132 81 2984 -
kerstin.neuber@puma.com


Investor Relations:

Carl Baker - Finance - PUMA SE - +49 9132 81 3188 - carl.baker@puma.com




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  10,000  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 SE
             PUMA Way  1
             D-91074 Herzogenaurach
phone:       +49 (0)9132 81 0
FAX:         +49 (0)9132 81-2246
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: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing: München, regulated dealing/prime standard:
             Frankfurt 
language:   English
 



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