KERING : Sales Growth and improved Operating Result in Second Quarter

Herzogenaurach, July 27, 2016

2016 Second Quarter Facts

• Sales improve by 13% currency adjusted to € 827 million (+7% reported) with growth across all product segments

• Gross profit margin declines to 45.6%, negatively affected by stronger US-Dollar

• Moderate increase in OPEX of 3%

• Operating result (EBIT) improves by 75% to € 12 million

• Great visibility of PUMA in the UEFA Euro 2016 with five national teams wearing PUMA jerseys and PUMA player Antoine Griezmann being the top scorer and Player of the Tournament

2016 Half-Year Facts

• Sales up by 10% currency adjusted to € 1,678 million (+5% reported) with growth in all product segments and regions

• Gross profit margin decreases slightly to 46.2% due to negative currency impacts

• Operational leverage with OPEX increasing by 3% only

• Operating result (EBIT) rises by 20% to € 53 million

• Earnings per share improve by 28% to € 1.84

• PUMA Women's category further strengthened by continued launches of products such as the PUMA Fierce and new partnership with New York City Ballet

Sales Development:

Bjørn Gulden, Chief Executive Officer of PUMA SE:

'We are happy with the development in the second quarter. Sales developed as expected with double-digit organic growth. Gross profit margin continued to be under pressure due to the strong US-Dollar, but based on good cost discipline, we achieved operational leverage and saw nice improvements in both EBIT and net earnings.

We continue to see better sell-out of our products in the stores, as we feel consumers are getting more interested in our brand and products again. Meanwhile, we continue to work hard with the leading retailers in order to secure more and better space in their stores.

We felt that our teams and players in Euro 2016 in France gave us a lot of good visibility. We now see that our women initiatives with products and marketing around Rihanna and Kylie Jenner are working very well. Finally, we are looking forward to great Olympic days in Rio where fantastic athletes like Usain Bolt will be wearing our innovative and design driven products.'

Second Quarter 2016

Sales:

PUMA's sales growth continued in the second quarter 2016. Sales improved by 12.8% currency adjusted to € 826.5 million (+7.0% reported) with all segments contributing to this positive development.

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