Sales increased by 25.8% (ca) to € 1,548.8 million (+19.2% reported), despite COVID-19-related lockdown measures and supply chain constraints due to port congestion especially in North America. All regions and product divisions supported this sales growth with a currency-adjusted double-digit increase. Americas was up 38.5% (ca), driven by North America, Asia/Pacific grew 28.8% (ca), led by Greater China and EMEA was up 14.0% (ca), despite lockdowns in Europe. The growth was lead by Footwear (+27.0% ca) and Apparel (+27.2% ca), based on strong demand for our Running and Training as well as Sportstyle categories. Accessories growth was at 19.4% (ca), strongly supported by golf, as well as the leg- and bodywear business.

PUMA's Wholesale business increased by 24.3% (ca) to € 1,202.0 million, despite lockdown-related store closures in several markets and supply chain constraints in North America. The Direct to Consumer business (DTC), which includes owned and operated retail stores as well as e-commerce, increased by 31.3% (ca) to € 346.8 million, driven by strong growth in e-commerce of 74.9% (ca).

The gross profit margin in the first quarter improved by 90 basis points to 48.5% despite negative currency effects. The improvement in gross profit margin was driven by a better sell-through of our products and less promotional activity.

Operating expenses (OPEX) increased by 8.6% to € 601.1 million due to higher sales-related, warehousing and distribution costs mainly driven by a strong increase in the e-commerce business as well as higher marketing investments.

The operating result (EBIT) in the first quarter increased significantly to € 154.3 million (Q1 2020: € 71.2 million) due to strong sales growth, higher gross profit margin and continued OPEX control. This resulted in an improved EBIT margin of 10.0% in the first quarter of 2021 (Q1 2020: 5.5%).

Net earnings increased significantly from € 36.2 million to € 109.2 million and earnings per share were up from € 0.24 in the first quarter of 2020 to € 0.73 in the first quarter of 2021.

Attachments

  • Original document
  • Permalink

Disclaimer

Puma SE published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 06:04:03 UTC.