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The global sportswear giant stated that the impressive performance in the fourth quarter was led by an 11.8% sales increase in Asia/Pacific, with Greater China at the center of it all.
Puma SE (OTCMKTS: PUMSY) announced on February 23 that its fourth-quarter net earnings increased to €24.7 million from €17.8 million last year, representing a 38.8% growth over the last 12 months.
The German sportswear firm’s sales in the fourth quarter of 2020 saw a 9.1% growth to €1.520 million as its earnings per share were up to 0.16 euro from 0.12 euro last year. Operating result or EBIT saw a 14.6% surge to €63 million, leading to an improved EBIT margin of 4.2% as the firm’s Gross profit margin rose to 48.0% from the 47.3% it recorded last year.
Puma attributed the improvement in its sales in the fourth quarter to good inventory management, better sell-through, and less promotional activity. The global sportswear giant stated that the impressive performance in the fourth quarter was led by an 11.8% sales increase in Asia/Pacific, with Greater China at the center of it all.
The German company saw a 2.8% rise in sales on a reported basis and 9.1% at currency-adjusted basis to 1.52 billion euros. Puma recorded a 9.8% sales growth in EMEA despite COVID-19-related lockdown and restrictions in Europe with Sales in the North and Latin Americas also seeing a 6.1% growth.
Puma’s 4th quarter growth contribution was spread across its divisions. Its wholesale business saw a 4.6% surge to €1,018.1 million, and a 19.3% growth in its direct-to-consumer business (DTC), which includes owned and operated retail stores, taking sales to €502 million. Puma’s E-commerce recorded a 57.2% growth as its Apparel sales also rose by 15.7%. Accessories sales jumped up to 7.3%, which according to reports, was attributed to a rise in interest in the golf, leg and bodywear business. Puma footwear, arguably the strongest arm of its business also saw 3.8% growth off the back of sustained momentum in Basketball.
Chief Executive Officer of Puma, Bjørn Gulden in a statement after the announcement said:
“The pandemic is unfortunately still here and impacting our business. We do expect the negative impact to continue through the first and parts of the second quarter but expect to see an improvement in the second half of the year. I am convinced that 2021 will be a better year for us than 2020.”
In its earnings report, Puma also revealed that its management and supervisory board will propose to distribute a dividend of 0.16 euros per share for the financial year 2020 following its strong quarter 4 numbers. The firm’s annual general meeting is scheduled to take place on May 5, 2021.
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