Restructuring pays off at Puma
10/11/2009
According to CEO, Jochen Zeitz, Puma has posted solid second-quarter results and is starting to reap the benefits of its recent restructuring efforts.
Currency-adjusted consolidated sales were flat during the second quarter compared with last year but increased 4.1% in euro terms to €600.3 million. On a currency-neutral basis, footwear sales were down 2% at €330 million and apparel sales fell 5.7% to €203.8 million. Accessory sales rose 41.2% to €66.4 million.
Meanwhile, for the first six months of the year, consolidated sales were up 0.4% on a currency-neutral basis and 3.8% in euro terms to €1.3 billion. Sales in the Americas region increased, while EMEA (Europe, the Middle East and Africa) and Asia Pacific sales were below last year’s sales. Footwear sales were €727.1 million, representing a currency-neutral decrease of 1.4%, and apparel sales fell 7% to €426.3. Accessory sales were up 49.1% to €144.3 million.
Mr Zeitz said: “Despite an ongoing challenging market environment and the global economic recession, Puma achieved a solid performance in the first half of 2009. The restructuring and reengineering programme has already shown first effects and we will continue to strictly proceed while focusing on efficient measures to strengthen the brand and its products in the coming quarters.”
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