“I am pleased with the progress on our brand elevation journey as we are building the foundation for accelerated and sustainable growth... With accelerated sales growth in the third quarter and EBIT meeting expectations, as well as a strong order book for the fourth quarter, we are on track to meet our full year 2024 outlook. This success is due to the great engagement of the entire Puma Family and its incredible partners… I am looking forward to shaping the next chapter of Puma’s growth together with the Management Board team, which has recently welcomed Markus Neubrand as our new Chief Financial Officer”, stated Arne Freundt, Chief Executive Officer at Puma.

In the first nine months of 2024, Puma reported a 2.6% increase in currency-adjusted (ca) net sales, reaching 6.53 billion euros, on a comparable basis to the same period last year. However, revenue declined by 1.4% due to currency fluctuation, as compared to the same period in 2023.

Regional performance was led by the Americas, where sales grew by 7.2% (ca). Asia-Pacific followed with a 1.8% (ca) increase, while EMEA experienced a 1.1% (ca) decline, year-over-year.

Wholesale revenue decreased by 1.5% (ca) from 4.87 billion euros in the same period of the prior year, mainly due to Puma’s strategic focus on sell-through in early 2024. Meanwhile, revenue from the direct-to-consumer (DTC) segment increased by 16.8% (ca), as compared to the first nine months of 2023, reaching 1.66 billion euros. This included a 20.7% growth in e-commerce and a 14.8% growth in retail sales, elevating DTC’s share of total sales to 25.5%.

Footwear sales drove product performance, with a 4.2% (ca) revenue growth year-over-year to 3.52 billion euros, while apparel sales grew by 1.9% (ca), as compared to the same period in the previous year.

Puma’s gross profit margin increased by 130 basis points, supported by a favourable product and distribution channel mix. However, this gain increase was partially offset by currency pressures and promotional activities.

Operating expenses rose to 2.60 billion euros, driven by investments in digital infrastructure and warehouse projects, alongside currency impacts. Operating income (EBIT) decreased by 2.7% year-over-year in these nine months, amounting to 513.2 million euros, resulting in a slightly reduced EBIT margin of 7.9%.

For the full year, Puma reiterated its financial outlook, expecting mid-single-digit currency-adjusted sales growth and EBIT between 620 million euros and 670 million euros. Net income is forecasted to align with EBIT performance, reflecting the company’s focus on long-term growth despite short-term pressures.