Puma Puma reports strong sales growth in Q4
Reported sales for the fourth quarter grew by 15.5%, supported by growth across all regions, product divisions and distribution channels.
In EMEA, sales increased by 14.6% (ca) to €796.5 million, driven by double-digit growth in Europe and EEMEA. In the Americas, sales rose by 6.5% (ca) to €986.3 million, with both North America and Latin America contributing. However, Latin America faced challenges due to previous quarter warehouse backlog constraints.
Finally, in Asia/Pacific, sales grew by 9.5% (ca) to €506.6 million, marking a rebound compared to earlier in the year, despite ongoing softness in Greater China.
Puma’s wholesale business saw a 6.9% (ca) increase to €1.53 billion, attributed to a stronger sell-in during the latter half of the year. The company’s direct-to-consumer (DTC) business reported a 16.1% (ca) increase to €763.5 million, driven by brand momentum. Sales in owned and operated retail stores rose by 12.8% (ca), while e-commerce surged by 22% (ca), leading to the DTC share rising to 33.4%, up from 31.6% in Q4 2023.
Among product categories, footwear sales increased by 9.2% (ca) to €1.2 billion, driven by growth in performance categories like running and sportstyle. Accessories saw a 14.5% (ca) growth to €338 million, and apparel rose by 8.8% (ca) to €736.5 million.
The operating result (EBIT) increased by 15.3% to €108.9 million, with the EBIT margin remaining steady at 4.8%. Net income rose significantly to €24.5 million compared to €0.8 million in Q4 2023.
For the full year 2024, sales increased by 4.4% (ca) to €8.82 billion, with all regions, product divisions and channels contributing. The Americas led growth with a 7% (ca) increase to €3.54 billion, followed by Asia/Pacific at 3.8% (ca) growth to €1.81 billion. EMEA sales grew by 2.1% (ca) to €3.48 billion.
Wholesale sales were up 0.4% (ca) to €6.39 billion, while DTC sales surged by 16.6% (ca) to €2.43 billion, with retail store sales increasing 14.2% (ca) and e-commerce growing by 21.1% (ca). Footwear sales rose by 5.4% (ca) to €4.7 billion. Apparel grew by 3.7% (ca) to €2.8 billion, and accessories increased by 2% (ca) to €1.27 billion.
Despite steady sales growth, net income declined by 7.6% to €281.6 million, impacted by increased operating expenses.
Puma anticipates a low to mid-single-digit percentage growth in currency-adjusted sales in 2025 amid ongoing geopolitical and macroeconomic challenges.