LONDON — Double-digit growth in all product categories and strong demand across all geographic regions fueled a 136.9 percent spike in net earnings at Puma SE, the company said Wednesday.
Net earnings in the final three months of the year to Dec. 31 were 33.1 million euros, or $44.7 million.
Revenues advanced 15.6 percent to 720.5 million, or $972 million, helping the German activewear firm, which is controlled by French retail-to-luxury group PPR, surpass the 3 billion euro ($4.12 billion) sales target it had set for full-year 2011.
Net earnings for 2011 increased 13.8 percent to 230.1 million, or $320.4 million, on the back of an 11.2 percent rise in revenue to 3.01 billion euros, or $4.19 billion.
Dollar figures are converted from euros at average exchange rates for the periods in question.
Puma chief executive officer Franz Koch said he expects a sales increase in the “high” single digits for the current year and in 2013, with net earnings rising in the “mid” single digits for both years.
“We managed to surpass our sales target this year, eclipsing 3 billion euros in sales for the first time, while Puma’s net earnings also beat management’s expectations,” Koch said.
“With the support of a strong sports marketing portfolio, we are well on track to explore the opportunities of the sports year 2012 as well as achieve our 2015 goal of 4 billion euros [$5.24 billion] in sales,” he said.
In the fourth quarter, Puma said footwear sales increased 11.4 percent; apparel grew by 12.7 percent, and accessories, including Cobra Golf, which the company bought in 2010, was up 43.6 percent.
By region, the Americas grew 27.8 percent, fueled in particular by Latin America, with motor sport the top-performing category in the region. The company said sales in the U.S. “improved,” especially for lifestyle products.
In Europe and the Middle East, sales rose by 8.3 percent with the U.K., France, and Russia performing particularly well, especially in the lifestyle category. Asia-Pacific sales climbed 11 percent, with football shoes and lightweight running products among the top sellers.
The company said it’s sticking to its so-far successful “Back on the Attack” growth strategy, which aims to unlock the brand’s long-term potential partly by differentiating Puma’s lifestyle and performance categories.
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