NEW YORK — Puma AG said robust apparel sales helped drive strong double-digit bottom- and top-line growth in the second quarter.
For the three months ended June 30, the Herzogenaurach, Germany-based branded global manufacturer reported a 48.3 percent jump in net income to 54.9 million euros, or 3.33 euros a diluted share, compared to 37 million euros, or 2.26 euros a diluted share, a year ago.
In dollars, Puma had profits of $66.2 million, or $4.01 a share, versus $42 million, or $2.57, last year. Figures have been converted at average exchange rates for the corresponding periods.
Net sales for the quarter increased 17.1 percent to 352.3 million euros, or $424.6 million, from 300.9 million euros, or $341.9 million. Excluding currency fluctuations, net sales would have grown 18.3 percent, Puma said.
By business segment, apparel sales led all divisions with a 26.3 percent gain to 99 million euros, or $119.3 million. Accessories revenues advanced 19.2 percent to 25 million euros, or $30.1 million, while footwear sales improved 13.3 percent to 229 million euros, or $276 million.
Geographically, Europe, which accounted for 68.5 percent of Puma’s consolidated sales, saw revenues grow 23.7 percent to 232 million euros, or $279.6 million. Puma said all countries in the region posted double-digit sales growth and that, as expected, the apparel business grew at the fastest rate, improving 38.2 percent for the first half of the fiscal year. In the Americas, sales increased 9 percent to 72 million euros, or $86.8 million, with the U.S. chipping in a 13.9 percent revenue gain. The Asia-Pacific region recorded flat sales at 41 million euros, or $49.4 million, while the Middle East and Africa region posted a 9.5 percent increase to 7 million euros, or $8.4 million.
For the first half of the fiscal year, Puma said, net income grew 57.6 percent to 135.2 million euros, or 8.23 euros a share, from 85.8 million euros, or 5.28 euros, a year ago. In dollars, profits were $165.9 million, or $10.09 a share, versus $94.8 million, or $5.83.
Net sales for the period advanced 23.6 percent to 796.1 million euros, or $976.8 million, from 644 million euros, or $711.4 million.
In guidance, Puma said that based on its 22 percent increase in order volume as of June 30, annual earnings are forecast to grow more than 30 percent on top-line growth of about 20 percent.
— Dan Burrows