While the Puma booth at WSA wasnt as packed as past shows, the folks at the trend-setting brand had plenty to be pleased about as the company posted yet another stellar quarter in Q2.
In currency-neutral terms, consolidated group sales increased to 56.8% to 300.9 ($342.2) million. Japan impacted the numbers as a subsidiary for the first time. On a like-to-like basis, total sales increased 31.5%, or 42.2% on a currency-neutral basis.
Europe, which made up almost 70% of brand sales, increased 40.1% to 187.5 ($213.2) million. In currency-neutral terms, the Americas increased 41.7% to 65.8 ($74.8) million in the quarter. The Africa/Middle East region grew 22.1% to 6.6 ($7.5) million in Q2. The inclusion of Japan in the quarterly numbers spiked the Asia/Pacific results, with growth for the quarter coming in 298% ahead of last year to 41.0 ($46.6) million. Without Japan, A/P gained just 2.0%.
Sales in the U.S. increased 37.7% when measured in U.S. dollars in Q2.
Gross profit margin improved across all categories, reached a record 48.8% in Q2, up 560 basis points. Footwear margin also gained 560 bps from 43.8% to 49.4%. Apparel GM gained 660 bps to 47.9% and accessories GM grew by 150 bps to 45.4% in the quarter.
Marketing expenses were 12.9% of sales in Q2, while SG&A declined 170 basis points to 15.2% of sales.
Inventories increased 36.6% to 199.6 ($227.0) million and receivables grew 28% to 254.3 ($289.2) million.
Inventories appear to be in line with futures orders at the end of the period, which jumped 47.6% on a currency-neutral basis to 593.4 ($674.8) million. Excluding Japan, futures were up 35.4% currency adjusted.
Europe futures increased 29.1% to 417.9 ($475.2) million. On a currency adjusted basis, the Americas saw backlog increase 60.2% to 95.1 ($108.1) million.
Future orders in the U.S. increased 54.8 in U.S. dollar terms.
Africa/Middle East was up 12.9% to 13.2 ($15.0) million. Again, Japan had a major impact on the Asia/Pacific region, where futures surged 372.5% to 67.1 ($76.3) million. Excluding Japan, A/P orders increased 18.6% currency adjusted for the region.
The company is now estimating that the weaker U.S. dollars impact on the top line for the year will increase to 10% from a previously forecasted 5%, with the currency adjusted sales growth forecasted north of 40% to approximately 1.2 ($1.38) billion.
Worldwide branded sales are estimated at close to 1.6 ($1.84) billion.
EPS is expected to grow by more than 60% and pre-tax profits are expected to exceed 200 ($230) million for the first time to approximately 17% – 18% of sales.
>>> What else can be said?
