PUMA’s strong sales growth continued during the 2003 first quarter as consolidated sales increased by 47.4% from €232.8 million to €343.2 million ($370.7 million). On a currency-neutral basis, sales were up by 57.1%. In terms of product segments, footwear and apparel again drove growth.

Consolidated net income rose from €22.1 million, or €1.43 diluted EPS, to €48.8 million ($52.7 million), or €3.02 ($3.26) diluted EPS. The net yield was 14.2% of sales compared to 9.5% in the previous year.

Footwear grew by 54.6% to €249.2 million ($269.1 million) versus €161.2 million in the previous year. Strong growth in apparel continued in Q1 and sales increased by 40.9% from €56.8 million to €80 million ($86.4 million). Sales of accessories decreased slightly by €1 million or 5.7% to €14 million ($15.1 million).

Worldwide PUMA’s branded sales, which consist of consolidated and licensed sales, increased by
36.8% from €329.7 million to €451.1 million ($487.2 million). Currency-adjusted, worldwide branded sales increased by 45.9%. Footwear sales improved by 41.5% to €292.6 million ($316 million), apparel by 27.3% to €122.6 million ($132.4 million) and accessories by 35.6% to €35.9 million ($38.8 million).

PUMA’s gross profit margin achieved record levels, climbing significantly from 42.9% to 47.2%. This equates to a 430 basis point improvement over the previous year’s level. The footwear margin jumped from 43% to 48%, apparel was up from 41.1% to 45.2% and accessories were 46.1% compared to 47.9%.

In the Americas sales increased by 19.3% to €66.6 million ($71.9 million), 46.7% currency-adjusted. U.S. sales increased by 44% to $ 63.6 million during the first quarter. All categories showed a double-digit increase.

Future orders increased by 50.2% to an all-time high of €646.4 million ($698.1 million). Currency adjusted orders were up by 58.3%, or excluding Japan, 41.5%. By product segment, footwear increased by 48.1% to €468.3 million ($505.8 million), apparel by 63.1% to €148.4 million ($160.3 million) and accessories were up 28% to €29.6 million ($32 million). The Americas saw futures backlog increase 33.4% to €111.1 million ($120 million) or 65% on a currency-adjusted basis.