Pinault-Printemps-Redoute (PPR) said Puma's sales rose 6.6% in the first quarter ended March 31, to 673 million euros ($1.07 billion). However, sales fell in the Americas due to weakness in the U.S. mall-based business and in footwear.
The French conglomerate, which also owns brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Fnac, Redcats and Conforama, acquired Puma last year.
Regarding Puma, PPR said in its Q1 statement, “Retail stores posted another double-digit growth and accounted for 15% of the brands Q1 revenues. Apparel and Accessories achieved very good results. Footwear growth was dragged down by the US economic slowdown. Double-digit growth was recorded in EMEA and Asia-Pacific, stimulated by sound performances in all product categories. Q1 2008 sales declined in the Americas, affected by the continued negative environment in the US mall-based business.”
Overall, sales grew 20% to 4.91 billion euros ($7.37 billion), thanks to the addition of Puma and strong sales at Yves Saint Laurent and Bottega Veneta. Sales grew 4% after the impact of currency exchange, reflecting the impact the high value of the euro against the dollar and yen.
