Puma released its full third quarter results, showing increases across the board, resulting in the company raising its guidance for the third straight quarter.
Footwear sales helped drive the brand’s 17 percent sales increase to 1,112 million euros ($1.3 billion) for the quarter, compared to 990.2 million euros ($1.17 billion) during the same time last year. Meanwhile, apparel sales increased more modestly for the time period.
“The third quarter was another good quarter for us, with double-digit growth in all regions and strong growth in all product segments,” said CEO Bjorn Gulden. “With gross profit margin exceeding our expectations and a continued focus on operating expenses, we were able to deliver a very positive and better than expected operating result (EBIT).”
Puma saw a gross profit margin increase of 230 basis points to 48.1% in the third quarter, due to improvements in sourcing and higher sales of new products with a higher margin and selective price adjustments.
Puma’s operating results reached 101 million euros ($119 million), compared to last year’s 60 million euros ($70.1 million).
“This development in the third quarter combined with a good order book for the fourth quarter made us raise the outlook for the full year,” said Gulden. “We now expect currency adjusted sales to increase between 14 percent and 16 percent, and the operating result (EBIT) to come in between 235 million euros and 245 million euros.”
Net earnings grew in the third quarter from 39.5 million euros to 62.1 million euros ($46.4 million to $73 million) and earnings per share increased from 2.64 euros to 4.16 euros ($3.10 to $4.89).
Puma updated its guidance last week, expecting operating results between 235 million euros and 245 million euros (around $276 million and $288 million).