PUMA Report Modest But Expected Growth for Q1 2024

have announced their Q1 2024 finance results, reporting a 0.5 per cent growth in sales compared to the same period last year. While this figure is modest, it was in line with expectations since last year’s Q1 saw very strong growth at 14.4 per cent. One factor contributing to the lower growth rates is the volatility of currencies, with the negative impact on Q1 2024 earnings sitting at approximately 100 million euro. The positive growth despite the challenges confirms their overall 2024 outlook, with an expected EBIT (earnings before interest and taxes) of between 620-700 million euro.

Arne Freundt, CEO of PUMA, said, ‘We delivered our first quarter results fully in line with expectations. While the market continues to be volatile, we delivered growth and gross profit margin improvement despite significant currency headwinds and high prior year comparables. … I feel very confident about our sequential quarter-over-quarter improvement in 2024.’

Unsurprisingly, the footwear category held up PUMA’s growth for this quarter, with a 3.1 per cent increase, which is largely driven by interest in their football and performance shoes, along with the demand for their terrace styles like the Palermo. They are maintaining this momentum by focusing on relaunching a variety of vintage franchises, like the , , , and . For comparison, PUMA’s apparel decreased by 2.4 per cent and accessories by 3.2 per cent. Importantly for the German brand, there was sales growth in the Americas region for the first time in four quarters, with a 1 per cent increase. The Asia/Pacific region also conversant a growth at 0.6 per cent, but the EMEA region remained flat.