Puma reported Q3 sales fell 0.1 percent to 2.31 billion euros. When adjusted for currency effects, sales were 5 percent up.
“I’m pleased with the progress on our brand elevation journey,” Puma chief executive Arne Freundt said in a statement. “We are building the foundation for accelerated and sustainable growth.”
Analysts had forecast revenues of 2.36 billion euros for the three-month period. This is the second quarter in a row that Puma has announced results below consensus expectations.
Puma recorded 2.6 percent growth, on a currency-neutral basis, over the past nine months.
Between July and September, the German sportswear brand grew the most in the Americas, where it saw 11.4 percent growth, fueled mainly by the U.S. and Latin America.
In Puma’s home market of Europe, sales only increased by 0.8 percent.
In the Asia-Pacific region, Puma recorded an increase of 3 percent. This was despite “softer consumer demand in Greater China,” the company noted.
Footwear sales — Puma’s biggest segment — rose 9.3 percent in Q3, driven by the performance category, the company said. Accessories sales gained 2.9 percent.
Apparel sales slipped 0.7 percent in Q3.
EBIT rose 0.3 percent to 237 million euros.
On the back of the Q3 results, Puma confirmed its guidance for the full year. It still expects growth to come in the mid-single digits. Puma had lowered estimates for EBIT in the second quarter slightly and reconfirmed that it expects an EBIT somewhere between 620 million and 670 million euros for all of 2024.
