German sports brand Puma SE saw a marked decline in net profit in the second quarter of 2024, despite stable revenue levels, and was forced to revise its full-year EBIT forecast downward. The company's net profit fell to €41.9 million in the April-June quarter, down nearly 25 percent from €55 million a year earlier.
Nevertheless, excluding the impact of currency fluctuations, the company's revenue showed a slight increase of 2.1% to 2.12 billion euros. At the same time, Puma's gross margin showed positive dynamics, increasing to 46.8% from 44.8% a year earlier. EBIT for the period also rose marginally by 1.6% to €117.2 million from €115.3 million in the previous year.
Sales growth was particularly notable in North America, where the figure rose by 9%. In Asia-Pacific, growth amounted to 1.9%, while in EMEA (Europe, Middle East and Africa) sales declined by 4.3%. Globally, footwear sales remained virtually unchanged at €1.1 billion, apparel sales increased 9.2% (to €705.6 million) and accessories sales declined 4.7% to €314.8 million.
Puma SE is one of the world's largest manufacturers of sportswear, footwear and accessories, founded in 1948 in Germany. The company is famous for its innovative products and cooperation with famous athletes and designers. The brand is headquartered in Herzogenaurach. Puma is focused on creating sports and street fashion, offering products for various sports such as running, soccer and basketball. The company also actively promotes environmental and social initiatives in an effort to be sustainable.
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