PUMA (PUM) Q2 2024 earnings summary

Executive summary

• Q2 2024 results met expectations, with sales and EBIT in line with guidance and gross margin improvement.

• Q2 2024 currency-adjusted sales rose 2.1% to €2,117 million, with reported sales flat due to a €50 million negative currency impact.

• Gained market share in performance categories and advanced Sportstyle transition.

• Brand elevation driven by major sports events, successful product launches, and high-profile partnerships.

• DTC and e-commerce channels grew strongly, supporting overall momentum.

Financial highlights

• Q2 2024 sales: €2,117.3M, down 0.2% reported but up 2.1% currency-adjusted year-over-year.

• Gross profit: €990.6M (46.8% of sales), up 4.3% and +2.0 pts year-over-year.

• EBIT: €117.2M (5.5% of sales), up 1.6% year-over-year.

• Net income: €41.9M (2.0% of sales), down 23.8% year-over-year due to higher financial losses.

• H1 2024 sales: €4,219.6M, down 2.1% reported but up 1.3% currency-adjusted year-over-year.

Outlook and guidance

• FY 2024 sales expected to grow mid-single digits currency-adjusted; guidance reaffirmed.

• EBIT guidance narrowed to €620–670M for FY 2024.

• Net income expected to change in line with EBIT.

• Q3 EBIT expected slightly below or at previous year’s level; Q4 EBIT and net income to benefit from non-recurring ARS devaluation impact.

• Focus remains on long-term brand momentum and market share gains over short-term profitability.