PUMA (PUM) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw 5.0% currency-adjusted sales growth, with EBIT in line with expectations and the full-year outlook confirmed.

• Brand elevation initiatives, product innovation, and new ambassador partnerships drove momentum, with strong visibility at major sports events.

• DTC business grew 17.0% (currency-adjusted), with e-commerce up 26.4% and retail stores up 12.8%.

• Net income for Q3 declined 3.0% to EUR 127.8M, mainly due to higher non-controlling interests.

• The transition in Sportstyle Prime and continued focus on sustainability were highlighted as strategic priorities.

Financial highlights

• Q3 2024 sales reached EUR 2,308M, flat in euros but up 5.0% currency-adjusted year-over-year.

• Gross profit margin improved to 47.9% (+0.8 pts year-over-year).

• EBIT was EUR 237.0M (10.3% of sales), slightly up from last year.

• Net income declined 3.0% to EUR 127.8M (EPS: EUR 0.86).

• YTD 2024 sales were EUR 6,527.8M (+2.6% currency-adjusted), with net income down 15.4% to EUR 257.1M.

Outlook and guidance

• FY 2024 guidance confirmed: mid-single-digit currency-adjusted sales growth, EBIT between EUR 620–670M, and net income change in line with EBIT.

• Strong orderbook for Q4 and positive feedback on upcoming product launches support confidence in medium- and long-term growth.