Puma's Q3 revenues slid 7.6 percent in the third quarter to £824.8 million ($1.14 bn) from £892.2 million, according to a revenue update from its parent, Kering. Puma’s sales for the quarter were down 0.8 percent on a comparable basis. The decline was due to lower footwear sales. Accessories and apparel were up 7 percent and 4 percent, respectively.
By country, Kering noted in its presentation with analysts that sales
in North America, representing 20 percent of Puma's sales, grew 5
percent. In other regions, Western Europe (representing 34 percent of
Puma's sales) was down 2 percent; Japan (8 percent), was down 6 percent;
Asia Pacific (13 percent), slipped 1 percent; and Other Countries (25
percent) was also off 1 percent.
Kering noted that adverse
currency impacts continued to weigh on sales performance, exacerbated by
volatility in emerging market countries.
Kering said in its
press release, “The Puma brand recorded improved retail sales (up 6
percent), driven by all of its directly operated distribution channels
(stores, outlets, online sales).
Sales developed positively in
North America, but remained under pressure in Western Europe. Sales of
Apparel and Accessories grew over the quarter, while the Footwear
category continued to be affected by challenging conditions in its main
In the third quarter, Puma pressed ahead with the
implementation of the brand’s Transformation Program, closing more
underperforming stores, appointing a new creative director, introducing a
new geographic organization, reducing the number of product references
and optimizing the product development process.”
Kering's Sports & Lifestyle Division – including Puma as well as
Cobra, Tretorn, Volcom and Electric – were down 7.6 percent to £896.2
million ($1.24 bn) from £969.7 million. Sales were down 0.9 percent on a
comparable basis. Its Other Brands portion under the Sports &
Lifestyle division had revenues of £71.4 million ($98.5 mm), down 7.9
percent from £77.5 million.
Kering noted that Volcom’s sales were up 2 percent, driven by strong sales of newly introduced footwear styles.
main business is its Luxury division, which includes Gucci, Bottega
Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney
and several other high-end brands.
By press release
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