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Sunday, July 14, 2024

Puma Reports Strong Sales But Still Lagging In U.S.

  • The German sportswear brand saw overall sales increase by 11%.
  • Growth was stunted in North America as sales lagged in the U.S.
Puma headquarters in Herzogenaurach, Germany
PUMA

Puma didn’t need a strong performance from its U.S. offerings to report robust earnings in its most recent quarter. 

The German sportswear brand increased sales by 11% to $2.34 billion. The company blamed a 4.4% downturn in the Americas region — which represented 40% of its overall sales — on “ongoing softness in North America,” while it said Latin America “continued to show strong growth.”

The result is perhaps unsurprising given that major product and marketing highlights were generated predominantly outside the North American market. 

Puma’s most notable U.S. accomplishments came from golfer Rickie Fowler’s first PGA Tour win since 2019 and Charlotte Hornets star LaMelo Ball’s sneaker tour — of Europe.

The North American numbers are contrasted with a sales increase of 25% in the Europe, Middle East, and Africa region — where Puma continues to make inroads in soccer. 

Manchester City — which wears Puma kits — completed a historic treble by winning the Premier League, FA Cup and Champions League. Puma is also reportedly set to take over Nike’s position as the supplier of EPL match day balls.

The Asia/Pacific region was the top performer with sales increasing by 26%. Looking ahead, Puma is expecting to reach its full-year outlook of high-single-digit currency-adjusted revenue growth.

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