Puma has had a strong first quarter. Despite some production problems, it looks like the company is recovering after a difficult pandemic year 2020.
More clothes than shoes
Trainer manufacturer Puma saw its turnover rise by 19.2% in the first quarter of this year. Although that increase has to be seen in the light of the first corona wave last year, with a very weak basis for comparison, it was a strong quarter for the brand. "As expected," said CEO Bjørn Gulden. Sales totalled 1.5 billion euros.
However, the company still had to contend with a lot of corona restrictions and also problems in the production chain. Like many other brands, Puma suffered from a shortage of containers and congestion at the ports. Although EBIT rose 117% to 154 million euros, net profit was only 109 million.
Sales in Asia Pacific did particularly well (+24.6%), but also in America (including Central and South) sales rose by 25.2%. The clothing category grew more strongly (+21.1%) than the shoes segment (+19.3%), possibly because consumers are mainly looking for comfortable clothes to wear at home because of the pandemic.
Puma expects to grow between 10% and 20% in the current financial year. Profitability in 2021 should also be better than last year.