2022 2021
€ million % € million % +/- %
Sales 8,465.1 100.0% 6,805.4 100.0% 24.4%
Cost of sales -4,562.3 -53.9% -3,547.6 -52.1% 28.6%
Gross profit 3,902.7 46.1% 3,257.8 47.9% 19.8%
Royalty and Commission Income 33.8 0.4% 23.9 0.4% 41.6%
Other Operating Income and Expenses -3,295.9 -38.9% -2,724.6 -40.0% 21.0%
Operating result (EBIT) 640.6 7.6% 557.1 8.2% 15.0%
Financial Result -88.9 -1.1% -51.8 -0.8% 71.7%
Earnings before taxes (EBT) 551.7 6.5% 505.3 7.4% 9.2%
Taxes on income -127.4 -1.5% -128.5 -1.9% -0.9%
Tax rate 23.1% 25.4%
Net earnings attributable to non-controlling interests -70.9 -0.8% -67.2 -1.0% 5.5%
Net earnings attributable to shareholders of PUMA SE 353.5 4.2% 309.6 4.5% 14.2%
Weighted average shares outstanding (million) 149.65 149.59 0.0%
Weighted average shares outstanding, diluted (million) 149.66 149.60 0.0%
Earnings per share in € 2.36 2.07 14.1%
Earnings per share, diluted in € 2.36 2.07 14.1%


In the outlook in the combined management report for 2021, PUMA forecast an operating result (EBIT) in the range between € 600 million and € 700 million for the financial year 2022 (2021: € 557 million) and net earnings to improve correspondingly. Thanks to continued brand momentum, successful product launches and a strong focus on flexibility in business operations, PUMA was able to set a new record in terms of operating result and achieve the earnings forecast for 2022 as a whole.

More details on earnings development in the financial year under review are provided below.


PUMA’s gross profit in the financial year 2022 rose by 19.8% from € 3,257.8 million to € 3,902.7 million. The gross profit margin, however, declined by 180 basis points from 47.9% to 46.1%. This development was due to higher sourcing prices due to raw materials and cost increases for incoming freight, a less favorable regional and distribution channel mix and, toward the end of the year, a promotional market environment with higher promotional activities. These negative effects were only partially offset by price adjustments and currency effects.

The gross profit margin in the Footwear division decreased from 47.3% in the previous year to 44.9% in 2022. The gross profit margin for Apparel declined from 48.9% to 47.3%. In contrast, the gross profit margin for Accessories rose from 47.1% to 47.4%.



Net expenses from other operating income and expenses (OPEX) increased by 21.0% from a total of € 2,724.6 million in the previous year to € 3,295.9 million in the financial year 2022. Higher expenses for marketing, a higher number of own retail stores, higher sales-related distribution and warehousing costs as well as operational inefficiencies due to the ongoing negative impact of the COVID-19 pandemic contributed to this development. Meanwhile, continued cost control resulted in a significantly weaker increase in other operating income and expenses compared to sales growth. The operating leverage achieved is also reflected in the decrease in the expense ratio from 40.0% in the previous year to 38.9% in 2022, which contributed significantly to the improvement in the operating result in the financial year 2022.

G.11 OPERATING EXPENSES (as a % of sales)

Within sales expenses, marketing/retail expenses increased by 20.6% to € 1,578.5 million, while the cost ratio was 18.6% of sales in 2022, compared with a cost ratio of 19.2% in the previous year. Other sales expenses, which mainly include sales-related costs and costs for warehousing and logistics, increased by 22.3% to € 1,098.7 million. The cost ratio of other sales expenses decreased to 13.0% of sales in 2022 compared to a cost ratio of 13.2% in the previous year.

Research and development/product management expenses increased by 33.7% to € 153.1 million compared to the previous year and the cost ratio rose slightly to 1.8%. Other operating income in the past financial year amounted to € 0.1 million. General and administrative expenses increased by 15.0% to € 465.8 million in 2022. The cost ratio of general and administrative expenses declined to 5.5% of sales in 2022. Depreciation and amortization is included in the relevant costs and total € 332.8 million (previous year: € 287.3 million). In addition, the respective costs include impairment losses relating to right-of-use assets totaling € 26.0 million (previous year: € 18.5 million).


The result before interest (= financial result), taxes, depreciation and amortization (EBITDA) increased by 15.8%, from € 862.8 million to € 999.3 million, in the financial year 2022. The EBITDA margin, however, declined from 12.7% in the previous year to 11.8% in 2022.


In the financial year 2022, the operating result increased by 15.0% from € 557.1 million in the previous year to € 640.6 million. The improvement in the operating result in the financial year 2022 was attributable to the strong sales growth combined with a smaller increase in other operating income and expenses compared to sales growth. However, due to the development of the gross profit margin, the EBIT margin declined from 8.2% in the previous year to 7.6% in 2022.



The financial result decreased in 2022 from a total of € -51.8 million in the previous year to € -88.9 million. Despite the improvement of the interest result (the net total of interest income and interest expenses) in 2022 to € 17.7 million (previous year: € -1.0 million) above all the hyperinflation effect in relation to expenses of € 27.8 million, higher expenses from interest-rate components in connection with forward exchange contracts ("swap points") in the amount of € -22.8 million (previous year: € -9.7 million) and the increase in interest expenses from lease liabilities to € -38.6 million (previous year: € -31.5 million) led to a decline in the financial result. Expenses from foreign currency translation differences amounted to € - 2.2 million in 2022 compared with € -9.0 million in the previous year.


In the financial year 2022, PUMA generated earnings before taxes of € 551.7 million. This represents a significant year-on-year increase of 9.2% (€ 505.3 million). Tax expenses remained almost constant and amounted to € 127.4 million compared with € 128.5 million in the previous year. Accordingly, the tax rate declined from 25.4% to 23.1% in 2022.


Net earnings attributable to non-controlling interests relate to companies in the North American market, in each of which the same shareholder holds a minority stake. The earnings attributable to these interests increased by 5.5% to € 70.9 million in the 2022 financial year (previous year: € 67.2 million). The companies affected are PUMA United North America, PUMA United Aviation North America and PUMA United Canada. The business purpose of these companies is mainly the sale of socks, bodywear, accessories and children's apparel in the North American market.


Net earnings improved by 14.2% from € 309.6 million to € 353.5 million in the 2022 financial year, representing the highest consolidated net earnings in PUMA's corporate history to date. The increase in consolidated net earnings was mainly the result of strong growth in sales combined with the operating leverage achieved. In contrast, the decline of the gross profit margin and the declining financial result in 2022 had a negative effect on the development of consolidated net earnings.

Earnings per share and diluted earnings per share increased from € 2.07 in the previous year to € 2.36 in the financial year 2022, in line with the development of the consolidated net earnings.


Internal management of the PUMA Group is carried out across seven segments (Europe, EEMEA, North America, Latin America, Greater China, Asia/Pacific (excluding Greater China) and stichd), based on the registered office of the respective subsidiaries. The differences from the presented regional development of sales are essentially down to the separated "stichd" segment and India and Southeast Asia, which are allocated to the EEMEA segment.

The operating segments developed in line with the trends already discussed. The exception was the Greater China segment, where sales and operating result declined due to the geopolitical tensions and COVID-19-related restrictions. Sales in the Asia/Pacific segment (excluding Greater China) rose in the low double-digit percentage range due to the comparatively strong growth in Japan. Sales in the stichd segment rose in the mid-double-digit percentage range in the financial year 2022 due to a very positive development in the Fanwear range. In the North America segment, despite significantly increased sales, there was only a slight increase in the operating result due to higher promotional activities.