Development of the segments

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. Exceptions were the EEMEA segment, which showed double-digit growth rates due to the comparatively strong growth of sales and operating result in several countries and especially in Turkey. In the North America segment, the difficult macroeconomic environment, high inventory levels in the trade and the relative dependence on wholesale business in the off-price segment led to a decline in sales and operating result. In the Latin America segment, operating result was only at the previous year's level, despite double-digit sales growth in Mexico, Chile and Brazil. This was mainly due to the negative currency exchange effects resulting from the sharp devaluation of the Argentine peso, which had a strong impact on profitability in the Latin America segment. In the Greater China segment, double-digit sales growth and a significant improvement in operating result were achieved due to the continued recovery and re-opening of the market. The stichd segment recorded a decline in operating result due to start-up costs in the Formula 1 business and due to expenses in connection with the implementation of SAP in 2023.