Development of the segments

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, Southeast Asia and Oceania, which are allocated to the EEMEA segment.

All segments posted sales growth in constant currency in 2024. Negative currency effects were recorded, particularly in Argentina and Turkey. The strongest constant-currency sales growth came from the Latin America and Asia/Pacific (excluding Greater China) regions, and stichd. In North America, currency-adjusted sales growth was in the low single-digit percentage range. In Greater China, currency-adjusted sales growth was in the mid-single-digit percentage range, and thus stronger than in the PUMA Group.

The operating segments developed in line with the trends already explained in terms of sales and other earnings figures. Exceptions were the EEMEA segment, which recorded a decline in sales and operating result in the reporting currency, the euro, due to a significant decline in sales and a lower gross profit margin in the Middle East and Southeast Asia. In the Latin America segment, the operating result came in below the previous year despite sales growth. This was mainly due to a decline in sales and lower profitability in Mexico and Chile, caused by structural changes in logistics and a resulting temporary restriction in delivery capacity. In the Greater China segment, the ongoing recovery and reopening of the market led to a significant improvement of the operating result despite moderate sales growth. The stichd segment recorded a significant decline of the operating result, mainly due to operational challenges following the introduction of a new ERP system at the end of 2023.