Sales development

Illustration of sales development in 2024 compared to the outlook

In its combined management report for 2023, PUMA forecasted a currency-adjusted increase of sales in the mid-single-digit percentage range for financial year 2024. This outlook was confirmed during the year. In a volatile environment, with persistent currency headwinds, a promotional market and globally muted consumer sentiment, sales development in financial year 2024 was in line with the outlook. More details on the sales development in 2024 are provided below.

Sales

PUMA's sales in the reporting currency, the euro, increased by 2.5% to € 8,817.2 million in financial year 2024 (previous year: € 8,601.7 million). Currency-adjusted sales increased by 4.4%. PUMA was therefore able to achieve record turnover of € 8.8 billion in spite of the difficult market environment.

In the Footwear division, sales increased in the reporting currency, the euro, by 3.3% to € 4,733.6 million. Currency-adjusted sales increased by 5.4%. The footwear product division continued to be the growth driver and the strongest growth was achieved in the Teamsport and Running categories. The share of the Footwear product division in total sales rose from 53.3% in the previous year to 53.7% in 2024.

Sales in the Apparel product division in the reporting currency, the euro, increased by 1.8% to € 2,813.9 million. Currency-adjusted sales grew by 3.7%. Higher sales in the Teamsport category were largely offset by lower sales in the Sportstyle category. The share of the Apparel product division decreased to 31.9% of Group sales (previous year: 32.1%).

The Accessories product division reported an increase in sales in the reporting currency, the euro, of 1.1% to € 1,269.7 million. This corresponds to a currency-adjusted sales growth of 2.0%. The sales growth was achieved particularly in the Teamsport category. By contrast, sales of Cobra golf clubs fell slightly compared to the previous year. In 2024, the share of the Accessories product division decreased to 14.4% of Group sales from 14.6% in the previous year.

Own retail activities

PUMA's own retail activities include direct sales to our consumers ("Direct-to-consumer business"). This includes selling to our customers in PUMA's own retail stores, the so-called "Full Price Stores" and "Factory Outlets". Our e-commerce business on our own online platforms and on the platforms of online retailers, which we refer to as "marketplaces", is also part of the direct sales to our consumers. Our own retail businesses ensure regional availability of PUMA products and the presentation of the PUMA brand in an environment suitable to our brand positioning.

PUMA's direct-to-consumer sales increased by 16.6% currency-adjusted to € 2,425.4 million in financial year 2024. This corresponds to a share of 27.5% of total sales (previous year: 24.8%). Adjusted for currency effects, sales in PUMA's own full-price stores and factory outlets increased by 14.2% in 2024. In the e-commerce business, currency-adjusted sales increased by 21.1% in 2024. The continued strong sales growth in our DTC business was due to higher enforceable prices and the opening of own retail stores with a corresponding increase in sales quantity.

WHOLESALE

Wholesale is PUMA's largest sales channel. Currency-adjusted sales in PUMA's wholesale business increased by 0.4% to € 6,391.8 million (previous year: € 6,368.1 million) in the financial year 2024. This corresponds to a 72.5% share of total sales compared to 75.4% in the previous year. The higher demand and consequently sold quantities essentially supported the sales growth. Currency-adjusted sales in the footwear product division increased by 2.1% to € 3,440.2 million. In contrast, currency-adjusted sales in the apparel product division fell by 1.5% to € 1,868.0 million, and currency-adjusted sales in the accessories product division declined by 1.8% to € 1,083.6 million.

Regional development

In the following explanation of the regional development of sales, the sales are allocated to the customers' actual region ("customer site"). It is divided into three geographical regions (EMEA, Americas and Asia/Pacific).

PUMA's sales in the reporting currency, the euro, increased by 2.5% in financial year 2024. This corresponds to a currency-adjusted sales increase of 4.4% compared to the previous year. All three regions contributed to this growth with positive currency-adjusted sales development.

In the EMEA region, sales in the reporting currency, the euro, rose by 1.7% to € 3,475.7 million. Adjusted for currency effects, this corresponds to an increase in sales of 2.1%. The majority of countries in the region contributed to this development with sales growth. Particularly strong growth came from Germany, Italy, the UK and Türkiye. In contrast, sales declined in the Middle East, among others. The EMEA region accounted for 39.4% of Group sales in 2024 compared to 39.7% in the previous year.

With regard to product divisions, sales revenue from Footwear recorded a currency-adjusted decline of 0.9%. Currency-adjusted sales of Apparel increased by 7.5%. Currency-adjusted sales of Accessories remained at the previous year's level.

In the Americas region, sales increased in the reporting currency, the euro, by 4.3% to € 3,536.0 million. Currency-adjusted sales increased by 7.0%. Both North America (+1.8% currency-adjusted) and Latin America (+16.2% currency-adjusted) contributed to this development with sales growth. In Latin America in particular, the weakness of the Argentinian peso against the euro resulted in negative currency effects. The share of the Americas region in Group sales increased from 39.4% in the previous year to 40.1% in 2024.

In terms of product divisions, Footwear (+9.3% currency-adjusted), Apparel (+4.0% currency-adjusted) and Accessories (+3.7% currency-adjusted) recorded sales growth compared to the previous year.

In the Asia/Pacific region, sales in the reporting currency, the euro, rose by 0.7% to € 1,805.5 million. Adjusted for currency effects, this corresponds to an increase in sales of 3.8%. The currency-adjusted increase in sales in China, Japan and Korea was offset by declining sales in Singapore and Australia. The share of the Asia/Pacific region in Group sales reduced from 20.8% in the previous year to 20.5% in 2024.

In terms of product divisions, both Footwear (+9.0% currency-adjusted) and Accessories (+3.7% currency-adjusted) recorded sales growth compared to the previous year. In contrast, currency-adjusted sales in the Apparel product division fell by 3.5%.