Puma SE Q2 Net Profit Down, EBIT Rises; Cuts FY24 EBIT View, Backs Sales Forecast

(RTTNews) - PUMA SE (PMMAF.PK), a German sportswear maker, on Wednesday reported that its second-quarter net income decreased 23.8 percent to 41.9 million euros from last year's 55.0 million euros. Earnings per share amounted to 0.28 euro, down 0.37 euro a year ago.

The operating result or EBIT, however, grew 1.6 percent from last year to 117.2 million euros, and the EBIT margin improved by 10 basis points to 5.5 percent.

Gross profit margin improved by 200 basis points to 46.8 percent despite major currency headwinds.

Sales for the quarter edged down 0.2 percent from last year to 2.12 billion euros, while it grew 2.1 percent at constant exchange rates.

Looking ahead, Arne Freundt, Chief Executive Officer, said, "With view to our strong orderbook for the second half of the year, we reiterate our sales growth outlook in the MSD range and are narrowing our full-year EBIT outlook range to € 620-670m EBIT in light of these external factors."

The company continues to expect mid-single-digit currency-adjusted sales growth in the year.

EBIT is now expected to range 620 million euros to 670 million euros, compared to previous outlook of 620 million euros to 700 million euros, while last year's EBIT was 621.6 million euros.

The company projects net income to change in 2024 in line with the operating result, compared to last year's 304.9 million euros.

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