PUMA Achieves Robust Sales Expansion Amidst Market Volatility in 2023

In a challenging market environment affecting the entire industry, PUMA achieved robust growth and profitability in line with our expectations. Despite the exceptional devaluation of the Argentine peso, which had a considerable one-off impact on our accounting, our results would have been even stronger. This underscores the resilient performance of PUMA, made possible by our exceptional PUMA Family and our outstanding partners.

The year 2023 marked a significant milestone for PUMA as we laid the groundwork for future growth by enhancing our brand and optimizing distribution quality. We improved our position compared to the beginning of the year by establishing a new marketing organization, implementing a new marketing strategy to elevate the brand, forming new management teams in the US and China, and maintaining healthy inventory levels.

Looking ahead to 2024, we acknowledge the continued challenges in the market environment. Collaborating closely with our retail partners, particularly in the US and Europe, we are navigating through the challenging trade landscape with a focus on sell-through and cautious sell-in. The persistent impact of adverse currencies is expected to exert pressure on profitability in the first half of 2024. However, we anticipate a gradual improvement quarter-over-quarter, resulting in currency-adjusted mid-single-digit growth and an enhanced operating result in the range of 620 – 700 million EUR for the full year.

2024, dubbed the ‘Year of Sports,’ will be pivotal for PUMA, featuring the launch of innovative products such as the Ultra football boot and the Fast-R2 and Deviate NITRO Elite 3 running shoes. In Sportstyle, we will introduce exciting new offerings like the Palermo for the terrace trend and the Suede XL for the skate trend. Embracing our ‘low profile’ heritage, we are set to relaunch PUMA’s renowned Mostro and Speedcat. Additionally, we will unveil our first brand campaign in a decade to reinforce our position as the Fastest Sports Brand globally and deepen our emotional connection with consumers. 2024 will showcase PUMA’s role as the Challenger in the market, with a focus on strong underlying operating performance, despite the impact of the Argentine peso devaluation.

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