German sportswear firm Puma SE Thursday posted a net profit of 48.7 million euros and profit per share of 33 cents euro in the second quarter. This compares to last year’s net loss of 95.6 million euros and loss per share of 64 cents euro.
The operating result or EBIT for the quarter was 108.9 million euros versus a negative 114.8 million euros a year ago, due to strong sales growth, higher gross profit margin and continued OPEX control.
EBIT margin improved to 6.9 per cent in the quarter from a negative 13.8 percent. Operating expenses or OPEX increased by 34.5 per cent to 650.4 million euros on higher marketing expenses as well as sales-related distribution and warehousing costs.
Sales in the second quarter grew 91.2 percent to 1.59 billion euros, as all regions and product divisions contributed with at least double-digit sales growth.
Wholesale business generated sales of about 1.20 billion euros during the quarter.
Looking ahead, the sportswear firm said it expects its net earnings to improve significantly in 2021.