Q3 2024 Puma SE Earnings Call Transcript
Key Points
- Puma SE (PMMAF) reported a 5% currency-adjusted sales growth in Q3, supported by all three regions.
- The company achieved a stronger gross profit margin and maintained strict cost control, resulting in an EBIT of EUR237 million.
- Puma SE (PMMAF) launched a successful brand campaign, 'See The Game That We Do,' which has shown strong KPIs, especially in the Americas.
- The performance business saw strong growth, with innovations like the Deviate NITRO 3 gaining traction among athletes.
- Puma SE (PMMAF) is on track to meet its full-year outlook, with a strong order book for Q4 and a good start into the quarter in October.
- The apparel business showed a flattish number, indicating challenges in this segment.
- Greater China faced challenges with muted consumer sentiment affecting bricks-and-mortar retail, leading to a disciplined sell-in approach.
- The EMEA region experienced a slight decline due to a high comp base and muted consumer sentiment in the Middle East.
- Operating expenses increased by 1.9%, driven by the expansion of the direct-to-consumer business and warehouse ramp-up costs.
- Net income in the quarter decreased by 3% compared to last year, mainly due to higher net income attributable to noncontrolling interests.
Ladies and gentlemen, thank you for standing by. Welcome and thank you for joining the Q3 2024 earnings call of Puma SE.
(Operator Instructions) I would now like to turn the conference over to Gottfried Huppe, Director of Investor Relations. Please go ahead.
Thank you very much, Maura. Ladies and gentlemen, welcome to our Q3 2024 earnings call. Today, I'm joined by our CEO, Arne Freundt, and our CFO, Markus Neubrand. Arne and Markus will take you through the key developments of the quarter and discuss the outlook for the remainder of the year, which will be followed by a Q&A session.
With that, and without further ado, over to you, Arne.
Thank you, Gottfried, and also hello from my side. I hope all of you are doing well today. It's a huge pleasure for me that I will conduct today's earnings call together with our new CFO, Markus, who's just recently joined our
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