Q2 2024 Puma SE Earnings Call Transcript
Key Points
- Puma SE (PMMAF) achieved 2.1% currency-adjusted sales growth in Q2, in line with expectations.
- Gross profit margin improved by 200 basis points to 46.8%, despite major currency headwinds.
- Direct-to-consumer (D2C) sales grew almost 20%, driven by strong e-commerce performance.
- Sequential improvement in sales was observed in all regions except EEMEA, which faced geopolitical headwinds.
- Strong order book for H2, with Q4 looking particularly robust, supporting mid-single-digit sales growth outlook.
- Wholesale sales were down by 3%, impacted by one-off effects and warehouse ramp-up delays in Latin America.
- Net income decreased by 23.8% to EUR42 million in Q2, affected by negative FX impacts and higher interest rates.
- Muted consumer sentiment globally, especially in China, continues to pose challenges.
- Higher freight costs and changing duties, particularly in Mexico, are expected to impact gross profit margins in H2.
- Ongoing supply chain constraints and capacity issues, particularly in freight, are causing delays and increased costs.
Dear ladies and gentlemen, welcome to PUMA's Q2 and first-half 2024 earnings call. As usual, I'm here today with Arne Freund, PUMA Group CEO; and Hubert Hindesir, PUMA Group CFO. We'll start with some opening remarks and a presentation by Arne and Hubert, which will then be followed by a Q&A session.
And now without further ado, over to you Arne.
Thank you, Gottfried. Hello everyone and a warm welcome from my side to our Q2 earnings call. We're currently here in Paris to celebrate the Olympic Games with our athletes and federations and are very grateful for all the amazing moments, which we could already share together.
Before we get started with the brand and product and financial update for Q2, let me please start with some opening remarks. Our Q2 financials came exactly in line with the expectations, which we have set out for Q2. We closed Q2 with an acceleration of sales versus Q1, and recorded 2% constant currency
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