Q1 2025 Puma SE Earnings Call Transcript
Key Points
- Puma SE (PMMAF) reported sales and adjusted operating results slightly ahead of expectations for Q1 2025.
- The Direct-to-Consumer (D2C) business grew by 12%, with e-commerce leading at 17% growth.
- The 'Go Wild' brand campaign, particularly in running, showed strong initial results with significant global visibility.
- Puma introduced several innovative products, including the Puma Deviate Nitro Elite 3 and the Puma Fast R3, enhancing their product lineup.
- The Speedcat franchise capitalized on the low profile trend, gaining popularity in Asia and among fashion influencers.
- Wholesale business declined by 4%, primarily due to challenges in the US and China markets.
- Gross profit margin decreased by 60 basis points, impacted by currency headwinds and absence of last year's inventory evaluation benefits.
- Operating expenses increased by 7.1%, driven by growth in D2C business and higher marketing activities.
- Adjusted EBIT decreased by 52% to EUR76 million due to lower gross profit margin and higher OpEx.
- The US market faces uncertainty due to new tariffs, with potential impacts on sourcing costs and pricing strategies.
Ladies and gentlemen, thank you for standing by. Welcome and thank you for joining the Q1 2025 earnings call of Puma SE. (Operator Instructions) I would now like to turn the conference over to Gottfried Hoppe, Director of Investor Relations. Please go ahead.
Thank you very much, Maura. Ladies and gentlemen, welcome to Puma's Q1 2025 earnings call. Today I'm joined by our group's CFO, Markus Neubrand. Markus will take you through a short presentation and then we will open up for the Q&A session. Now let's kick it off and over to you, Markus.
Thank you, Gottfried. Good afternoon also from my side. Before I guide you through the agenda of today's investor call, I would like to start with some opening remarks about the first quarter of 2025.
Our overall financial results were broadly in line with expectations, with our sales and adjusted operating results slightly ahead
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