Puma’s 2010 profits ‘more than double’

Puma’s profits more than doubled in 2010 to €308.6 million on sales of €2.7 billion.

The brand finished the year strongly with fourth-quarter sales at a record high €623 million.

Sales in Europe, the Middle East and Asia were up 8.8 per cent, while Americas sales jumped 27.8 per cent and Asia/Pacific improved by 13.1 per cent.

However, gross profit margin in the fourth quarter of 2010 dropped slightly to 45.4 per cent, due partly to sourcing prices.

“We finished the year with record sales in a strong quarter, contributing to an overall solid sales and operational performance in 2010, which clearly demonstrates the strength of our brand and company in an improving consumer environment,” says Jochen Zeitz, CEO of Puma.

“Our sales outlook also continues to look positive and Puma’s organic growth is more than intact.

“We are well positioned to tap into Puma’s full brand potential with our strategic five-year company growth plan.

“Our focus will now be to develop and grow our existing core product categories as well as Puma’s key strategic markets, and to invest in marketing and R&D while continuing to boost our sales globally.”

Despite a lack of major sporting events in 2011, Puma’s management expects sales to increase by mid to high single digits this year.

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