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PUMA SE: PUMA's First Half Results in line with Guidance (news with additional features) - Seite 2

million, as key account initiatives like the PUMA Labs at Footlocker
contributed to the performance improvement in North America, and Latin
America benefited from increased Teamsport sales, particularly in Chile and
Mexico.

Sales in the Asia/Pacific region declined by 2.3% currency adjusted to EUR
146 million despite solid growth in Korea and India, as performance in
Japan was pressured by the sales tax increase at the beginning of the
quarter which led to a decline across categories.

Product segment trends continue
PUMA's currency adjusted Footwear sales declined by 9.1% in the second
quarter to EUR 278 million despite improved Teamsport sales.

Apparel sales, however, improved by 12.8% currency adjusted to EUR 241
million as the World Cup supported strong performances in replica jerseys
as well as training and fan wear, particularly for the Italian, Chilean and
African teams.

Accessories sales also improved by 3.4% currency adjusted to EUR 134
million due to continued demand for PUMA's socks and bodywear. However,
Golf equipment sales declined during the quarter due to the weaker golfing
environment.

Gross profit margin improves
PUMA's gross profit margin increased from 46.0% to 46.7% for the second
quarter of 2014 as promotional activities declined compared to the same
period last year. Footwear gross profit margin decreased from 44.1% to
42.7% due to the product and category mix. Apparel margins rose from 47.0%
to 48.2% and the margin for Accessories increased from 49.2% to 52.4%.

OPEX flat
Operating expenditures were broadly unchanged for the quarter at EUR 297
million, despite increased marketing expenditures associated with the World
Cup in Brazil.

Operating Result (EBIT) declines
The negative currency impact on sales and gross profit led to a decline in
PUMA's operating profit (EBIT) from EUR 31 million to EUR 13 million for
the second quarter of 2014. The EBIT ratio decreased from 4.5% to 1.9%.

Financial Result
The financial result improved from EUR -4.1 million to EUR -1.3 million in
the second quarter. The result remained negative due mainly to currency
conversion impacts.

Net earnings
PUMA's consolidated net earnings declined from EUR 18 million to EUR 4
million impacted in part by a slightly higher tax rate in the quarter due
to tax expenses related to prior years. As a result, earnings per share
decreased from EUR 1.17 to EUR 0.28 in the second quarter of the year.

Half Year 2014

Currency adjusted sales were flat in the first half of 2014 at EUR 1.38