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PUMA SE: PUMA's First Half Results in line with Guidance (news with additional features) - Seite 3

billion. Continued currency weakness in the aforementioned countries led to
a decline of 6.5% in Euro terms.

Varied regional performance in the first half
Sales in the EMEA region declined by 0.5% currency adjusted to EUR 593
million, where strong performances in the United Kingdom and Turkey were
not enough to entirely offset lower sales in France and Scandinavia.

Currency adjusted sales in the Americas increased by 2.1% to EUR 486
million with improvements in some major markets including the USA and
Canada, while Chile performed well in Latin America.

Asia/Pacific sales declined by 2.2% currency adjusted to EUR 299 million as
decreases in Japan and Oceania could not be fully compensated for by
increases in India and Korea.

Apparel and Accessories increase
In terms of product segments, Footwear sales declined by 8.0% currency
adjusted to EUR 598 million in the first half of the year. Sales in Apparel
increased by 7.6% currency adjusted to
EUR 487 million, and Accessories sales also rose by 6.6% currency adjusted
to EUR 292 million.

PUMA's Retail sales rise
PUMA's retail sales increased by 2.9% currency adjusted to EUR 270 million
in the first half of 2014, equal to 19.6% of total sales, as comparable
sales in our stores improved during the period.

Gross Profit Margin stable
PUMA's half year gross profit margin was unchanged at 47.7%. The decline in
Footwear margin from 45.1% to 43.4% was offset by the increase in the
Apparel margin from 49.4% to 50.9%. Accessories margin was stable at 50.9%
for the first six months of the year.

Slight decline in half year OPEX
PUMA's operating expenditure improved slightly thanks to continued
expenditure discipline despite the higher marketing costs associated with
an event year. Half year OPEX improved by 1.2% from EUR 602 million to EUR
595 million.

Operating Result (EBIT) lower
Weak currencies continued to impact reported sales and gross profit. PUMA's
EBIT therefore declined from EUR 110 million to EUR 71 million for the half
year, equivalent to 5.2% of sales. The negative currency development during
2014, particularly in Emerging Markets, had a negative impact of approx.
EUR 15 million on the EBIT, equal to 1.1% of net sales.

Financial Result
For the half year, PUMA's financial result improved from EUR -8.0 million
to EUR -4.5 million. The negative result was caused mainly by the impact of
foreign currency fluctuations.
Net Earnings / Earnings per share decline
Half year consolidated net earnings fell from EUR 68 million to EUR 40