DGAP-News

PUMA SE: First Quarter Sales Growth across all Segments - Seite 2

the region continued to improve, while the Latin American region was
strongly impacted by the weakness of its currencies, notably the
Argentinian Peso. This impacted the sales development in Euro terms
severely.

Sales in the Asia/Pacific region recorded the highest growth rate,
improving 9.8% (+11.2% currency adjusted) to EUR 209.4 million. China was
the strongest performer in the quarter, followed by India.

PUMA's Footwear segment grew for the seventh quarter in a row. Sales rose
by 3.7% (+8.5% currency adjusted) to EUR 392.0 million, with strong gains
in the Sportstyle as well as the Running and Training categories, supported
especially by the successful launches of women's silhouettes.

With an increase of 3.7% (+7.0% currency adjusted) to EUR 290.1 million,
the performance in Apparel was also positive, as our Training and Teamsport
products continued to resonate well with our customers.

Accessories saw a rise of 4.0% (+5.1% currency adjusted) to EUR 169.8
million despite a continued weak Golf environment.

PUMA's own and operated retail sales, including e-commerce, increased 15.1%
currency adjusted to EUR 158.7 million representing 18.6% of total sales in
the first quarter of 2016. This was achieved by strong like for like sales
growth, caused by better product offer and improved consumer experience in
the stores, and the expansion of new stores built with the new "Forever
Faster" store design.

Gross Profit Margin and Operating Expenses:
The gross profit margin remained broadly unchanged at 46.8%, despite the
negative currency impact from the stronger US-Dollar in 2016 compared to
last year. PUMA was able to successfully implement selective price
adjustments and our improved product mix helped to mitigate the negative
impact from a stronger US-Dollar. Footwear gross profit margins improved
from 42.9% to 43.5%, while Apparel margins declined from 50.7% to 49.9% and
Accessories softened from 49.6% to 49.2%.

Operating expenses rose only 3.0% and amounted to EUR 361.7 million in the
first quarter 2016. That increase stemmed mainly from intensified marketing
activities and retail upgrades, while other operating areas and functions
were able to keep the cost stable.

Operating Result and Net Earnings:
Operating result (EBIT) was ahead of the first quarter 2015 by 10.1% at EUR
41.3 million, as sales grew stronger than operating expenses, supported by
a stable gross profit margin.

Net earnings improved by 4.0% to EUR 25.8 million (prior year: EUR 24.8
million) and earnings per share were up correspondingly at EUR 1.73
compared to EUR 1.66 in the first quarter 2015.

Working Capital:
PUMA's working capital increased by 3.2% from EUR 744.7 million to EUR