Puma, the German sportswear giant, has reported a strong start to the 2023 fiscal year, with sales increasing by 14.4% to €2.2bn in the first quarter ending 31st March 2023. This impressive growth was driven by a strong performance in the company’s footwear divisions, which saw sales increase by 28.8%.

‍
Alice Latour Price, Apparel Analyst at GlobalData, a leading data and analytics company, commented on the results: “Puma has recorded an impressive start to 2023, with sales increasing €275.5m to almost €2.2bn to represent a growth of 14.4%, as it continues to benefit from the strong demand for its products.”

‍
After two years of decline, Puma finally saw a rise in sales in Greater China, benefitting from the easing of COVID-19 restrictions, and this facilitated sales in APAC to grow by 27.4%.
The company’s apparel division also performed well, with sales increasing by 10.2% to €945.3m. This was driven by strong demand for its lifestyle and performance products, which saw sales increase by 10.7% and 9.7% respectively.

Puma saw positive growth in all its channels, with a notable increase of 32.7% in currency adjusted sales online. The brand also experienced a 17.3% growth in retail store sales. To enhance the in-store experience, Puma has incorporated vibrant LED displays in its flagship Singapore store in February 2023, and opened an interactive store in India in October 2022, equipped with an F1 simulator and customization studio. Puma's footwear sales continued to perform well with a sales increase of 28.8%, driven primarily by its performance lines in running, football, and basketball. However, Puma's apparel and accessories performance was less impressive, with a reported sales increase of only 1.4% and a decrease of 0.8%, respectively.

‍
Sources: https://retailtimes.co.uk/puma-still-shines-bright-like-a-diamond-says-globaldata/