For the fourth quarter Puma’s net sales went up 20.6 per cent. There was double-digit growth in all regions and product divisions. Gross margin improved to 47.3 per cent led by small positive mix effects as well as slightly positive currency effects. Operating expenses rose 19.4 per cent in the fourth quarter. Net earnings increased 55 per cent.
Sales for the full year increased 18.4 per cent. Sales in the footwear division increased 16.8 per cent. The strongest growth was achieved in the sportstyle, running and training, and motorsport categories. In the apparel division, sales increased 22.6 per cent and was also driven especially by strong growth in sportstyle, running and training as well as motorsport categories. The accessories division showed a sales increase of 13.5 per cent. Higher sales of legwear, bodywear and cobra golf clubs contributed to the increase. Wholesale continued to drive growth with an increase of 15 per cent. Direct-to-consumer sales increased 22 per cent. This was driven by like-for-like sales growth in Puma’s own stores, the expansion of Puma’s retail store network and a continued strong growth of its e-commerce business. Direct-to-consumer sales represented a share of 25.4 per cent of total sales in 2019 compared to 24.3 per cent in 2018.