In the second quarter Puma’s sales increased 95.8 per cent. All regions and product divisions contributed with at least double-digit sales increases. Footwear was the growth driver. Also, apparel and accessories showed strong growth. Compared to the second quarter of 2019, sales were up 36.3 per cent with all regions and product divisions delivering double-digit increases.
The second quarter was a good quarter for Puma. Despite many operational issues, the brand saw very strong growth both in sales and profitability. Puma’s wholesale business grew 114.2 per cent. The direct to consumer business increased by 54.7 per cent with growth in owned and operated retail stores and e-commerce. After stores gradually reopened in the second quarter, demand shifted partially from the e-commerce channel to retail stores, while the overall underlying demand for the Puma brand was strong. The gross profit margin in the second quarter improved 360 basis points to 47.5 per cent. The improvement in gross profit margin was driven by better sell-through and less promotional activity, while inefficiencies in the supply chain including inbound freight had a negative impact.
Operating expenses increased by 34.5 per cent due to higher marketing expenses as well as sales-related distribution and warehousing costs.