For the fourth quarter of 2017, Puma’s currency adjusted sales rose 14.5 per cent. Gross profit margin improved by 250 basis points to 47.1 per cent. Further improvements in sourcing, higher sales of new products with a higher margin, a higher proportion of own retail sales and selective price adjustments contributed to the margin improvement.
Operating expenses increased by 11.7 per cent. This is mainly due to higher investments in marketing to support both the brand desirability and sales. For the full year currency adjusted sales were up by 15.9 per cent. Gross profit margin increased by 160 basis points to 47.3 per cent. Operating expenses were up by 11.7 per cent.
In fiscal 2017, sales at Puma's own retail operations increased in currency-adjusted terms by 22.9 per cent. The share of total sales was 23.2 per cent compared to 21.9 per cent last year. This growth was achieved by a strong increase in sales on a comparable basis in its own retail stores, an increased number of own retail stores and a strong improvement of the e-commerce business.
Puma had a good year in 2017 and grew 16 per cent. For 2018, the brand expects an increase in sales at constant exchange rates by ten per cent.