As expected, the German sportswear giant, Puma, has turned in a sparkling set of results for the full  year 2002, with net earnings more than doubling to Eur124 million or Eur5.44 per share.  Sales meanwhile climbed by more than 50% to Eur1.4 billion.  Strong sales growth and a higher gross profit margin (to Eur43.6%) as well as decreases in sales costs were cited for the improvement.   

Especially strong growth was seen in the biggest sales region of Europe where income surged 58.4% to Eur634.5 million – the main driver being the 73.5% rise seen in footwear revenues.   Other big gains were seen in royalty and commission incomes which were up 20.5% to Eur45 million, largely on the back of World Cup sales.

The company was equally upbeat on its prospects for 2002, citing a full order book and strong January sales.  CEO Jochen Zeitz forecast a further 20% increase in sales for the full year and a gross profit margin in the range of 43% to 44%.

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