Puma’s North American Struggles Continue in Q2
A strong international performance in the second quarter more than offset lower sales in the U.S., as net income slipped 35% to €55.0 million ($59.8 mm) from €84.3 million, on a 6% revenue improvement to €2,120.7 million ($2,307.6 mm) from €2,002.0 million that would have been up 11% constant currency. Wholesale was up 7% CC to €1,605.3 million, while direct-to-consumer sales jumped 27% CC to €515.4 million, including a 30% CC gain in owned brick & mortar helped by the reopening in China, and a 19% increase in e-commerce sales. DTC ... Log in to view full article.