Puma reported a steep loss in the second quarter as revenues fell 30.7 percent. Sales progressively improved sequentially throughout the quarter, down 6 percent in June after sliding 38 percent in May and 55 percent in April.
“The second quarter of 2020 was the most difficult quarter I have ever experienced. A virus that shut down 85% of all global sports and fashion retail business was an experience that I had never expected. Priority number one was the health and safety of our people, number two to ensure financing and liquidity to survive the crisis and finally to run the business short-term as well as possible without destroying the mid-term momentum of our brand.
I am proud of how our people have worked through this difficult time. Flexibility, pragmatism, decisiveness and a positive spirit have been the key characteristics of our people. The quarter started with a 55% decline in sales in April, May improved, but was still heavily down with -38%. The real improvement came in June which was down “only“ 6%.
Flexibility with our wholesale partners, promotional activities in our own retail stores and a larger focus on e-commerce have been the short-term strategy.
Full investment in product development for 2021, continued investment in marketing, digital sell-in meetings with our retail partners and a high degree of local decision-making is the current strategy for the mid-term.
The uncertainty surrounding the virus and the fact that the number of infected people globally is still increasing makes it impossible to determine an accurate financial outlook for the full year. We continue to feel that there is a positive global sentiment towards PUMA among both our consumers and our retail partners worldwide and we will continue to do everything we can to please them.”
– BJØRN GULDEN, CHIEF EXECUTIVE OFFICER OF PUMA SE –