This document analyzes the financial performance of Puma and compares it to its competitor Adidas. It provides sales, gross profit, earnings before tax (EBT), and net income figures for both companies for the fourth quarter of 2010 and 2011. Puma saw sales growth from €616.3 million to €720.5 million between those periods. Gross profit and net earnings also increased. However, Puma still has a smaller overall market share than Adidas. The document concludes with sources for additional financial information on Puma and Adidas.

1. Lindsy Cozijns

2.  Puma?
 Financial Analysis
 Puma vs. Adidas
 Conclusion
 Sources

3. Gebrüder Dassler Schuchfabrik
1924
PUMA 1948 Adidas
Rudolf Dassler Adolf Dassler

4.  German company
 Specialized in sportswear
 Headquarters:
▪ Herzogenaurach (Beieren)
▪ Boston
▪ London
▪ Hong Kong

5.  Sales growth
 Gross profit
 Net earnings

6. Sales by customers (€ millions)
800
720.5
700
623.4
600
500
EMEA
400 Americas 15,6%
Asia/Pacific
300
223.1216.3 236.8217.3212.4 Total
200
184
100
0
Q4 2010 Q4 2011

7. Q4 2011 Q4 2010
Sales* 720,5 623,4
Cost of sales* -384,2 -340,5
Gross profit* 336,3 282,9
Gross profit margin* 46,7% 45,4%
* € million

8. Net earnings € million)
33.1
35
30
25
20 Net earnings
14
15
10
5
0
Q4 2010 Q4 2011

9. Net earnings/EBT (€ million)
39.3
40
33.1
35
30
26.7
25
Net earnings
20 EBT
14
15
10
5
0
Q4 2010 Q4 2011

10. Financial Results 2011
PUMA Adidas
Net sales* 3009 13.344
Gross profit* 1493,4 6.344
EBT* 320,4 927
Net income* 230,1 670
* € million

11. +Great financial results
+Growth strategy => “Back on the attack”
- Small market share

12. Thank you for listening!

13.  http://about.puma.com/company/
 http://about.puma.com/category/investors/fi
nancial-report/
 http://adidas-group.corporate-
publications.com/2011/gb/en.html