Puma’s Q4 sales up, CEO says Jack Wolfskin not on “shopping list”
Puma (PUMG.DE) reported record fourth-quarter sales Feb. 15, but warned of price increases, while its CEO Jochen Zeitz told Reuters his company is not interested in acquiring German outdoor apparel and gear manufacturer Jack Wolfskin.
Jack Wolfskin, which several German news outlets say is near a sale, is not on Puma’s “shopping list,” Zeitz said, according to Reuters.
Puma’s fourth-quarter sales were EUR 623.4 million (USD $841.4 million), up 28 percent in euro terms and 16 percent adjusted for currency effects. Zeitz said the athletic apparel and footwear company may have to raise prices in 2012, possibly sooner, to offset rising commodity and wage costs.
For FY 2010, Puma reported adjusted earnings before interest and tax of EUR 337.8 million (USD $455.9 million) and sales of EUR 2.71 billion (USD $3.65 billion).
Puma said rising costs meant net profit would not grow as fast as sales in 2011, and margins would be lower. The company is forecasting a mid single digit rate of growth for profit in both 2011 and 2012 and a mid-to-high single digit rate of growth in sales.
Puma maintained its dividend at 1.80 euro per share (USD $2.42).
(Conversion of Euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Feb. 15.)
Wholesale sales boost Rocky’s Q4, FY
Rocky Brands (Nasdaq: RCKY), parent of Durango, said efforts to grow the top line resulted in wholesale sales being up 14 percent for the fourth quarter and 8 percent for the full year.
For the quarter ended Dec. 31, net sales increased 8.2 percent to $66.7 million versus net sales of $61.7 million in the fourth quarter of 2009.
Wholesale sales for the fourth quarter increased 14.4 percent to $52.5 million compared to $45.9 million for the same period in 2009. Retail sales were $12.4 million compared to $12.5 million. Military segment sales were $1.8 million versus $3.3 million.
Gross margin in the fourth quarter was $24.3 million, or 36.5 percent of sales compared to $22.0 million, or 35.7 percent for the same period last year. Operating expenses were $19.0 million, or 28.4 percent of sales, compared to $19.1 million, or 31.0 percent of sales, a year ago.
The company reported net income of $3.0 million, or $0.41 per diluted share, versus net income of $0.9 million, or $0.16 per diluted share, last year.
For fiscal 2010, net sales increased 10.2 percent to $252.8 million versus net sales of $229.5 million in fiscal 2009. Net income was $7.7 million, or $1.14 per diluted share, in 2010, versus net income of $1.2 million, or $0.21 per diluted share, in 2009.
Amer Sports to buyback shares
Amer Sports (OMX: AMEAS), parent of Salomon, Arc’teryx and Suunto, reported it will repurchase its own shares in order to implement share-based incentive plans for 2011 and 2012 for the group's key personnel.
The repurchases will start at the earliest on Feb. 23, 2011 and end on Sept. 9, 2011, at the latest. Its cap is 1 million shares.
--Compiled by Wendy Geister
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