EANS-News: PUMA exceeds annual earnings expectations as it posts record sales of 3 billion Euros in 2011

--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------

annual result

Herzogenaurach (euro adhoc) - PUMA exceeds annual earnings
expectations as it posts record sales of 3 billion Euros in 2011

2011 Fourth Quarter Highlights

• Consolidated sales totaled in excess of EUR 720 million, a currency
adjusted
increase of 15.8%
• Gross profit margin improved to 46.7% despite continuing input price
pressure
• EBIT rose by over 72% to EUR 48.1 million
• Net earnings more than doubled to EUR 33.1 million
• Consequently, EPS leapt from EUR 0.93 to EUR 2.21
• Long-term sponsorship agreement signed with German football champions
Borussia Dortmund
• Multi-year sponsorship of Mercedes GP Formula 1 team announced

2011 Full Year Highlights
• PUMA delivers on its EUR 3 billion sales target for 2011
• Gross profit margin continues to be in the upper echelons of the industry
at 49.6%
• EBIT rose by 8.6% to EUR 333.2 million
• Net earnings rose by nearly 14% to just over EUR 230 million
• EPS increased from EUR 13.45 to EUR 15.36

Outlook for the Financial Year 2012

• Management is targeting high single digit sales growth in 2012.
• PUMA enters the second year of its "Back on the Attack" strategy,
continuing with the execution of selective investments into the growth
drivers.
• Management foresees an improvement of net earnings in mid single-digits
for the full year.

"I am pleased to see that our sales and earnings performance in the
financial year 2011 bear testament to the fact that PUMA is "Back
on The Attack", and that our 5-year growth plan is already having
a positive impact", said Franz Koch, CEO of PUMA SE. "We managed
to surpass our sales target this year, eclipsing EUR 3 billion
in sales for the first time, while PUMA´s net earnings also beat
management´s expectations. With the support of a strong
sports marketing portfolio we are well on track to explore the
opportunities of the sports year 2012 as well as achieve our 2015
goal of EUR 4 billion in sales. We expect a sales increase in the
high single digits for this year."

Americas region drives sales growth in the fourth quarter

PUMA´s fourth-quarter consolidated sales rose strongly to over EUR
720 million, up 15.8% currency adjusted and 15.6% in Euro terms when
compared to last year, and surpassing all of PUMA´s previous fourth
quarter results. This exceptional performance was once again
underpinned by all regions, despite the continued economic
uncertainty stemming from the Euro-zone debt crisis, which
continued unabated during the last three months of 2011.

Sales growth in the Americas driven by strong performance in Latin
America PUMA excelled again in the Americas, where sales grew
by 27.8% currency adjusted to EUR 271 million. The Latin
American market continued to be a significant growth driver for
PUMA, and Motorsport remains the top performing category in the
region. The situation in the US improved, and sales accelerated
during the fourth quarter, while PUMA´s lifestyle products in
particular resonated well with consumers.

Despite reluctant consumer behavior amid the Euro-zone debt crisis,
EMEA sales rose by 8.3% currency adjusted to EUR 237 million. The
UK and France performed well, while Russia was at the forefront
of improved performance in Eastern Europe. Lifestyle products in
particular continued to perform well, while our participation in
the Volvo Ocean Race boosted sales in PUMA´s Sailing category.
Fitness also posted significant growth rates.

Sales in Asia/Pacific improved by 11% currency adjusted to EUR
212 million. PUMA´s football shoes and lightweight running
products, especially our FAAS range, continued to stand out, while
growing demand came from outdoor products in the region. Results in
Japan, India and Korea remained very strong while China grew at
the expected rate.

PUMA´s performance in terms of segments mirrors that of the
regions, in that all of them contributed strongly to the impressive
performance. Footwear sales came in at EUR 339 million, an increase
of 11.4% currency adjusted. Apparel grew by 12.7% currency adjusted
to EUR 275 million and Accessories, including the consolidation
of Cobra Golf, performed very well, up 43.6% currency adjusted to
EUR 107 million.

Gross Profit Margin improves In the fourth quarter, PUMA´s gross
profit margin was 46.7%, up from 45.4% last year. The gross profit
margin for footwear increased from 43.4% to 46.6%. Apparel
retreated from 47.0% to 45.9%, whereas Accessories rose to 49.0%
from 48.4%. This increase stems from the overall product mix and an
acceptance of the selective price rises indicated previously by PUMA
and implemented in the fourth quarter of 2011.

Fourth quarter operating expenses rose in line with our growth
strategy, by 18.4% to EUR 292.3 million, and was equivalent to 40.6%
of sales, up from 39.6% for the same period last year. This
increase derives from the further investments under the aegis of
our "Back on the Attack" strategic growth plan. Additional funding
in IT, the supply chain, marketing and product has grown as
planned, as we continue to aim for the targets set out at the end of
2010.

EBIT was up 72.6% in the fourth quarter, at EUR 48.1 million.
This represents 6.7% of consolidated sales and is above last year´s
ratio of 4.5%.

The financial result declined from EUR -1.2 million to EUR -8.9
million, largely as a result of foreign exchange impacts relating to
financing activities.

EBT in the fourth quarter was up 47%, from EUR 26.7 million to EUR
39.3 million.

Net Earnings excel with a 137% improvement Net earnings rose by EUR
19 million to EUR 33.1 million, a notable increase of 137%,
meaning that earnings per share followed suit, up to EUR 2.21 from
EUR 0.93 (diluted earnings EUR 2.21 per share versus EUR 0.92 last
year)

PUMA achieves its goal of EUR 3 billion in sales for the Full Year
2011

"Back on the Attack" growth plan already having a positive impact
Much of PUMA´s success in 2011 can be attributed to its long-term
strategic growth plan "Back on the Attack," launched in autumn 2010
and implemented from the beginning of last year. PUMA´s annual
results attest that this roadmap, which aims to unlock our
long-term brand potential of EUR 4 billion in sales by 2015, has
already had a positive impact on the company´s performance
during 2011. One aspect of this strategy is increasing PUMA´s brand
desirability by differentiating PUMA´s Performance and Lifestyle
categories.

In 2011, we strengthened PUMA´s roots in performance, particularly in
football, by significantly expanding the sports marketing portfolio
of brand ambassadors. PUMA signed Sergio `Kun´ Agüero and Yaya
Touré of Manchester City, Radamel Falcao of Atlético Madrid and
Cesc Fàbregas of Barcelona. They will all feature as central figures
in our global marketing campaigns in the coming years. PUMA signed
up the reigning German football champions, Borussia Dortmund, to a
new partnership as well as the South African Football Federation, the
host of the next African Cup of Nations. With a portfolio of 12
African teams, we remain the leading football sponsor on the
African continent. All these strategic moves underline our
ambition to be the clear number 3 brand in the world of
football.

Record sales increase to more than EUR 3 billion Consolidated sales
for the Full Year climbed 12.1% currency adjusted (11.2% in Euro
terms) to just over EUR 3 billion. With this record result,
PUMA has achieved its sales target for the full year.

Regions Once again, all regions contributed to this excellent
performance. Sales in EMEA rose by 7.7% currency adjusted to over
EUR 1.31 billion. EMEA therefore accounted for 43.6% of total
sales compared to the 2010 number of 45.1%. In the Americas, sales
increased by 17.7% currency adjusted, equal to EUR 967 million and
equal to 32.1% of total sales. Sales figures improved in every
country in the region. Asia/ Pacific also recorded a double digit
increase, with sales topping EUR 730 million, a currency
adjusted increase of 13.3%. This was equivalent to 24.3% of total
sales.

Segments In terms of segments, Footwear continued to thrive,
growing 9.9% currency adjusted to EUR 1.54 billion. Apparel rose at
the same rate, surpassing the 1 billion Euro mark for the first
time. Accessories posted an impressive 27.3% currency adjusted
increase, up to EUR 434 million, after Cobra Golf had been
integrated for a full year for the first time in the financial year
2011.

Retail sales rise by EUR 45 million Of the total consolidated number,
retail sales were EUR 515 million or 17.1%. This is an increase
in absolute terms of EUR 45 million, but a slight decrease from
17.4% of total sales in 2010. As part of our growth strategy, we are
still aiming for 20% of sales to be recorded in our own retail.

Gross profit margin remains stable For the full year, gross profit
margin is stable at 49.6% (prior year: 49.7%). This was achieved
in the face of higher wage pressures and increasingly
volatile commodity price movements. The Footwear margin rose
slightly from 48.9% to 49.1%, Apparel dropped a percentage point
to 49.6% and Accessories moved up one percentage point, to 51.6%.

Operating expenses Full year operating expenses were up, by 14.8% to
EUR 1,178 million, in line with the "Back on the Attack" growth
strategy. Marketing & Retail rose by 9.8% to EUR 550.7 million, but
dropped slightly as a percentage of sales to 18.3%. Other Selling
Expenses rose in line with sales to EUR 387.1 million. As
envisioned under the plan, RD&D expenses rose by 21.0% to EUR 77.0
million, and General and Administrative expenses rose by 31.8% to
EUR 195.3 million, due to continued investments in infrastructure
and systems to build the platform for future growth. This
caused the expense ratio to rise from 5.5% to 6.5%. In addition,
the Company reported other operating income of EUR 32.2 million,
compared to EUR 35.5 million in 2010.

Earnings EBIT rose by 8.6% to EUR 333.2 million. As a percentage of
sales, EBIT was 11.1% for 2011, as compared to 11.3% for 2010.

The financial result for 2011 came in at EUR -12.8 million versus EUR
-5.3 million in 2010. Interest income rose by EUR 0.8 million to EUR
5.2 million, while foreign exchange rate fluctuations related to
financing activities led to a negative result of EUR 6.9 million
which did not occur in 2010. Other financial expense related items
increased by EUR 1.4 million this year.

Full year EBT rose, by 6.3% from EUR 301.5 million to EUR 320.4
million. Tax expenses declined for the full year, by 9.4% to EUR 90.0
million. The tax ratio was therefore at a normalized rate of 28.1%,
compared to 32.9% in 2010.

For the full year of 2011, net earnings jumped 13.8% to EUR 230.1
million, from EUR 202.2 million last year. EPS increased strongly, by
14.2% to EUR 15.36.

Net Assets and Financial Position

Equity Total assets (as of December 31, 2011) stood at EUR 2,581.8,
an increase of 9.1% from last year´s EUR 2,366.6 million.
Inventories and trade receivables were the main contributors. The
equity ratio rose from 58.6% to 62.2%, which indicates continued
improvement in our capital base. In absolute figures,
shareholders' equity increased by 15.8% from EUR 1,386.4 million to
EUR 1,605.2 million.

Working Capital PUMA´s overall Working Capital increased by
32.0% to EUR 534.0 million. Inventories rose by 22.1% from EUR
439.7 million to EUR 536.8 million, which was necessary to
accommodate our planned sales growth, and also a consequence of
higher procurement prices which, amongst other things, led to this
increase. Trade receivables also increased, up 19.3% from EUR 447.0
million to EUR 533.1 million as a result of our strong sales
performance, particularly in the fourth quarter. Trade payables also
rose strongly by 25.3% to EUR 431.4 million, partly balancing the
increase in Working Capital.

Cashflow/ Capex Free Cashflow for the full year dropped slightly to
EUR 16.8 million versus EUR 17.1 million in 2010. With regards to
our Capex, PUMA´s outgoings increased by 28.9% to EUR 71.1 million.
As already discussed, this increase is almost entirely derived from
investments in line with our growth strategy, into supply chain
improvement, IT systems and the ongoing expansion of our
retail store portfolio. Payments for acquisitions fell by almost
60% to EUR 44.2 million, as the 2010 number included PUMA´s
purchase of Cobra Golf. The purchase of the outstanding stake
in our China business from our joint venture partner
accounted for the majority of acquisition payments made in 2011.

Cash Position Total cash (as of December 31, 2011) fell by 6.5% to
EUR 448.2 million. Bank debts were reduced by 18.0% to EUR 35.1
million. The net cash position decreased 5.4%, from EUR 436.8
million to EUR 413.1 million.

Dividend The Administrative Board will propose to the Annual General
Meeting on April 24, 2012, that an increased dividend of EUR
2.00 per share (EUR 1.80 in the previous year) be paid for the
financial year 2011, due to the improvement in net earnings and in
spite of a flat free cash flow.

Share buyback PUMA did not activate its share buyback program during
the fourth quarter of 2011. As of the balance sheet date, PUMA
owned 147.831 of its own shares, equal to EUR 32.6 million.

Outlook

Management believes that PUMA can achieve increases in sales in
the upper single-digit range in each of the next two years. This
growth will be fuelled by further investments into marketing,
product design and development, structure in emerging markets
as well as the optimization of processes, organization and
systems. Assuming moderate input cost inflation, combined with
necessary operating expense increases, net earnings are expected to
improve in the mid-single digit range for both years.

Media Relations:

Kerstin Neuber - Corporate Communications - PUMA SE - +49 9132 81
2984 - kerstin.neuber@puma.com

Investor Relations:

Carl Baker - Finance - PUMA SE - +49 9132 81 3188 -
carl.baker@puma.com

Notes to the editors:
• This press release and financial reports are posted on www.about.puma.com.
• The detailed report of PUMA´s Environmental Profit and Loss Account 2010
is now available on www.about.puma.com
• PUMA SE stock symbol:
Reuters: PUMG.DE, Bloomberg: PUM GY,
Börse Frankfurt: ISIN: DE0006969603- WKN: 6969603

Notes relating to forward-looking statements: This document
contains forward-looking information about the Company´s
financial status and strategic initiatives. Such information is
subject to a certain level of risk and uncertainty that could
cause the Company's actual results to differ significantly
from the information discussed in this document. The
forward-looking information is based on the current expectations
and prognosis of the management team. Therefore, this document
is further subject to the risk that such expectations or prognosis,
or the premise of such underlying expectations or prognosis,
become erroneous. Circumstances that

could alter the Company's actual results and procure such results to differ
significantly from those contained in forward-looking statements made by or on
behalf of the Company include, but are not limited to those discussed be above.

|PUMA |

PUMA is one of the world´s leading Sportlifestyle companies that
designs and develops footwear, apparel and accessories. It is
committed to working in ways that contribute to the world by
supporting Creativity, SAFE Sustainability and Peace, and by
staying true to the principles of being Fair, Honest, Positive
and Creative in decisions made and actions taken. PUMA starts in
Sport and ends in Fashion. Its Sport Performance and Lifestyle
labels include categories such as Football, Running, Motorsports,
Golf and Sailing. Sport Fashion features collaborations with
renowned designer labels such as Alexander McQueen, Mihara Yasuhiro
and Sergio Rossi. The PUMA Group owns the brands PUMA, Cobra Golf
and Tretorn. The company, which was founded in 1948, distributes
its products in more than 120 countries, employs more than 10,000
people worldwide and has headquarters in Herzogenaurach/Germany,
Boston, London and Hong Kong. For more information, please visit
http://www.puma.com

Further inquiry note:
Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

end of announcement euro adhoc
--------------------------------------------------------------------------------

company: PUMA SE
PUMA Way 1
D-91074 Herzogenaurach
phone: +49 (0)9132 81 0
FAX: +49 (0)9132 81-2246
mail: investor-relations@puma.com
WWW: http://about.puma.com/?lang=de
sector: Consumer Goods
ISIN: DE0006969603
indexes: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX, Prime All
Share
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
regulated dealing: München, regulated dealing/prime standard:
Frankfurt
language: English