Puma earnings pretax jumped 69.5 per cent to about €70 million (US$74.3 million) in the apparel brand’s first quarter.
Consolidated sales for the German sportswear group grew about 15 per cent on a currency-adjusted basis to €1.005 billion while increasing 18 per cent on reported terms.
With the strong first-quarter increase in sales and profitability as well as the positive business outlook for this year, Puma raised its full-year guidance for its consolidated sales and operating result (EBIT).
Management now expects sales will increase currency-adjusted at a low double-digit rate, and the operating result (EBIT) is now anticipated to come in between €185 million and €200 million, a gain between 45 to 56 per cent.
Net earnings are still expected to improve significantly this year.
The company’s full first-quarter results will be published at the end of this month.
Last year, Puma’s sales rose 8.5 per cent in Asia.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
