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Puma Boosts Forecasts as Turnaround Gathers Pace

Currency-adjusted revenue for 2017 will rise by 12 percent to 14 percent, the company said in an unscheduled statement Monday.
Source: Puma
By
  • Bloomberg

HERZOGENAURACH, Germany — Puma SE increased its full-year forecasts for the second time in three months as the German sporting goods maker unexpectedly reported a jump in quarterly sales and profit.

Currency-adjusted revenue for 2017 will rise by 12 percent to 14 percent, the company said in an unscheduled statement Monday, up from a prior forecast of low double-digit growth. Puma boosted its projection for operating profit to a range of €205 million ($235 million) to €215 million, from €185 million to €200 million.

Puma, which had already raised the forecasts in April, is into the fourth year of a turnaround, balancing sportswear and street styles with the help of endorsements from celebrities including sprinter Usain Bolt and singer Rihanna. The shares surged as much as 7.1 percent to €364.90, extending their gain this year to 44 percent.

Second-quarter sales rose 17 percent to €968.7 million, representing growth of 16 percent at constant exchange rates, the company said. Operating profit jumped to €43.4 million from €11.9 million a year earlier. Puma said it will release full results for the quarter on July 26.

By Paul Jarvis; editor: Eric Pfanner.

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