The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BERLIN, Germany — German sportswear company Puma raised its outlook for 2017 sales and operating earnings for the third time this year on Wednesday, as it reported stronger-than-expected sales growth for the third quarter.
Puma's shares jumped 4 percent after the unscheduled announcement. The company is due to report full quarterly results on October 24.
Like its German rival Adidas, which reports results on November 9, Puma has been enjoying a revival in the US market, as shoppers snap up its fashion instead of basketball shoes, hurting Under Armour and Nike.
Nike Inc last month posted its slowest quarterly sales growth in nearly seven years in the face of the intensifying competition from Adidas and Puma and a looming price war amid sporting goods retailers.
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Puma said third-quarter sales rose about 17 percent to €1.122 billion ($1.32 billion), compared with an average analyst forecast for €1.091 billion, according to Thomson Reuters Smart Estimates.
Puma said it was raising its outlook for currency-adjusted sales for the full year, to an increase of 14 to 16 percent from a previous 12 to 14 percent, due to the strong figures as well as the positive fourth-quarter outlook.
It now expects full-year earnings before interest and taxation of €235 million to €245 million, up from previous guidance of €205 million to €215 million and compared with average analyst forecasts of €217 million.
By Emma Thomasson; editor: Larry King.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.