Puma raises FY guidance amid Q2 sales and profit increase
German sportswear brand Puma has raised its full-year guidance as it revealed higher sales and earnings in its second-quarter.
Currency adjusted consolidated sales in the three month period increased by around 16% - and 17% in reported terms - to EUR969m (US$1.12bn), the company said in a preliminary trading update yesterday (17 July). This compared to sales of EUR827m in the year ago quarter.
The operating result (EBIT) for the quarter more than tripled to reach EUR43m from EUR12m last year, the Kering controlled company said.
In light of the strong second-quarter increase in sales and profitability, as well as the "positive business outlook" for the current year, Puma has raised full-year guidance for its consolidated sales and operating result.
Management now expects sales to increase, currency adjusted, between 12% and 14% compared to previous guidance of a low double-digit percentage rate. The operating result is now forecast at between EUR205m and EUR215m. This compares to previous guidance of between EUR185m and EUR200m.
In line with earlier guidance, management maintains net earnings will improve "significantly" in 2017.
A complete overview of Puma's business development for the second quarter and the first half of 2017 will be published on 26 July.