Puma Posts Drop In Q3 Profit, Lifts Sales Forecast

Puma SE PMMAF reported a 45% drop in its third-quarter profit. However, the company lifted its sales forecast for the full-year. The company's quarterly net profit slipped to EUR29 million ($35.9 million), versus a year-ago profit of EUR53 million. Its revenue, in euros, rose 3.7% to EUR843 million, while currency adjusted sales gained 6.4% in the quarter. Sales in the EMEA region rose 4.4% currency adjusted to €388 million, while sales climbed 6.3% currency adjusted to €265 million in the Americas. Asia/Pacific sales jumped 10.7% currency adjusted to €191 million. Footwear sales surged 2.0% currency adjusted to €374 million, while Apparel sales jumped 11.4% currency adjusted to €323 million. Operating profit dropped 43% to EUR46 million in the quarter. Bjørn Gulden, Chief Executive Officer of PUMA SE said, “In a good third quarter, PUMA achieved sales that were slightly better than expected. Footwear sales were up for the first time in seven quarters, and operating profits met our expectations.” For the full year, Puma now projects currency adjusted sales to rise in low single digit range, versus a prior outlook of flat sales growth.