PUMA'S Q1 RESULTS SPRINT AHEAD
THE SPORTS GIANT SLIGHTLY RAISES FULL-YEAR GUIDANCE FOR 2018
German sportswear giant Puma continues to chug ahead notwithstanding the economic challenges, volatile currency rates and an uncertain trade climate. Sales in the first quarter of 2018 increased by 21.5 percent currency-adjusted to 1.13 billion euros compared to 1 billion euros last year.
Net earnings hiked 35.8 percent to 67.4 million euros compared to last year’s 49.6 million euros.
All regions and product segments fueled the growth with a particularly bullish performance in the Asia/Pacific region, driven by China, where sales ballooned 34.8 percent in the first quarter. Footwear continued to be the main driver, followed by apparel and accessories.
“We started the year with both first-quarter sales and profitability (EBIT) coming in stronger than we had expected. The double-digit sales growth in all regions and product segments, including an exceptionally high growth in Asia, led to a very strong 21.5% organic sales increase,” noted Bjørn Gulden, Chief Executive Officer of Puma SE. “Because of an uncertain business environment caused by volatile currency rates and the difficult economic trade environment, we raised our outlook for the full year only slightly. We now expect our sales to grow 10% to 12% in local currency (previous 10%) and EBIT to come in between € 310 to € 330 million (previous € 305 to € 325 million).”