Oct 26, 2022
Puma confirms full-year operating profit forecast after Q3 results
Oct 26, 2022
German sportswear maker Puma reiterated its full-year operating result outlook on Wednesday, despite uncertainty on the global market, after its operating profit rose by nearly 13% in the third quarter.
"We expect continued volatility in the market during the fourth quarter but are confident that we can deliver according to our full-year outlook," said Puma Chief Executive Bjorn.
The company said its earnings before interest and taxes rose by 12.6% on the year to 258 million euros ($257 million) while third-quarter sales rose a currency-adjusted 16.9% to 2.35 billion euros ($2.34 billion).
"Improved product availability due to a more stable supply chain, better than expected sell-through and Puma's continued global brand momentum overcompensated all the negative external factors," Gulden said.
Despite continued effects of COVID-19-related lockdown measures in China, Puma saw sales growth in the Asia/Pacific region in the third quarter, it said.
The company expects currency-adjusted sales growth of around 15% and an EBIT between 600 and 700 million euros for 2022.
Jefferies equity analysts said Puma's results have proven resilient "in a worsening industry contest" after recent profit warnings from competitors Nike and Adidas highlighting excess inventories across the industry.
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