Puma: share down, despite raising forecasts

(CercleFinance.com) - On Wednesday German sport equipment maker Puma raised its growth forecasts for 2021, following what it described as a "solid" start to the year.


The German group made the announcement as it published Q1 results that were well above expectations.

Its quarterly sales showed organic growth of 19% (+25.8% in organic terms), to some 1.55 billion euros, a performance that exceeded expectations by around 6%.

Meanwhile, net profit jumped to 109.2 million euros, from 36.2 million euros a year ago, exceeding the consensus by 10%.

Puma now expects organic sales growth of around 15% this year, compared with a previous forecast of "moderate" growth.

Despite this, the stock was down almost 3% on Wednesday, while the index of European consumer stocks index was up 0.3%.

YTD, the stock has fallen 2%, while the STOXX Europe 600 Optimised Consumer Discretionary index has risen by over 15%.


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