Puma: confirms expectations for FY 2023
(CercleFinance.com) - Puma announces that its Q3 sales reached E2,311m, up 6% y-o-y at constant exchange rates, with sales growing in all regions.
EBIT came in at E236m, down 8.5% y-o-y (E258m), while earnings reached E132m compared with E146m twelve months ago.
Nevertheless, Puma believes that it is on track to achieve its full-year forecasts.
While the market continues to face significant macroeconomic headwinds and 2023 remains a year of transition, the company has once again demonstrated the sustained momentum of its brand and has increased its ained market share, management said, targeting 2023 EBIT of E590m to E670m, with an improvement in net income.
Puma still expects a strong improvement in profitability in Q4, mainly thanks to a significant improvement in its gross margin due to lower procurement and transport costs, as well as a reduction in promotional activities.
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