Puma: no more 'normalization' in sight, share tumbles
(CercleFinance.com) - Puma said on Wednesday that it no longer expects a "normalization" of the situation related to the coronavirus epidemic in the near term, a perspective on which the German group based its annual forecasts released last month.
In a statement this morning, the sporting goods specialist said that it takes note of the prolongation of the epidemic in China, its negative effects on other Asian countries and especially its current spread to Europe and the US.
The company says that Covid-19 has weighed on its activity since the beginning of February - both in terms of sales and supplies.
According to Puma, the development of the situation over the coming weeks and months is simply "impossible to predict", which means that it is unable to provide an assessment of its impact on results and sales.
For the record, in February the group set itself the target of achieving sales growth of around 10% this year, excluding currency effects.
At midday, Puma shares are down over 4% on the Frankfurt Stock Exchange, having previously fallen by more than 7% in morning trading in Frankfurt.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In a statement this morning, the sporting goods specialist said that it takes note of the prolongation of the epidemic in China, its negative effects on other Asian countries and especially its current spread to Europe and the US.
The company says that Covid-19 has weighed on its activity since the beginning of February - both in terms of sales and supplies.
According to Puma, the development of the situation over the coming weeks and months is simply "impossible to predict", which means that it is unable to provide an assessment of its impact on results and sales.
For the record, in February the group set itself the target of achieving sales growth of around 10% this year, excluding currency effects.
At midday, Puma shares are down over 4% on the Frankfurt Stock Exchange, having previously fallen by more than 7% in morning trading in Frankfurt.
Copyright (c) 2020 CercleFinance.com. All rights reserved.