Puma: shares jump after full-year guidance raised.
(CercleFinance.com) - German sportswear company Puma reported better-than-expected preliminary first-quarter results and raised its guidance for the full-year 2017.
In Frankfurt, Puma shares hit an 10-year high of 335.6 euros, after these figures were announced and are still up 6.7% at 333 euros in afternoon trading.
First quarter consolidated sales increased 18% in reported terms to over one billion euros, compared to 852 million euros in the first quarter of the previous year.
Ebit in the first quarter increased by 70% to approximately 70 million euros.
In light of these strong first-quarter numbers, Puma raised its full-year guidance, expecting currency adjusted low double-digit sales growth.
The group was aiming at high single-digit currency-adjusted growth previously.
Alongside this, Ebit is now anticipated to come in at between 185 million and 200 million euros, against a previous guidance of between 170 million and 190 million euros.
In line with its previous guidance, Puma still expects significant growth in net earnings in 2017.
Detailed results for the first quarter will be published on 25 April.
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