Puma: 'no surprises' report incites profit taking

(CercleFinance.com) - Puma said on Tuesday that it has started the year with both higher-than-expected first-quarter sales and operating profit.


On the back of double-digit sales growth in all regions and product segments, the German sports goods saw first-quarter sales increase by 21.5% to 1.13 billion euros, while EBIT rose from 70 million euros last year to 112 million euros.

However, because of an uncertain business environment caused by volatile currency rates and the difficult economic trade environment, the group has only slightly raised its full-year outlook.

The company now expects sales to grow by 10% to 12% in local currency, compared to 10% previously, with EBIT expected to come in between 310 million and 330 million euros, compared to 305-325 million euros previously.

However, all this information had already been pre-announced and priced in by the market, with the Puma share down 0.6% this morning.

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