German sportswear company Puma SE raised its outlook for 2017 sales and operating profit for the second quarter of 2017. Higher demand for a collection of casual clothes and shoes contributed to the improvement.
Puma said it expects 2017 earnings before interest and taxation (EBIT) to come in at 205 to 215 million euros, up from a previous forecast for 185 to 200 million euros. The company expects that currency-adjusted sales for 2017 will increase between 12 and 14%, up from a previous target for a 10% rise. However, it refrains from unveiling accurate forecast for net profit. Puma reiterates its April projection of a significant improvement in 2017.
On July 17, the German sportswear firm released preliminary figures for the second quarter of 2017. The company said it was able to increase its sales by 17.2% (by 16.3% on a currency-adjusted basis), while its operative results (EBIT) more than tripled, reaching 43.4 million euros.
The figures came as a surprise for markets. Next week, on July 26, Puma will provide full results for the second quarter. The news sent the company’s shares up 5.6%.
Kering SA, the owner of Gucci, Alexander McQueen, Stella McCartney and Balenciaga brands currently owns 87% of Puma.
