Puma Profit Rises 40.1% in Q1
PARIS — Puma SE on Friday maintained its full year guidance coming off a solid first quarter boosted by continued growth in all regions and product divisions. The German sporting goods maker said net profit advanced 40.1 percent in the three months ended March 31, year-on-year, with apparel the main growth driver in the quarter. Net earnings reached 94.4 million euros in the period. Meanwhile, its gross margin — a key indicator of profitability — gained 80 basis points points to 49 percent from 48.2 percent. Puma said earnings before interest, taxes, depreciation and amortization improved by 27 percent to 143 million euros, marking the highest absolute EBIT the company has ever achieved. Revenues were up 15.3 percent on a currency-adjusted basis year-on-year to 1.31 billion euros. “It has been a very good start into the year,” said Puma chief executive officer Bjørn Gulden. “Even if we have nine more months to go and despite a lot of uncertainty in the market, we feel comfortable that we will achieve our guidance for the full year.” The company also announced the election of Héloïse Temple-Boyer and Fiona May as new members of the supervisory board and partnership deals with the Manchester City and Valencia CF soccer clubs.Follow WWD on Twitter or become a fan on Facebook.
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