Puma Raises FY Guidance as Q2 Sales Grow 16.9%

PARIS — Puma SE on Wednesday slightly raised its full-year guidance after a solid second quarter of healthy growth in all regions and product divisions. The Herzogenaurach, Germany-based sporting goods giant said sales in the three months ended June 30 rose 16.9 percent to 1.22 billion euros, while like-for-like net profit advanced 59.7 percent to 49.7 million euros. Both apparel and footwear showed strong growth in the period, up 22.7 percent and 14.5 percent respectively, driven by double-digit increases on a currency-adjusted basis in the Asia-Pacific and Americas regions. Puma said earnings before interest, taxes, depreciation and amortization improved by 39 percent to 80 million euros, versus 58 million euros in the equivalent year-ago period. In the first half of 2019, Puma net profits gained 46.3 percent 1.44 billion euros, while group sales increased 16.8 percent to 2.54 billion euros. In terms of full-year outlook, Puma said it now expects sales growth of around 13 percent in currency-adjusted terms, up from previous guidance of 10 percent, with net earnings expected to improve significantly. The full-year EBIT is expected to come in at between 410 million euros and 430 million euros, versus the previous guidance of between 395 million euros and 415 million euros. Puma said it has elected

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD https://ift.tt/2yr6eAG