Puma lifts outlook after strong first quarter 2017
Puma raised its guidance for the year after reporting first-quarter earnings jumped 18.0 percent with sales running up in the mid-teens.
In the first quarter 2017, consolidated sales increased currency adjusted by approximately 15 percent (approximately 18 percent in reported terms) to €1.005 billion compared to €852 million in the first quarter last year. The operating result (EBIT) in the first quarter 2017 increased by approximately 70 percent to approximately €70 million, up from €41.3 million in Q1 2016.
In light of the strong first-quarter increase in sales and profitability as well as the positive business outlook for the current year 2017, Puma raised its full-year guidance for its consolidated sales and operating result (EBIT). Management now expects that sales will increase currency adjusted at a low double-digit percentage rate (previous guidance: currency adjusted increase at a high single-digit percentage rate). The operating result (EBIT) is now anticipated to come in between €185 million and €200 million (previous guidance: between €170 million and €190 million).
In line with the previous guidance, management still expects that net earnings will improve significantly in 2017.