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Puma: shares slightly up after full-year results

(CercleFinance.com) - Puma said on Monday that its net income more than doubled in 2017, on the back of annual sales that exceeded the 4 billion euro mark for the first time.

Net earnings grew to 136 million euros last year, from 62 million euros in 2016, while full-year sales increased by 15.9%, currency adjusted, to 4.1 billion euros.

The group's operating result (EBIT) also improved significantly, rising to 245 million euros from 128 million.

"2017 was a great year for us. This momentum together with positive feedback from consumers and our retail partners makes us look positive into 2018," said CEO Bjørn Gulden.

Puma said it aims to increase sales by around 10% at constant currencies this year and to increase EBIT to between 305 million euros and 325 million euros.

The sports goods group also said that from 1 July it will become the official partner of AC Milan football club, as well as the team's technical supplier and official licensing partner.

Puma shares were up 0.5% on the German Xetra market on Monday after these figures.

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