Puma: shares fall after guidance disappoints
(CercleFinance.com) - Puma shares were down on Friday after the German sports goods group published higher preliminary first quarter results, but "only slightly" raised its full-year guidance.
In the first quarter, the group's currency-adjusted sales increased by 21% to 1.13 billion euros (+12% in reported terms) while operating result (EBIT) grew to approximately 112 million euros, from 70 million euros a year ago.
Despite this, the company only slightly raised its guidance for 2018, saying that several uncertainties have recently developed, such as uncertain trading conditions between the US and China.
Therefore, Puma now expects that currency-adjusted sales will increase by between 10% and 12%, compared to a previous guidance of approximately 10% growth.
As a result, its shares were down 3.6% at 417 euros this morning on Germany's XETRA market.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In the first quarter, the group's currency-adjusted sales increased by 21% to 1.13 billion euros (+12% in reported terms) while operating result (EBIT) grew to approximately 112 million euros, from 70 million euros a year ago.
Despite this, the company only slightly raised its guidance for 2018, saying that several uncertainties have recently developed, such as uncertain trading conditions between the US and China.
Therefore, Puma now expects that currency-adjusted sales will increase by between 10% and 12%, compared to a previous guidance of approximately 10% growth.
As a result, its shares were down 3.6% at 417 euros this morning on Germany's XETRA market.
Copyright (c) 2018 CercleFinance.com. All rights reserved.