Puma: raises 2019 guidance after 'very positive' quarter
(CercleFinance.com) - German sportswear firm Puma raised its outlook for 2019 sales and operating profit on Wednesday after the second quarter developed "very positively," it said.
Puma now expects that currency-adjusted sales will increase around 13% this year, up from a previous target of around 10%.
The Bavarian company also said it expects 2019 earnings before interest and tax (EBIT) to come in between 410 million euros and 430 million euros, up from a previous forecast for 395 to 415 million euros.
Sales for the second quarter rose by 15.7%, adjusted for currency effects, to 1.2 billion euros, largely driven by Asia/Pacific and Americas.
The operating result (EBIT) increased by 39.4% to 80.3 million euros due to an improvement in gross margin on the back of lower discounts.
Shares in the group jumped 6.4% at 62.1 euros, a new record level, making them the biggest mid-cap gainer in Germany's MDAX index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Puma now expects that currency-adjusted sales will increase around 13% this year, up from a previous target of around 10%.
The Bavarian company also said it expects 2019 earnings before interest and tax (EBIT) to come in between 410 million euros and 430 million euros, up from a previous forecast for 395 to 415 million euros.
Sales for the second quarter rose by 15.7%, adjusted for currency effects, to 1.2 billion euros, largely driven by Asia/Pacific and Americas.
The operating result (EBIT) increased by 39.4% to 80.3 million euros due to an improvement in gross margin on the back of lower discounts.
Shares in the group jumped 6.4% at 62.1 euros, a new record level, making them the biggest mid-cap gainer in Germany's MDAX index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.