Puma: first quarter was 'difficult'

(CercleFinance.com) - German sportswear group Puma said on Thursday that it plans to "survive, recover and then emerge stronger" from the current crisis, aiming to grow again after the shock.


Puma said its first-quarter sales fell by a currency-adjusted 1.3% to 1.3 billion euros, while operating result (EBIT) decreased by 50% to 71.2 million euros.

"The first quarter was difficult, but we feel we did a decent job," said CEO Bjorn Gulden.

Puma estimates that it is currently achieving only about 50% of its normal revenue, and expects its financial performance in the second quarter to be worse than in the first quarter.

Given the uncertainty regarding the pandemic, it is not in a position to estimate the impact that the virus will have over the full year, although it expects 2020 to be "difficult".

Puma's shares, which have fallen by over 20% this year, were up 5.3% on the Frankfurt Stock Exchange, one the biggest winners on the German MDAX mid-cap index.

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