Puma raised its guidance for the year after reporting better-than-expected third-quarter results.
Puma SE published preliminary results for the third quarter 2017 and raised its guidance for the full-year 2017.
In the third quarter 2017, consolidated sales increased currency-adjusted by approximately 17 percent (approximately 13 percent in reported terms) to €1,122 million compared to €990 million in the third quarter last year.
The operating result (EBIT) in the third quarter 2017 increased to approximately €101 million (Q3 2016: €60 million).
In light of the strong third-quarter increase in sales and profitability as well as the positive business outlook for the fourth quarter of 2017, Puma raised its full-year guidance for its consolidated sales, gross profit margin, operating expenses and operating result (EBIT).
Puma said it now expects currency-adjusted sales will increase between 14 percent and 16 percent (previous guidance: currency adjusted increase between 12 percent and 14 percent). The gross profit margin is now anticipated to improve to approximately 46.5 percent (previous guidance: approximately 46 percent).
Due to the expected increase in sales, Puma now foresees operating expenses (OPEX) to increase at a low-double-digit percentage rate (previous guidance: increase at a high-single-digit percentage rate). As a consequence, the operating result (EBIT) is now anticipated to come in between €235 million and €245 million (previous guidance: between €205 million and €215 million).
In line with the previous guidance, Puma still expects that net earnings will improve significantly in 2017.
A complete overview of Puma’s business development for the third quarter 2017 and the first nine months of 2017 will be published on October 24, 2017.
