Puma raised its 2021 sales outlook on Friday, boosted by strong second-quarter demand, especially in North America.
In a statement, Puma said that based on continued brand momentum, successful product launches with high sell-throughs and strong growth across all regions, especially in North America, Puma’s currency-adjusted sales increased by approximately 96 percent to €1,589 million (Q2 2020: €831 million) and the operating result (EBIT) increased to approximately €109 million (Q2 2020: €-115 million) in the second quarter 2021.
In light of its strong second-quarter growth in sales and profitability but also taking into account the continued uncertainties related to the pandemic, political tensions in key markets and supply chain constraints due to container shortages and port congestion, Puma now expects its currency-adjusted sales to increase by at least 20 percent (previous outlook—mid-teens currency-adjusted sales growth) in the financial year 2021.
Puma’s outlook for the operating result (EBIT) has been further specified and is now anticipated to come in between €400 million and €500 million (previous outlook—significant improvement). EBIT was f€209 million in 2020 against €440 million in 2019.
In line with the previous outlook, Puma said it does not provide a detailed outlook on its gross profit margin and OPEX ratio. Net earnings it said are still expected to improve significantly in 2021.
Puma said the achievement of its outlook is subject to continued manufacturing operations in key sourcing countries such as Vietnam and China and no major interruptions due to COVID-19.
A complete overview of Puma’s business development for the second quarter 2021 will be published on July 29, 2021.
Photo courtesy Puma
