Puma reported operating earnings vaulted 68.3 percent in the third quarter as it continued its streak of double-digit top-line growth.
Sales in the third quarter increased on a currency-adjusted basis by approximately 17 percent (approximately 13 percent in reported terms) to €1.122 billion ($1.32 billion) compared to €990 million in the third quarter last year.
EBIT reached approximately €101 million ($119 million), up from €60 million a year ago.
Puma said that due to the strong third-quarter results “as well as the positive business outlook for the fourth quarter,” it raised its full-year guidance for its consolidated sales, gross profit margin, operating expenses and EBIT.
Under the changes:
- Currency-adjusted sales are expected to increase between 14 percent and 16 percent, up from previous guidance calling for a gain between 12 percent and 14 percent;
- Gross profit margin is now anticipated to improve to 46.5 percent, up from 46 percent previously;
- Operating expenses (OPEX) is now projected to increase at a low-double-digit percentage rate versus previous guidance calling for an increase at a high-single-digit percentage rate, reflecting the sales gains;
- EBIT is now anticipated to come in between €235 million and €245 million, up from previous guidance between €205 million and €215 million.
Puma stated, “In line with the previous guidance, Puma still expects that net earnings will improve significantly in 2017.”
Puma’s full third-quarter results will be published on October 24.
Photo courtesy Puma
