Outgrowing fellow German brand adidas, and market leader Nike, during the quarter, PUMA sales improved by 15.3 per cent to €1.32 billion (approx. $1.47 billion), with operating profit coming in at €143 million (approx. $150 million) versus a consensus forecast of €139 million.
Despite leading the market for overall earnings, Team Swoosh reported lower than expected quarterly revenue for the first time in more than a year, with sales in the US stagnating. The company’s shares have dropped 5 per cent as a result.
‘The first quarter of 2019 was the best quarter PUMA has ever seen,’ says chief executive Bjørn Gulden. ‘Even if we have nine more months to go, and despite a lot of uncertainty in the market, we feel comfortable that we will achieve our guidance for the full year.’