Puma lifted its full-year sales and profit guidance for the second time in three months on Monday, as the German sportswear brand benefits from the trend for retro-inspired streetwear.
The company, which is majority-owned by luxury group Kering, had already upgraded its full-year forecasts once when it reported first-quarter results in April, but it lifted its guidance again today in an unscheduled update ahead of its second-quarter results.
Puma said consolidated sales in the three months to June rose 17.2 per cent year on year on a reported basis, and 16.3 per cent when currency fluctuations are taken into account. Earnings before interest and tax over the same period more than tripled, to €43.4m.
The company said it now expects to report full-year ebit of between €205m and €215m, compared to previous expectations of €185m to €200m. Sales growth will be between 12 and 14 per cent, compared to previous guidance that growth would be in the “low double digits”.
The company gave no precise estimates for net earnings, but reiterated previous guidance that they will “improve significantly” over the year.
The positive start to the year builds on last year’s strong results, with Puma’s sneakers – worn by figures ranging from sprinter Usain Bolt to singer Rihanna – driving stronger than expected growth as the company tries to close the gap with rivals Nike and Adidas (which was established by the Puma founder’s younger brother).
Shares in the company were up 5 per cent at publication time, to €357.70.