Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

27 Apr 2022

Puma’s Q1 Performance Surpasses Expectations Supported by High Demand

The Index Today

German sports brand Puma exceeded expectations with its strong first-quarter earnings report on Wednesday, spurred by mounting demand from wholesalers and consumers which helped to cushion the company against the impact of the ongoing Ukraine-Russia crisis.

As per Reuters, prior to interest and taxes, Puma’s revenue soared by 27% to 196 million euros ($208.62 million), far outpacing analysts' mean forecast for EBIT of 181.5 million euros.

In a statement, Puma’s CEO Bjorn Gulden said, "(This) confirms our investments into innovation and marketing are paying off." He revealed that the company recorded higher sales under all divisions, particularly of running, basketball, football, and golf gear, reported Reuters.

Gulden added, "Based on such a strong first quarter, we would normally raise our outlook for the full year. But given the increased uncertainty in the world, we have decided to stick to our initial outlook from the beginning of this year." 

Clay pottery with table linens