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."