Oct 26, 2010
Puma beats difficult conditions to post strong results
Oct 26, 2010
FRANKFURT, Oct 26, 2010 AFP © - German sports equipment and clothing company Puma posted Tuesday a strong increase in third quarter sales and profit despite difficult market conditions.
Puma sales rose 16.5 percent from a year earlier to 784.3 million euros (1.1 billion dollars), with net profit up 14.2 percent at 77.6 million euros.
Market conditions were still difficult, a statement said, but the outlook for the fourth quarter was brighter and the company forecast a sales increase of between five and 10 percent in the period.
The full-year net profit would nonetheless be cut by an exceptional charge of around 30 million euros owing to "irregularities" uncovered at a joint venture in Greece.
Looking ahead, Puma confirmed its annual sales target of four billion euros by 2015, through "targeted investments in mature markets and emerging economies."
The Asia-Pacific region would be a focus of growth in the coming years, the company said.
At a press conference, chief executive Jochen Zeitz set six priorities for growth which included restructuring Puma into a more lifestyle-oriented company and developing brands such as Cobra Golf.
French luxury goods group PPR, which owns 71 percent of Puma, recently unveiled a new "Sport & Lifestyle" division, with Puma at its heart.
- Dow Jones Newswires contributed to this story.
Copyright © 2022 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.