Puma raises guidance
Germany-based sportswear firm Puma AG has posted higher sales for its third quarter and for first nine months of 2008.
Sales, reached €778.6 million in the third quarter, a currency adjusted increase of 5.9%, or 3.3% in euro terms.
During the nine month period, global brand sales increased currency adjusted 3.8% to €2.1 billion. Footwear sales increased 2.4% to €1.2 billion and accessories sales rose 28.2% to €252.6 million. Apparel sales fell 0.4% to €737.9 million.
The EMEA region reported a solid growth of 4.2% currency adjusted in the quarter, reaching €388.1 million. Year-to-date, sales increased 7.1% and totalled €1.1 billion. The region now accounts for 55% of consolidated sales. Third quarter sales in the Americas were up 18.7% currency adjusted reaching €184.7 million. During the nine-month period, sales increased 8.6% currency adjusted to €480.2 million. The region now accounts for 24.5% of consolidated sales.
In the Asia/Pacific region, sales rose 11.9% currency adjusted to €139.9 million in Q3 and by 14% to € 403.9 million year-to-date. The total region accounts for 20.6% of sales.
The strong results have prompted the company to raise its sales guidance for the full-year outlook from a single-digit to a mid to high single-digit currency adjusted growth.
Jochen Zeitz, CEO, said: ”Despite the very challenging economic situation and sluggish retail environment, Puma was able to post another quarter of sales growth.”
