Puma earnings beat estimates on strong demand for sneakers
Bloomberg
Puma
Third-quarter operating profit of €236 million ($252 million) exceeded the €228.8 million average analyst estimate, according to a statement Tuesday. The company confirmed its earnings forecast for the full year.
Chief Executive Officer Arne Freundt is relying on momentum in Europe — especially eastern Europe — along with Latin America and increased demand in China to counteract shrinking sales in the US, the world’s largest sports market. Puma is trying to focus on higher-priced soccer, basketball and running sportswear in the US as well as winning market share in China, where larger rivals like NikeAdidas
Big shoemakers are also fending off fast-growing smaller brands like On Holding AG and Hoka, which are especially gaining ground in running shoes.
