Puma SE posted results that topped experts’ expectations as demand for trainers and apparel in China recovers.
According to a statement, the company’s second-quarter operating profit of € 115 million (US $ 127 million) exceeded the € 110 million average analyst estimate. In early Frankfurt trading, the shares climbed as much as 2.9 per cent.
The resurgence in Chinese demand benefited the German firm’s business in Asia, where sales increased by almost a quarter. In Europe and Latin America, demand was also high. Puma confirmed its guidance, noting that if momentum continues to build in the third quarter, the company may enhance its financial targets later this year.
Arne Freundt, who took over as CEO in January, has sought to maintain the company’s rapid growth by focusing on higher-priced soccer, basketball, and running sportswear in the United States, as well as gaining market share in China, where larger rivals such as Nike Inc. and Adidas AG have struggled.
