FRANKFURT (Dow Jones)–The sporting goods group Puma’s business development in the third quarter is “in line with original expectations” and is on track with its annual targets. “We expect a high single-digit increase in sales and an EBIT of 590 to 670 million euros,” Puma boss Arne Freundt told Euro on Sunday according to the preliminary report. As was the case at the end of the first half of the year, Puma is on track to achieve this forecast.
This also applies to business development in the third quarter, which has so far been in line with original expectations and will therefore be a further important step towards achieving the full-year targets, said Freundt. Puma could continue to gain market share in a “very difficult” market environment. With these statements, Freundt responded to analyst comments that Puma could fall short of expectations in the third quarter. This led to a collapse in the Puma share price on Thursday.
Increasing market share in the USA and China remains the most important strategic priorities, added the Puma boss. “In the USA we have a very difficult market environment, but we are very confident that we will grow again in 2024,” said Freundt. In China we are seeing a “gradual improvement” in the market environment, and Puma assumes that the company could achieve double-digit growth again this year.
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(END) Dow Jones Newswires
October 06, 2023 10:39 ET (14:39 GMT)
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