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Clothing & Shoes

Puma profits hit £93m in Q2

The increase was predominantly due to new product launches with ‘high sell-throughs’ and strong growth across all regions, particularly in North America

Puma has reported that its profits hit €109m (£93m) in its second quarter of trading, up from a previous loss of €115m (£98) in 2020.

The group noted that the increase was predominantly due to a range of new product launches, with “high sell-throughs” and strong growth across all regions, particularly in North America.

The retailer also revealed that its currency-adjusted sales for the period grew by approximately 96% to €1.58bn (£1.3bn) from €831m (£713m).

In light of its recent second-quarter growth in sales and profitability, whilst taking into account the uncertainties related to the Covid-19 pandemic, the group said it now expects its currency-adjusted sales to increase by at least 20% for the full financial year 2021.

Looking ahead, the group also anticipated an operating profit result to fall between €400m (£343) and 500m (£429m).

The retailer said: “The achievement of our outlook is subject to continued manufacturing operations in our key sourcing countries such as Vietnam and China and no major interruptions due to Covid-19.”

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