Puma ups 2019 ambitions after strong Q2, Man City deal
In financial terms, Puma now expects currency-adjusted sales to rise 13 percent, rather than 10 percent as before.
German sportswear maker Puma on Wednesday reported rising sales and profits in the second quarter, raising its full-year financial targets after a strong start to a sponsoring deal with Manchester City.
Net profits at Puma rose 59.7 percent year-on-year between April and June, to 49.7 million euros ($55.5 million).
Sales rose 16.9 percent, to 1.2 billion euros, with Asian markets, especially China, and the Americas the main drivers with double-digit growth of over 20 percent.
Puma´s Europe, Middle East and North Africa region grew more slowly, at eight percent.
And the company said it was able to ratchet its gross profit margin still higher, adding 0.7 percentage points to reach 49.3.
"The second quarter of 2019 developed very positively," chief executive Bjorn Gulden said, highlighting strong performance for the brand´s new footwear styles and fast-paced growth in sales through its expanding high street and online stores.
Looking ahead to the full year, Puma increased its forecast, in part because of a best-ever first-day performance for football kit with the new Man City strip launched in July.
Also in football, the firm can also look back on a quarter-final World Cup placement for the Italian women´s team.
And it will in future sponsor the balls used in Spain´s La Liga as well as top-flight team Valencia CF.
Meanwhile it struck a long-term deal with Porsche in motorsport and brought out new shoes to accompany its return to basketball.
Away from sport, singer Selena Gomez´s Cali shoes were popular in the first half.
In financial terms, Puma now expects currency-adjusted sales to rise 13 percent, rather than 10 percent as before.
With a higher-than-expected gross profit margin, the firm expects to make an operating profit of between 410 -30 million euros, shifting its previous range upwards by 15 million euros.
