Sports goods: Puma makes less turnover – and posts a loss
The sports goods group is continuing to lose ground on bigger rival Adidas. However, Chinese major shareholder Anta is regarded as being at least patient.
Puma reported a net loss of 54.9 million euros in the third quarter, with a 6% decline in revenue to 1.78 billion euros. The company's operating loss was 11.4 million euros, compared to a profit of 16.2 million euros in the same period last year. Puma's CEO, Arthur Höld, stated that the quarterly performance met expectations, and the company is laying the groundwork for future growth.
The company revised its full-year EBIT forecast to between 80 and 130 million euros and reduced its investment plans to less than 150 million euros. This contrasts with rival Adidas, which posted record numbers, with a 9% increase in revenue to 7.3 billion euros and an operating profit of 1 billion euros.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
