Connect with us

Hi, what are you looking for?


Puma beats difficult conditions to post strong results

FRANKFURT, Oct 26 – German sports equipment and clothing company Puma posted Tuesday a strong increase in third quarter sales and profit despite difficult market conditions.

Puma sales rose 16.5 percent from a year earlier to 784.3 million euros (1.1 billion dollars), with net profit up 14.2 percent at 77.6 million euros.

Market conditions were still difficult, a statement said, but the outlook for the fourth quarter was brighter and the company forecast a sales increase of between five and 10 percent in the period.

The full-year net profit would nonetheless be cut by an exceptional charge of around 30 million euros owing to "irregularities" uncovered at a joint venture in Greece.

Looking ahead, Puma confirmed its annual sales target of four billion euros by 2015, through "targeted investments in mature markets and emerging economies."

The Asia-Pacific region would be a focus of growth in the coming years, the company said.

At a press conference, chief executive Jochen Zeitz set six priorities for growth which included restructuring Puma into a more lifestyle-oriented company and developing brands such as Cobra Golf.

French luxury goods group PPR, which owns 71 percent of Puma, recently unveiled a new "Sport & Lifestyle" division, with Puma at its heart.

– Dow Jones Newswires contributed to this story –

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...