Boosted by a strong first quarter, Puma SE on Wednesday raised its full-year guidance for 2017.
Total company sales are now expected to increase at a low double-digit percentage rate in currency-adjusted terms, up from a high single-digit percentage rate, the company said in a statement.
Puma’s full-year earnings before interest and taxes are now anticipated to fall between 185 million euros and 200 million euros, or $196.1 million and $212 million at current exchange, up from the previous guidance of 170 million euros to 190 million euros, or $180.2 million to $201.4 million.
Management at the company controlled by French group Kering still expects that net earnings will improve significantly in 2017.
Puma’s total sales in the three months ending March 31 rose 18 percent in reported terms versus first-quarter 2016 to 1 billion euros, or $1.1 billion, the German company said. There’s no doubt that Puma is taking advantage of the heat in the athletic market, and Rihanna — who in 2016 took home FN’s Shoe of the Year award for the Fenty creeper — is helping drive much of the excitement in the women’s segment.
Earnings before interest and taxes rose by approximately 70 percent to around 70 million euros, or $75 million.
Dollar figures are calculated at average exchange for the period to which they refer.
Puma is scheduled to release its full results for the first quarter, including profits, on April 25.