Puma’s Q2 Sales Top $1.1 Billion

Puma has notched another strong quarter in what is shaping up to be a year of strong growth for the Herzogenaurach, Germany-based firm controlled by Kering.

Net earnings in the second quarter rose by 13.7 times to 21.9 million euros ($25.5 million) in the three months ended June 30. Sales were up 16 percent to 968.7 million euros, adjusted for currencies.

In that period, Puma saw double-digit growth in all regions, with footwear the main driver behind sales.

Operating profit nearly quadrupled to 43.4 million euros year-on-year, while gross margin — a key indicator of profitability — rose 90 basis points to 46.5 percent.

Last week, the sportswear company raised its full-year guidance on the wings of the strong second quarter and a positive business outlook for the year.

As reported, sales are expected to grow between 12 and 14 percent, up from a previous target of low-double-digit growth.

As reported, strong sell-throughs driven by footwear helped Puma get off to a better-than-expected start to the year. In the first quarter, it surpassed the 1 billion euros quarterly sales milestone for the first time in the company’s history.

Revenues rose 18 percent, driven by all regions, which posted double-digit gains.

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