Operating result (EBIT) in the first quarter 2018 increased to approximately €112 million (Q1 2017: €70 million). Puma says it saw a strong increase in sales and profitability but that “several uncertainties in our business environment have recently developed”, including adverse and volatile currency developments, political instabilities, and the uncertain trade environment between the U.S. and China.
In this respect, the global brand is adjusting its guidance for the full year 2018 “only slightly”, and now expects currency adjusted sales to increase 10%-12% against the previous guidance of approximately 10%. The operating result (EBIT) is now anticipated to come in between €310 million and €330 million, up from €305 million – €325 million in the previous guidance. Net earnings are still expected to improve significantly in 2018.
In January, the Board of Directors of French luxury conglomerate Kering unanimously proposed to submit to its shareholders the project to distribute in kind around 70% of Puma shares, out of the 86.3% currently owned by the Group. Read more here.