(News Bulletin 247) – Puma unveiled first quarter results on Wednesday in line with analysts’ expectations, but its forecasts considered cautious were rather poorly received on the Frankfurt Stock Exchange.
Around 10:40 am, the action of the German sports equipment group lost 3.1%, signing the second largest drop in the MDAX, the German benchmark index for mid-caps.
Over the first three months of the year, Puma’s turnover increased by 14%, to 2.2 billion euros, while its net profit fell to 117 million euros, against 121 million a year earlier.
The group’s gross margin fell by 70 basis points over the January-March period, to 46.5% against 47.2%, affected by promotions, higher production and transport costs and currency effects.
If its results are generally in line with the consensus, investors are worried about the prospects presented by the group for the coming months.
The equipment maker said it expects second-quarter revenue growth to slow, forecast between 0% and 5% due to its destocking efforts and the economic slowdown.
‘This is particularly true with regard to the United States’, reacted this morning the analysts of Stifel.
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