Puma shares drop 15% after fourth-quarter sales and profit miss
© Reuters. FILE PHOTO: A pair of shoes is shown, next to a drink, as sports retailer Puma launches their sportswear collection in collaboration with Porsche Design in Berlin, Germany February 21, 2019. REUTERS/Annegret Hilse/File Photo
Shares in Puma (OTC:PMMAF) dropped 15% as the market opened on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit , News.az reports citing Investhing.
The weak results late on Wednesday came after rival Adidas (OTC:ADDYY) reported strong sales and profitability, highlighting the work Puma still faces to boost its brand, JP Morgan analysts said.
Puma's fourth-quarter sales grew 9.8% in currency-adjusted terms, against the 12% growth expected by analysts. Net profit last year was 282 million euros ($293 million), down from 305 million euros in 2023.
The company is scheduled to provide more detailed guidance when it publishes its full-year report on March 12.
The weak results late on Wednesday came after rival Adidas (OTC:ADDYY) reported strong sales and profitability, highlighting the work Puma still faces to boost its brand, JP Morgan analysts said.
Puma's fourth-quarter sales grew 9.8% in currency-adjusted terms, against the 12% growth expected by analysts. Net profit last year was 282 million euros ($293 million), down from 305 million euros in 2023.
The company is scheduled to provide more detailed guidance when it publishes its full-year report on March 12.
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