Oct 24, 2023
Puma SE reported earnings that narrowly beat analysts’ estimates amid strong demand for sneakers and apparel in Europe and a recovery in China.
Third-quarter operating profit of €236 million ($252 million) exceeded the €228.8 million average analyst estimate, according to a statement Tuesday. The company confirmed its earnings forecast for the full year.
Chief Executive Officer Arne Freundt is relying on momentum in Europe — especially eastern Europe — along with Latin America and increased demand in China to counteract shrinking sales in the US, the world’s largest sports market. Puma is trying to focus on higher-priced soccer, basketball and running sportswear in the US as well as winning market share in China, where larger rivals like Nike Inc. and Adidas AG have struggled in recent years.
Big shoemakers are also fending off fast-growing smaller brands like On Holding AG and Hoka, which are especially gaining ground in running shoes.