 Puma on Tuesday announced healthy first quarter results, beating analyst's forecasts. The company saw operating profit jump € 115 million versus last year and is expecting pre-tax profit to improve by at least 70% for the year. Jochen Zeitz, CEO:
“We had a good start into the new year from a bottom line perspective which highlights the effectiveness of our comprehensive restructuring and re-engineering efforts. Assuming a continuous improvement of the economic outlook and a planned increase of supplier orders, we anticipate low to mid single digit growth for the full year, while net earnings should jump significantly to complete the expected earnings rebound. We are now looking forward to the upcoming World Cup and to a successful integration of our newly acquired Cobra Golf business.”
 Global sales, which include consolidated and license sales, decreased by 2.3% to € 720.6 million. Footwear sales were down by 6.0% to € 382.8 million and Accessories by 3.1% to € 90.3 million. Apparel sales increased by 4.3% to € 247.5 million.
The soccer World Cup in South Africa in June will add further momentum, Zeitz said. “Preparations are running at full speed,” he said. Soccer products account for about 10 percent of Puma’s overall sales.
Puma equips seven teams, whereas Adidas kits out 12 teams. Puma CEO Zeitz said that “most of the products will be delivered in the second quarter for the World Cup”. Puma’s team sport category, which includes soccer products, already posted a double-digit growth rate in the first quarter.
Image: Puma logo
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