Puma SE (PUM.XE) expects to deliver strong results for 2017, raising its guidance for key earnings, sales and margin metrics on Wednesday after third-quarter sales and profitability rose sharply.
For the quarter, consolidated sales grew 13.3% to 1.12 billion euros ($1.32 billion) from EUR990 million a year earlier, while earnings before interest and tax nearly doubled to EUR110 million from EUR60 million.
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On the back of that performance, Puma now expects EBIT of between EUR235 million and EUR245 million, when previously it had forecast EUR205 million to EUR215 million.
The German company raised its gross profit margin forecast to 46.5% from 46% and anticipates currency-adjusted sales growth of 14% to 16%--higher than its original 12% to 14% target.
Puma, which is majority-held by France's Kering SA (KER.FR), also reaffirmed its expectation of a significant increase in net profit.
The full third-quarter results will be published Oct. 24.
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(END) Dow Jones Newswires
October 18, 2017 11:05 ET (15:05 GMT)