HERZOGENAURACH (dpa-AFX) - PUMA SE (PMMAF.PK) reported that preliminary operating result for the third quarter 2017 increased from last year and raised its guidance for the full-year 2017.
The operating result or EBIT for the third quarter 2017 increased to about 101 million euros from 60 million euros in the prior year. Consolidated sales increased currency adjusted by about 17% or about 13% in reported terms to 1.122 billion euros compared to 990 million euros in the third quarter last year.
In light of the strong third-quarter increase in sales and profitability as well as the positive business outlook for the fourth quarter of 2017, PUMA raised the full-year guidance for its consolidated sales, gross profit margin, operating expenses and operating result (EBIT).
The company now expects that currency adjusted sales will increase between 14% and 16%, compared to the previous guidance of 12% - 14% growth in currency adjusted sales.
The gross profit margin is now anticipated to improve to approx. 46.5% compared to previous guidance of approx. 46.0%.
Due to the expected increase in sales, the company now foresees operating expenses (OPEX) to increase at a low double-digit percentage rate, compared to the previous guidance increase at a high single-digit percentage rate.
As a consequence, the operating result (EBIT) is now anticipated to come in Between 235 million euros and 245 million euros compared to the prior guidance of 205 million euros - 215 million euros.
In line with the previous guidance, the company still expects that net earnings will improve significantly in 2017.
PUMA noted that a complete overview of its business development for the third quarter 2017 and the first nine months of 2017 will be published on October 24, 2017.
Copyright RTT News/dpa-AFX