HERZOGENAURACH (dpa-AFX) - PUMA (PMMAF.PK) said it recorded growth in third quarter operating result, while sales grew by 20%. The Americas reported the strongest sales growth of 31.2%, currency adjusted, driven by continued high demand for the PUMA brand in the North American and Latin American markets. Looking forward, PUMA further specified its fiscal 2021 outlook, and now expects the currency-adjusted sales to increase at least 25%, revised from previous outlook of at least 20%. The company still expects net earnings to improve significantly in 2021.
PUMA noted that, as a result of the longer-than-expected lockdown in South Vietnam as well as port congestion and container shortages, the industry faces delays, which are having a negative impact on the company's product supply in the short-term.
Third quarter operating result (EBIT) increased to 228.9 million euros from 189.5 million euros, prior year, due to strong sales growth, improved gross profit margin and continued OPEX control. This resulted in an EBIT margin of 12.0%, flat with prior year. Net earnings increased to 143.8 million euros from 113.6 million euros, prior year. Earnings per share was 0.96 euros compared to 0.76 euros.
Sales were 1.90 billion euros, up 20.4% currency-adjusted, or up 20.0% reported. PUMA's wholesale business grew sales by 22.6% currency-adjusted to 1.47 billion euros.
For fiscal 2021, the company now projects operating result (EBIT) to be in a range between 450 million euros and 500 million euros, revised from previous outlook range of between 400 million euros and 500 million euros.
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