Puma 3Q net profit flat

FRANKFURT — Sportswear maker Puma AG said Friday that its net profit was flat in the third quarter, but the company reported healthy sales growth and raised its sales forecast for the full year.

The Herzogenaurach-based company said net profit for the third quarter was flat at 89 million euros ($113 million).

Puma said sales grew by more than 9 percent in currency-adjusted terms to 713 million euros ($906 million) in the third quarter. Pretax profit also was higher at 125 million euros ($159 million).

Puma said total orders as of September were 4.7 higher than a year earlier in currency-adjusted terms, coming in at 1.16 billion euros ($1.5 billion). The orders are mainly for deliveries scheduled for the current quarter and next year's first quarter.

"Despite the very challenging economic situation and sluggish retail environment, Puma was able to post another quarter of sales growth," Jochen Zeitz, the company's chief executive, said in a statement.

"Due to the year-to-date performance and our order books, we raise our sales guidance for our full-year outlook from a single-digit to a mid to high single-digit currency-adjusted sales growth," he said.

Puma is the world's third largest sportswear company after Nike of the U.S. and crosstown rival Adidas.

French luxury goods company PPR took over Puma last year, acquiring more than 62 percent of the company's shares, but Puma continues to report separately and keep its German stock market listing.

Puma said sales in the Americas were up 19 percent for the quarter, reaching 185 million euros ($235 million). Asia-Pacific region sales were up 12 percent to 140 million euros ($183 million).

Sales in Europe, the Middle East and Africa rose by a more modest 4.2 percent, reaching 388 million euros ($493 million).

Puma makes football, golf and athletics products as well as training outfits and Tretorn tennis goods.

The company said that sales for the first nine months of the year were up 3.8 percent to 2.1 billion euros ($2.7 billion).

Investors sent Puma shares down 4.8 percent to 124 euros ($157.48) in early Frankfurt trading.

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On the Net:

http://www.puma.com

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