Puma : Q1 out - Sales flat but profits decrease less than expected
>Sales flat across all major regions, profitability down - In Q1, sales were flat excluding FX at € 2,102m (consensus: € 2,087m, ODDO BHFe: € 2,099m) in line with expectations. Regions: EMEA flat, Americas +1% and Asia +1%. Channels: DTC +14% but Wholesale was 3%. EBIT decreased 9% to € 159m (consensus: € 151m, ODDO BHFe: € 156m) which was 6% above consensus. This implies a margin of 7.6% (down 50bp) mainly on negative FX effects and a higher opex ratio due to report...Puma and its subsidiaries are engaged in the development and sale of a broad range of sports and sports lifestyle products, including footwear, apparel and accessories. Product management, design, development and category-specific marketing have been combined under six separate Business Units. The Business Units Teamsport, Running, Training & Fitness, and Golf represent Co.'s performance business, while Lifestyle and Motorsports, Fundamentals as well as Accessories & Licensing constitute the lifestyle business.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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