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Puma sees quarterly sales drop on US, China performance

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German sportswear Puma said on Tuesday it expects quarterly currency-adjusted sales growth to be in a low single-digit percentage, below the previous year's level, due to a soft performance in the U.S.
Puma, the German sportswear company, reported a 5.5% drop in quarterly sales, attributing the decline to weaker performance in the U.S. and China. Despite this, the company's shares rose by 4.5% after it announced that its full-year operating profit would likely be at the upper end of its forecast range. CEO Arne Freundt highlighted that while the U.S. market was challenging due to high inventory levels and promotional activities, and China faced a slow recovery, other regions like Europe, Latin America, and India showed growth. Puma also noted a significant increase in sales in the EMEA region by 22.5% and in Latin America by 31.9%. However, sales in Greater China fell by 16.5%, and in the Americas by 17.3%. The company is focusing on reducing promotional activities and managing inventory levels to improve future performance.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/money/topstories/puma-sees-quarterly-sales-drop-on-us-china-performance/ar-AA1AIjL6 ]