Puma Sales Climb on Fast Demand in Europe, Recovery in China

Puma SE sales rose on strong demand for sneakers in Europe and its first growth in China in two years.

(Bloomberg) — Puma SE sales rose on strong demand for sneakers in Europe and its first growth in China in two years.

Revenue climbed 14% to €2.19 billion ($2.41 billion) in the first quarter, the company said Wednesday, slightly ahead of the average analyst estimate. Puma recast its forecast for the rest of the year, saying business may be a bit slower this quarter and should accelerate in the summer and fall.

The robust sales in Europe, its biggest market, and rebounding demand in China helped offset continued troubles in North America, where Puma is struggling to work through a huge inventory of low-price sneakers and apparel, the company said in a statement Wednesday.

Chief Executive Officer Arne Freundt is looking to boost Puma’s profitability by building out its direct-to-consumer operations and selling higher-priced soccer, basketball and running sportswear, especially in the US.

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