Puma (OTCPK:PUMSY) promoted its resilience and ability to weather inflationary headwinds on Wednesday, reiterating its full-year outlook for sales and income.
For the third quarter reported on Wednesday, a 24% jump in revenue to €2.35B was noted as a company record. Additionally, EBIT rose 13% from the prior year quarter to €258M.
“Improved product availability due to a more stable supply chain, better than expected sell-through and PUMA’s continued global brand momentum overcompensated all the negative external factors,” CEO Bjørn Gulden said.
He added that demand across footwear and apparel remains strong despite indications of consumers tightening belts. Though he did provide the caveat that “high inventory levels in the market, especially for Apparel, have led retailers to order more cautiously than a year ago.”
Full-year guidance, including sales growth “in the mid-teens” and €600-€700 in EBIT, were reiterated. European-listed shares of Puma (OTCPK:PMMAF) fell 1.73% in afternoon trading on Wednesday.