From Nasdaq: 2024-08-07 05:28:51

Shares of Puma SE dropped over 12% after lower profit in Q2 due to flat sales, with EBIT improving. Economic challenges impacted sales growth forecast, leading to a reduced earnings view for 2024. Despite challenges, company projects mid-single-digit sales growth for the year, with EBIT expected to range from 620 million euros to 670 million euros. Net income is forecasted to improve in 2024, reflecting expectation of a stronger second half. In Q2, net income decreased 23.8% to 41.9 million euros, with EBIT growing by 1.6% to 117.2 million euros.

Sales for Q2 fell 0.2% to 2.12 billion euros, with sales growth in the Americas and Asia/Pacific regions. Despite challenges, Puma focuses on prioritizing sales growth and market share gains over short-term profitability. In Q2, Footwear sales were flat, Apparel sales grew 9.2%, and Accessories sales decreased by 4.7%. Shares of Puma SE were trading at 36.15 euros, down 12.77% in Germany’s XETRA.



Read more at Nasdaq: Puma SE Cuts FY24 Earnings View After Weak Q2; Stock Down