German sports brand Puma sees soaring profits in Q2

The German clothing and sports equipment producer Puma SE has witnessed a significant boost to its profits in the second quarter of 2017, the company headquartered in Herzogenaurach, Bavaria revealed on Wednesday.

Puma made profits of 21.9 million euros (25.5 million U.S. dollars) in the April-June period, compared 1.6 million euros during the same period in 2016.

The operating result (earnings before interest and taxes) improved to 43 million euros from the 11.9 million euros a year ago, as strong sales growth was combined with an improved gross profit margin.

The firm, which competes internationally with the likes of sportswear giants Adidas and Nike, has already repeatedly raised its annual forecasts for 2017. Gross revenue in the second quarter rose by 17.2 percent to a total of 968.7 million euros.

Puma CEO Bjoern Gulden said that his company had experienced two-digit percentage growth in all of its core regions. The development was particularly favorable in the shoe and textile divisions.

Adjusted for currency effects, gross revenue is predicted to grow by 12 to 14 percent in 2017 while operating profits rise by 128 million euros compared to last year to reach between 205 and 215 million euros.