Business

Celebrity glamour powers Puma profit leap

Wednesday, October 25, 2017

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FRANKFURT AM MAIN, Germany (AFP) — German sporting goods maker Puma reported yesterday leaping profits in the third quarter, after celebrity tie-ins from partners like Rihanna and Usain Bolt fired sales.

Net profit reached 62 million euros (US$73 million) between July and September, 57 per cent higher than the same period last year, the Bavaria-based firm reported.

The result comfortably outperformed predictions from analysts surveyed by financial data firm FactSet.

Puma's performance was even stronger over the first nine months, with net profit doubling, compared with last year, to 134 million euros.

The firm with the pouncing cat logo released some third-quarter results early last week, saying surging revenues and profits prompted it to increase its forecast for the full year.

Puma now expects to make between 235 and 245 million euros in operating profit this year, almost double 2016's figure.

Revenues at the firm swelled in the past three months, juiced by Bolt's final competition appearances at the IAAF World Championships in London and Rihanna's fourth Puma collaboration which dazzled crowds at New York Fashion Week.

Puma, a subsidiary of sports and luxury group Kering, also partnered with US singer and actress Selena Gomez in the third quarter.

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