Advertisement
Canada markets close in 5 hours 34 minutes
  • S&P/TSX

    21,972.37
    -39.35 (-0.18%)
     
  • S&P 500

    5,080.65
    +10.10 (+0.20%)
     
  • DOW

    38,484.72
    -18.97 (-0.05%)
     
  • CAD/USD

    0.7296
    -0.0024 (-0.33%)
     
  • CRUDE OIL

    82.92
    -0.44 (-0.53%)
     
  • Bitcoin CAD

    90,285.58
    -1,443.48 (-1.57%)
     
  • CMC Crypto 200

    1,428.67
    +4.57 (+0.32%)
     
  • GOLD FUTURES

    2,332.30
    -9.80 (-0.42%)
     
  • RUSSELL 2000

    2,004.92
    +2.27 (+0.11%)
     
  • 10-Yr Bond

    4.6580
    +0.0600 (+1.30%)
     
  • NASDAQ

    15,791.94
    +95.30 (+0.61%)
     
  • VOLATILITY

    15.68
    -0.01 (-0.06%)
     
  • FTSE

    8,057.40
    +12.59 (+0.16%)
     
  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     
  • CAD/EUR

    0.6816
    -0.0020 (-0.29%)
     

UPDATE 1-Puma reaffirms positive outlook despite supply chain strain

(Adds CEO comment)

BERLIN, July 29 (Reuters) - German sportswear company Puma said on Thursday it remained concerned about the strain the coronavirus pandemic is putting on its supply chain, but reiterated the mid-term outlook for the sector and company remained positive.

Chief Executive Bjorn Gulden said Puma was able to overcome shortages of freight capacity, harbour congestion and COVID-19 restrictions in some countries to report strong sales and earnings growth in the second quarter thanks to strong demand.

"We are, of course, still worried about the impact COVID-19 will continue to have on our business in the short-term, now especially in the supply chain," Gulden said in a statement.

ADVERTISEMENT

"But we continue to be very positive for the mid-term outlook for our sector in general and specifically for PUMA."

The company, which outfitted Puma European soccer champions Italy, confirmed preliminary second-quarter sales and earnings figures released two weeks ago with currency-adjusted sales nearly doubling to 1.59 billion euros ($1.88 billion) and earnings before interest and taxes (EBIT) of around 109 million euros.

The company also reaffirmed its 2021 outlook for currency-adjusted sales increase of at least 20% after earlier predicting percentage growth in mid-teens. ($1 = 0.8435 euros) (Reporting by Tomasz Janowski Editing by Caroline Copley)