Puma: €24.8m in net profit and €821.4m turnover in Q1 2015

The sporting goods company Puma recorded a net profit of €24.8m in the first quarter of 2015, down 30.3% from the first quarter of 2014 (€35.6m), announced the company on 06/05/2015.

Puma's turnover was €821.4m, an increase of 13.2% compared to the first quarter of 2014 (€725.7m). The operating profit of the company was €37.5m, down 36% compared to the first quarter of 2014 (€58.6m).

Puma's strategy and financial targets for 2015

• "The continued adverse developments of foreign exchange rates during the recent months, particularly the strengthening of the US Dollar versus nearly all other currencies, had a significant negative impact on Puma’s reported gross profit margin.
• We now foresee a drop in the gross profit margin for the full year in a range of 100 to 150 basis points versus last year (2014: 46.6%). As a consequence of the now expected drop in gross profit margin and adverse currency effects on OPEX, we now expect EBIT for the full year to come in at a range between €80m and €100m. Net earnings will be impacted accordingly.
• We have said that we would enhance our product…