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Puma raises 2017 guidance after strong second quarter

Reuters
The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger (Reuters)

BERLIN (Reuters) - German sportswear firm Puma hiked its outlook for 2017 sales and operating profit on Monday as it announced strong second quarter results, pushing its shares up 5.6 percent. Like German rival Adidas , Puma has been enjoying a revival in the U.S. market, helped by a shift towards retro styles and away from basketball shoes which has hurt Under Armour and dented Nike's success. In an unscheduled release ahead of full results due on July 26, Puma said it now expects that currency-adjusted sales for 2017 will increase between 12 and 14 percent, up from a previous target for a "low double-digit" rise. Puma said it expects 2017 earnings before interest and taxation (EBIT) to come in at 205 to 215 million euros, up from a previous forecast for 185 to 200 million, while it confirmed it expects net earnings to improve significantly. It said second-quarter sales rose by a currency-adjusted 16 percent to 968.7 million euros, while its EBIT came in at 43.4 million. (Reporting by Emma Thomasson; Editing by Maria Sheahan)