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Puma ups guidance despite U.S. tariffs on China

Puma ups guidance despite U.S. tariffs on China
FILE PHOTO: The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. REUTERS/Michaela Rehle/File Photo -
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Michaela Rehle(Reuters)
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BERLIN (Reuters) – German sportswear group Puma <PUMG.DE> raised sales and profit forecasts again on Thursday after a strong third quarter in all regions despite cautioning that it would take a hit from U.S. tariffs on China in the fourth quarter.

Third quarter sales rose by a currency adjusted 17% to 1.48 billion euros ($1.65 billion), ahead of average analyst forecasts for 1.45 billion, while operating earnings were up 25% to 162 million euros, in line with analyst expectations.

Puma said it now expects currency-adjusted sales to rise around 15% for the full year, up from a previous forecast for 13%, while operating earnings will come in at 420 million euros to 430 million euros.

($1 = 0.8984 euros)

(Reporting by Emma Thomasson, editing by Riham Alkousaa)

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