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Puma reports strong sales despite port congestion, politics

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Puma reports strong sales despite port congestion, politics
Puma reports strong sales despite port congestion, politics   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html
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BERLIN (Reuters) – German sportswear company Puma reported a 26% jump in first quarter sales on Wednesday despite ongoing coronavirus lockdowns, congestion at U.S. ports and the fact that Western brands have faced attacks in China over their comments on Xinjiang.

Puma said sales came in at 1.549 billion euros ($1.87 billion), while net profit jumped to 109 million euros, both beating average analyst estimates for 1.46 billion and 92 million euros respectively.

The company said it expects to achieve full-year sales growth in the mid-teens and significantly better profitability compared with last year, although supply chain issues and political tensions are leading to increased uncertainty.

($1 = 0.8284 euros)

(Reporting by Emma Thomasson; Editing by Maria Sheahan)

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