Puma Sales Reach Record as Shoe Demand Overcomes Covid Snags [Business News Network (BNN) (Canada)]
Nike, Inc. (NKE)
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Source: Business News Network
Puma said sales reached a record 6.8 billion euros ($7.7 billion) in 2021, up 32% on a constant-currency basis. Fourth-quarter operating income of 65 million euros topped the average analyst estimate. Puma cited brand momentum and strong global demand for its products, which overcame the negative impacts of Covid-19 restrictions and ongoing supply chain constraints. The stock rose as much as 4.3%. Puma shares have outperformed those of Nike Inc. and crosstown rival Adidas AG in the past year. The industry is grappling with supply-chain challenges that have forced suppliers, in part, to rely on expensive air freight rather than container ships. The companies are also contending with political issues in China, where many consumers have boycotted Western brands in favor of Chinese companies. The Herzogenaurach, Germany-based company will report full financial results on Feb. 23. ©2022 Bloomberg L.P.
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