• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Thursday, May 8
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Puma tumbles as analysts flag possible earnings disappointment
Business

Puma tumbles as analysts flag possible earnings disappointment

October 5, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

[1/2]A pair of Puma sports shoes is shown at an event in Berlin, Germany February 21, 2019. REUTERS/Annegret Hilse/File Photo Acquire Licensing Rights

Oct 5 (Reuters) – Shares in Puma (PUMG.DE) fell as much as 10.4% on Thursday after analysts said the sportswear company’s third-quarter earnings might miss market expectations due to the impact of a stronger euro against the dollar compared with last year.

The sportswear industry is struggling with weakening demand in North America and a slower-than-expected recovery in China, where Nike (NKE.N), Adidas (ADSGn.DE) and Puma are facing increasing competition from local brands.

Analysts at brokerage Stifel said Puma’s third-quarter earnings before interest and tax might decline by a low double-digit rate compared with last year, a worse performance than consensus expectations for a 6% decline.

They said mid-single-digit organic sales growth was more than offset by a stronger-than-expected negative foreign exchange impact.

Nike also flagged “unfavourable” changes in currency exchange rates when it released its results and Inditex last month said it now sees currency shifts taking 3.5% off its sales this year, worse than the negative 2.5% impact it expected previously.

Thursday’s drop in Puma’s shares put them on course for their worst day since March 2020.

Puma declined to comment on the share price move but said it was fully on track to achieve its full-year guidance.

Puma is targeting EBIT of between 590 million and 670 million euros for 2023, from 641 million euros in 2022.

RBC analysts said the top end of Puma’s full-year 2023 guidance may be out of reach, and the likelihood of a guidance raise for the full year had diminished.

See also  China Dominates EV Market As Biden Pushes To Phase Out Combustion Engine

Puma is set to report its third-quarter results on Oct. 24, while rival Adidas’ results are due on Nov. 8.

Adidas shares were down about 2.7%.

Analysts see potential for a fourth-quarter bounce even if the third quarter disappoints.

“We expect Puma to reconfirm a view that Q4 organic growth should reaccelerate once more, as the worst of the U.S. overstock hit starts unwinding,” analysts at Jefferies said.

High inventory levels in the United States, a hangover from supply chain issues during the pandemic, have weighed on apparel retailers’ performance in that market.

Stifel analysts also said they expect Puma to show an improvement in inventory levels, and that the fourth quarter would be a “turning point” for the company.

Reporting by Danilo Masoni and Helen Reid in London, Linda Pasquini in Gdansk and Alexander Huebner in Munich; Editing by Susan Fenton, Jane Merriman and Mark Porter

: .

Acquire Licensing Rights, opens new tab
Analysts disappointment Earnings Flag Puma Tumbles
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Bob Barker Remembered: Adam Sandler, Drew Carey and More Pay Tribute

August 27, 2023

One Year After Uvalde Shooting, Investigation Of Police Response Continues

May 24, 2023

Video Shows Chaotic Shootout Between North Carolina Bus Driver And Passenger

May 29, 2023

Disney’s Stock Plummets As Market Grapples With Earnings Report

May 7, 2024
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Rep Jamie Raskin Debunks Trumps ‘Comical’ Jan 6 Argument

August 2, 2023

Manila Bay Reclamation Under Review Over Environmental and China Concerns

August 7, 2023

How To Us a Bar of Soap for Leg Cramps (And Better Sleep)

March 27, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.