Puma shares fall due to lower sales, economics

Puma shares fell today after the company said sales "fell in the fourth quarter" and that its performance "suffered from the devaluation of the Argentine peso." Sales fell by about 9.8% in Q4, but by around 4% "on a currency-adjusted basis" to around $2.15B -- down from $2.4B in the fourth quarter of last year. Full-year sales reached $9.4B, up from $9.22B in 2022. Puma said sales were "broadly in line with its target of currency-adjusted sales growth in the high single-digit percent range" (WALL STREET JOURNAL, 1/24).