Puma Global Sales Growth Strong, But Trade War Creates Uncertainty
Puma stock is "having a slam dunk year," as it is up about 54% from '18, according to CNBC's Kelly Evans. CNBC's Frank Holland said Puma is "outpacing rivals Nike and Adidas when it comes to global sales growth," but now the brand "finds itself in the crosshairs of the global trade war, facing a 15% tariff on goods that it sources in China and sells in the U.S., a key market." But Holland added despite that, Puma CEO Bjorn Gulden said the company is "not raising U.S. prices." Gulden: "The fourth quarter will be the first quarter where the U.S. ties in China will have an impact. Currently, with no price increases, this is putting at least a short-term pressure on it." Holland said Puma has "reduced its China sourcing for the U.S. market from 50% about five years ago now to about 20%" ("The Exchange," CNBC, 10/25).