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Volume 10 No. 25


Puma increased its full-year forecasts for the second time in three months as the German sporting goods maker "brought forward figures showing a jump in quarterly sales and profit," according to Jarvis & Weiss of BLOOMBERG. Currency-adjusted revenue for '17 will rise by 12% to 14%, the company said in a statement Monday, "up from a prior forecast of low double-digit growth." Puma boosted its projection for operating profit to a range of €205M-€215M ($235M-$247M), from €185M-€200M ($212M-$230M). Baader Helvea analyst Volker Bosse said, "Their marketing spend and investments seem to be paying off and the brand is attractive to consumers. Comparables will get tougher in the second half, but the turnaround is taking shape" (BLOOMBERG, 7/17). In London, Nicholas Megaw reported the company "gave no precise estimates for net earnings," but reiterated previous guidance that it will "improve significantly" over the year. The positive start to the year "builds on last year’s strong results," with Puma’s sneakers -- worn by figures ranging from sprinter Usain Bolt to singer Rihanna -- "driving stronger than expected growth as the company tries to close the gap" with rivals Nike and adidas (FINANCIAL TIMES, 7/17).

The British family-owned business behind the Speedo and Berghaus brands "recorded a stellar year despite the turmoil on the high street," according to Deirdre Hipwell of the LONDON TIMES. Pentland Group, which is controlled by the Rubin family, revealed in its accounts that its pre-tax profit "soared" from £185.1M to £282.8M in the year to Dec. 31. This was on revenue that was up 21% at £2.9B while its group operating profit rose by 50% to £331M. Pentland Brands, one of its main divisions, owns the rights to outerwear company Berghaus, England and Ireland rugby teams' kit manufacturer Canterbury, swimwear brand Speedo, tennis apparel company Ellesse and footwear brands Brasher and KangaROOS, among others. Some of Pentland's "standout successes" included "continued strong demand" for Speedo, while Ellesse recorded a 45% increase in sales last year (LONDON TIMES, 7/17).