Puma announced Wednesday that the athletic wear giant is raising its full-year guidance for the third time this year, due to a successful third quarter.
The news of another successful quarter comes after the brand surpassed $1.1B in sales in last quarter, along with a long list of celebrity endorsements and collaborations, like Fenty Puma by Rihanna, helping U.S. sales.
Consolidated currency adjusted sales grew around 17 percent to 1.112 million euros (around $1.32 billion), compared to 990 million euros (around $1.173 million) during the same period last year.
Operating results for the quarter increased to around 101 million euros (around $119 million), up from 60 million euros (around $71 million) during the third quarter last year.
Due to these increased numbers and a successful third quarter, Puma raises its full-year guidance for its consolidated sales, gross profit margin, operating expenses and operating result (EBIT).
Puma anticipates currency adjusted sales to grow between 14 and 16 percent, as opposed to previous guidance of 12 to 14 percent. The gross profit margin is now expected to improve around 46.5%, up marginally from a previous guidance of 46 percent.
However, management also anticipates expenses increasing at a low double-digit percentage rate due to the expected increase in sales.
Operating results are now expected to come between 235 million euros and 245 million euros (around $277 million and $288 million), up from a previous guidance of 205 million euros to 215 million euros (around $241 million to $253 million). Puma maintains that net earnings will continue to significantly improve throughout the fiscal year.
Puma will release its full third quarter results Oct. 24.