Net earnings grew 92% to 50 million euros, around $54.7 million, and 3.32 euros per share, or around $3.60 in the first quarter.
Footwear served as a major growth driver for a sales increase of 15% adjusted to 1,005 million euros, around $1.1 billion, with all regions showing double-digit growth.
“Thanks to good sell-through to the end consumer, both in our owned and operated retail and with our key retail partners, our sales in Q1 developed above our expectation. For the first time in the Puma history, we achieved sales exceeding € 1 billion in a quarter,” said Bjørn Gulden, Puma CEO. “Our EBIT also developed very positively with a growth of 70% to € 70 million. This stronger than expected start of the year further shows that PUMA is on the right path.”
Gross profit margin improved slightly to 47.1% from 46.8%, while operating results (EBIT) increased 70% to 70 million euros, around $76.6 million, as sales grew more than operating expenses, supported in part by a higher gross profit margin.
For the rest of 2017, Puma expects sales to increase at a low double-digit percentage rate, as opposed to its previous guidance of a high single-digit percentage rate. Operating results are expected to increase at a high single-digit percentage, causing Puma to adjust the operating result (EBIT) to between 185 million euros and 200 million euros, or $202.3 million-$218.8 million, previously 170 million euros-190 million euros, or $186.1 million-$207.8 million. Puma maintains expectations of high net earnings throughout the year.