By  on March 20, 2018

PARIS — With its Capital Markets Day underway in London, Puma SE on Tuesday released an ad-hoc statement regarding its midterm financial outlook.The Herzogenaurach, Germany-based company said it expects currency-adjusted consolidated net sales to grow by around 10 percent on average per year until 2022. Earnings before interest and taxes margin should reach a level of around 10 percent of consolidated net sales by 2022 at the latest.The sportswear brand said that at the annual general meeting on April 12 it will propose a distribution of a dividend of between 25 percent and 35 percent of consolidated net earnings, starting with a dividend payout in 2019 for the financial year 2018.At 11 a.m. CET on Tuesday, an hour after the announcement was made, Puma stock was trading up 2.9 percent to 404 euros.Bjørn Gulden, Puma's chief executive officer, at the presentation of the brand’s full-year 2017 results in February said the Capital Markets Day — its first in years, marking a new chapter since parent company Kering’s decision to spin off the majority of its holding in Puma — would involve going “deeper into explaining to the analysts and investors what we do, and will give exposure to a wider part of our management team.”Addressing Kering’s move, Gulden said the transaction will not spark any changes in Puma's strategy.“My feeling talking to [Artémis] and François-Henri Pinault….pretty intensively over the last three weeks, as you can imagine, is that they see themselves as a long-term shareholder,” he said. “I don’t really see that changing other than, of course, there will be less pressure to find synergies with Kering operationally. But as a partner, I’m sure they will help where they can help. [Both are] very interested in sports and of course fashion.”Maintaining its turnaround momentum, Puma for 2018 expects revenues to rise by around 10 percent in currency-adjusted terms, with the brand’s EBIT expected to total between 305 million euros and 325 million euros, up from 245 million in 2017.The brand this year will be celebrating both its 70th anniversary and the 50th birthday of its iconic suede sneaker.

To continue reading this article...

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus