German sportswear firm Puma AG reported flat third-quarter net profits Friday, but defied the sluggish economy to raise its full-year sales forecast from single-digit to mid- to high-single-digit growth, buoyed by a 5 percent increase in the order books.
The Herzogenaurach-based company said net profits for the third quarter were 89 million euros, or $134 million, no change year-over-year, due to brand investments that increased at a double-digit rate, as in the previous two quarters. Earnings before interest and taxes, meanwhile, rose 1 percent to 125 million euros, or $188.3 million. Dollar figures are converted from euros at average exchange rates.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"