It was about time to spread the story (again) that French luxury and lifestyle group Kering is unhappy with Puma’s performance and willing to sale its majority stake in the German sporting goods company. The story is not new, but the rumors have helped to lift Puma’s stock value to its highest level for two years or so. The story caused a short-term gain in value of 6.2 percent to more than €219 per share.
Satisfactory sales, disappointing profits
The rumors “coincided” with the release of Puma’s third quarter figures this morning. Turnover was up by 3.1 percent to €914.4 million partly thanks to strong footwear sales and a double-digit growth in the Americas. Profits fell, however, sharply by about 31 percent to €20 million. This derived to some extent from massive investments in marketing and unfavorable currency effects which have been putting pressure on the company for a while.