:German sportswear maker Puma on Wednesday gave 2023 operating profit outlook with midpoint below last year's level, as it expects currency effects and higher freight and raw material costs to again weigh on profitability.Rising materials and freight costs as well as stronger U.S. dollar, inventory markdowns
:German sportswear maker Puma on Wednesday gave 2023 operating profit outlook with midpoint below last year's level, as it expects currency effects and higher freight and raw material costs to again weigh on profitability.
Rising materials and freight costs as well as stronger U.S. dollar, inventory markdowns and higher promotion expenses have put pressure on margins in the sporting goods sector. The company sees operating profit in a range of 590 million to 670 million euros this year, with currency-adjusted sales growth in a high-single-digit percentage rate.
It reported EBIT of 641 million euros for 2022, up from 557 million a year earlier but slightly below the 644 million euros expected by analysts, according to Refinitiv Eikon data.Gross profit margin decreased by 420 basis points to 44.0 per cent in the fourth quarter, the company said, citing industry-wide increase in promotional activity on the back of high inventory levels in the market.
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