Puma First-Quarter Net Profit Rises 3.7%

Puma slashed its full-year sales guidance to "low single-digit" growth from a previous forecast of "mid to high single-digit" growth due to weak increases in new orders at the end of the first quarter.

Orders were up 1.4% at 1.062 billion euros ($1.44 billion) at constant exchange rates, the company said in a statement.

Earnings before interest and tax for the full-year will increase "in line" with sales, Puma said.

Puma said first-quarter net profit rose 3.7% to 96.6 million euros as the company sold more shoes.

Sales gained to 655.8 million euros, which is an increase of 7.4% at constant exchange rates or 2.0% in euro terms.

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