Puma said on Wednesday it expected sales to grow at least 10% in 2022 but the German sportswear maker cautioned that a consumer boycott in China and cost pressures would limit profit growth.
Raw material prices, freight costs, COVID to weigh on profitssaid on Wednesday it expected sales to grow at least 10% in 2022 but the German sportswear maker cautioned that a consumer boycott in China and cost pressures would limit profit growth.
Puma expects 2022 operating earnings of 600 million to 700 million euros , up from 557 million in 2021 but short of the 692 million expected by analysts, according to Refinitiv Eikon data.Register now for FREE unlimited access to Reuters.comPuma in January had reported stronger-than-expected preliminary sales and core profit, including fourth-quarter sales up a currency-adjusted 14%.
Factories in Vietnam, a major supplier to the footwear industry, closed for months last year due to COVID-19. Puma is gradually raising prices to cover higher costs, with the bulk of that to come in the second half of the year, CEO Bjorn Gulden told journalists. Gulden said he expected sales to fall again in China in the first quarter and that he could not say if they would return to growth again in 2022, noting that Chinese celebrities were still avoiding marketing with Western brands, although athletes were returning., has come under fire in China since last March for saying it would not source cotton from Xinjiang over reports of human rights abuses against Uyghur Muslims. Beijing denies any abuses.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Puma registers ENS domain, changes name to Puma.eth on TwitterMeow! Puma released a series of NFT collectibles and rebranded itself to Puma.eth in the metaverse, following competitors like Nike and Adidas.
Weiterlesen »
Fifty years after Nixon's historic visit to China, questions hang over the US-China futureWhen US President Richard Nixon walked down the red-carpeted stairs from Air Force One to shake hands with Chinese Premier Zhou Enlai on a cold day in Beijing on February 21, 1972, it was hailed by many as a world-changing gesture.
Weiterlesen »
Puma Gifts LaMelo Ball Diamond Chain For All-Star Game Appearance, Worth $80kPuma teamed up with Jason of Beverly Hills in L.A. to create a custom white diamond chain for LaMelo Ball's first All-Star game appearance, TMZ Sports has learned.
Weiterlesen »
South Koreans overwhelmingly want nuclear weapons to confront China and North Korea, poll findsEven when the possible drawbacks of going nuclear are explained, including the withdrawal of U.S. troops, people remain firm in their desire to have the weapons.
Weiterlesen »
UN expert criticizes China, Russia for arms sales to MyanmarGENEVA (AP) — An independent human rights expert working with the United Nations is criticizing China and Russia for allegedly supplying weapons used by Myanmar’s military against civilians since it seized power last year.
Weiterlesen »
As Olympics close, Russia thwarts Biden's efforts to focus on ChinaPresident JoeBiden's push to turn U.S. attention toward China has been thwarted by Russia's aggressive posture toward Ukraine.
Weiterlesen »