Puma sees sales rising by 20% in 2002
German sportswear maker Puma AG said yesterday it expects sales to increase by at least 20% in 2002, and pretax profits to rise by a double-digit percentage.
Speaking at press conference yesterday, chief executive Jochen Zeitz said he expected sales to break through the billion euros benchmark "within five years", with all growth being driven by internal developments, not acquisitions.
Zeitz's attributed his optimism to the company’s order-book situation, which he described as ‘extremely positive.’ At the end of last year, orders in hand stood at $360 million, up 55% year-on-year, with the same trend continuing throughout January and February.
Despite Zeitz’s upbeat assessment, some analysts were disappointed at the sales outlook, interpreting the 20% figure as a signal that there would be a clear downturn in the second half of the year.
In 2001, Puma generated sales revenue of 598 million euros, a 29% increase on the year. Earnings before interest and taxes meanwhile climbed 159% to 59 million euros.
