German sportswear company Puma recorded an impressive 55.8% increase in sales in the first quarter of 2002, compared with the same period in 2001. Shares in the company rocketed to an all time high after the results were published (April 25) with analysts praising the emphasis on fashion and sports-lifestyle compared with Puma’s larger rival adidas, which has a narrower focus on shoes and sports equipment.

Sales in the first three months of 2002 were 232.8 million euros while profits nearly tripled to 33.6 million euros. The company said that expectations of sales growth for the full year are now more than 30%, with a 50% increase in sales forecast for the traditionally weak second quarter.

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