Puma has just put out excellent preliminary figures for the first quarter. Consolidated sales increased by 12 percent to €1,131 million, with strong currency-neutral growth of about 21 percent. The operating profit (Ebit) went up to around €112 million from €70 million in the year-ago period. Nevertheless, the management is adjusting its guidance for the full financial year only slightly, predicting a sales increase of between 10 and 12 percent in euros and 10 percent in local currencies. The operating profit should reach a level of €310 million to €330 million. Several uncertainties are leading to this cautious forecast including volatile currencies, political instabilities and the uncertain trade relations between the U.S. and China.

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