German sportswear brand Puma's first-quarter sales met expectations today, sending its shares rising more than 4%, helped by demand for its retro shoes and a return to growth in the Americas region, the company said.
Puma said that currency-adjusted sales rose 0.5% to €2.10 billion, in line with the €2.1 billion expected by analysts, Refinitiv data showed.
Demand for retro shoe styles such as 'terrace' has helped boost sales of sportswear brands like Puma and its rival Adidas at a time when the sector has been hit by weaker consumer demand and excess stocks.
"We already see that sales of our trending terrace and skate styles Palermo and Suede XL are accelerating month over month," chief executive Arne Freundt said in a statement.
The Americas region recorded positive sales growth for the first time in four quarters, the company said, growing by 1% to €790m, with the US showing a sequential improvement.
While retail partners are still working through elevated stock levels, the company expects further improvement in the second quarter, Freundt said.
Reported sales for the group declined 3.9% from a year earlier, with currencies hitting sales in euro terms by around €100m in the quarter, the company said.
Puma's wholesale business declined by 2.9% currency-adjusted to €1.61m.
