German sportswear maker Puma's third-quarter sales missed expectations today, despite a 5% rise driven by running and soccer shoes demand, as negative effects from foreign exchange rates continued to weigh on the business.
Shares in the company fell 2% in early Frankfurt trade.
Quarterly currency-adjusted sales rose to €2.31 billion, broadly stable from a year earlier but short of the €2.36 billion expected by analysts, according to LSEG data.
Puma's results were driven by selling more soccer and running shoes in the quarter, with footwear sales up 9.3%.
Demand for the recently relaunched Formula 1-inspired 'Speedcat' shoe was strong, CEO Arne Freundt said in a statement.
However, sales in Europe, Middle East and Africa (EMEA), its biggest market, rose only by 0.8% in the period.
The company confirmed its full-year outlook for currency adjusted revenue in mid single-digit percentage, and core profit (EBIT) of between €620-670m, citing a strong order book for the remainder of the year.
