Oct 24 (Reuters) – German sportswear maker Puma said on Tuesday it was still on track to meet its full-year targets despite an 8.3 percent decline in third-quarter operating profit.
The group continues to expect a strong improvement in profitability in the fourth quarter thanks to lower marketing, procurement and freight costs, it said in a press release.
“The recent conflict in the Middle East, the war in Ukraine, persistent inflation and the risk of recession are weighing on consumer sentiment, resulting in volatile demand in the retail sector,” observed Puma.
In the third quarter, operating profit was 236.3 million euros, down from 257.7 million euros the previous year.
Puma confirmed its target of annual operating profit of between 590 million and 670 million euros. (Reporting Linda Pasquini and Ozan Ergenay in Gdansk, Helen Reid in London; French version Mariana Abreu, edited by Blandine Hénault)
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