Puma has reported that ongoing currency headwinds and elevated operating expenses affected its third-quarter results, with currency shifts negatively impacting euro-denominated sales by approximately €100 million.
Although Puma saw a 5% rise in currency-adjusted sales, the impact of foreign exchange fluctuations left reported growth almost flat in euro terms at €2.31 billion.
Operating expenses increased by 1.1% year-on-year to €873.4 million, primarily due to the expansion of direct-to-consumer channels, warehouse ramp-up costs, and investment in digital infrastructure.
Despite these pressures, Puma’s gross profit margin improved by 80 basis points to 47.9%, reflecting a positive shift in product mix and sourcing efficiency.
Chief executive Arne Freundt said: "The first nine months of the year were characterised by a volatile environment with continued currency headwinds, stressed supply chains and muted consumer sentiment globally.
“In this challenging environment, Puma continued to make progress on its brand elevation journey and in building the foundation of accelerated and sustainable growth by enhancing its distinctive brand equity and desirability, strengthening its performance business, and building up consumer relevance in the Sportstyle Prime market."
Puma reaffirmed its full-year outlook, anticipating mid-single-digit currency-adjusted sales growth and EBIT between €620 million and €670 million.
Shares dipped 3.6% on Wednesday.