As Chinese demand for trainers and apparel rises, Puma SE beat analyst predictions.
A statement Wednesday said second-quarter operating earnings of €115 million ($127 million) above the €110-million average expert projection. Frankfurt equities jumped 2.9% early.
The German company’s Asia sales rose 25% due to China’s demand rebound. Europe and Latin America also demanded. Puma reiterated its outlook, indicating it may enhance financial targets later this year if third-quarter performance continues.
Since becoming CEO in January, Arne Freundt has focused on higher-priced soccer, basketball and running sportswear in the US and winning market share in China, where Nike Inc. and Adidas AG have struggled.
On Holding AG and Hoka, which are rising fast in running, are also challenging big shoemakers.
Puma outperformed Nike but trailed Adidas this year.
