Puma’s Q4 sales up 16 percent
Amid reporting record fourth-quarter sales, Puma (PUMG.DE) warned of price rises for its products as a result of rising commodity and wage costs.
Fourth-quarter sales were EUR 623.4 million (USD $841.4 million), up 28 percent in euro terms and 16 percent adjusted for currency effects.
For FY 2010, Puma reported adjusted earnings before interest and tax of EUR 337.8 million (USD $455.9 million) and sales of EUR 2.71 billion (USD $3.65 billion).
Puma said rising costs meant net profit would not grow as fast as sales in 2011, and margins would be lower. It added that it plans to increase prices in 2012 and possibly sooner.
It is forecasting a mid single digit rate of growth for profit in both 2011 and 2012 and a mid-to-high single digit rate of growth in sales.
It also maintained its dividend at 1.80 euro per share (USD $2.42).
(Conversion of Euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Feb. 15.)
Amer Sports to buyback shares
Amer Sports, parent of Precor, reported it will repurchase its own shares in order to implement share-based incentive plans for 2011 and 2012 for the group’s key personnel.
The repurchases will start at the earliest on Feb. 23, 2011 and end on Sept. 9, 2011, at the latest. Its cap is 1 million shares.
–Compiled by Wendy Geister
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