- German sportswear brand Puma's first-quarter sales met expectations on Wednesday, sending its shares rising more than 4%, helped by demand for its retro shoes and a return to growth in the Americas region, the company said.
Demand for retro shoe styles such as 'terrace' has helped boost sales of sportswear brands like Puma and its rival Adidas (OTC:"We already see that sales of our trending terrace and skate styles Palermo and Suede XL are accelerating month over month," Chief Executive Arne Freundt said in a statement."No miss could provide some relief to the shares this morning," given a weakness in the share price so far this year, analysts at J.P. Morgan wrote in a note to clients.
While retail partners are still working through elevated stock levels, the company expects further improvement in the second quarter, Freundt said.
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