Today: Tuesday, 6 December 2022 year

Puma: shoe demand overcomes COVID snags

Puma: shoe demand overcomes COVID snags

For Puma, the year of 2021 became one of the most successful times. The sports goods company announced  record sales and earnings that topped estimates as demand for the Puma’s sneakers and sports apparel overcame pandemic disruptions.

The figures show that Puma’s sales reached a record EUR6.8 billion in 2021, up 32% on a constant-currency basis. According to the statement, fourth-quarter operating income of 65 million euros topped the average analyst estimate.

Puma cited brand momentum and strong global demand for its products, which overcame the negative impacts of COVID-19 restrictions and ongoing supply chain constraints. The stock rose as much as 4.3%.

For Puma, 2021 became the time full of financial surprises, especially when the German corporation realized it shares have outperformed those of Nike and eternal rival Adidas in the past year.

Amid the pandemic, the sports goods industry is grappling with supply-chain challenges that have forced suppliers, in part, to rely on expensive air freight rather than container ships. The companies are also contending with political issues in China, where many consumers have boycotted Western brands in favour of Chinese firms, Bloomberg News reported on Thursday.