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NIKE INC (NKE)

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Puma racing to keep up with demand for popular shoes

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04/25/2017 | 11:17am CEST
A Puma shoe is pictured after the company's annual news conference in Herzogenaurach

German sportswear firm Puma (>> Puma AG Rudolf Dassler Sport) has seen such strong demand for products promoted by celebrities like model Cara Delevingne and Canadian rapper The Weeknd that its supply chain is racing to keep up, its chief executive said on Tuesday.

German sportswear firm Puma (>> Puma AG Rudolf Dassler Sport) has seen such strong demand for products promoted by celebrities like model Cara Delevingne and Canadian rapper The Weeknd that its supply chain is racing to keep up, its chief executive said on Tuesday.

Appointed in 2013 by majority-owner French luxury goods company Kering (>> KERING), Chief Executive Bjorn Gulden has invested heavily in celebrity marketing to revive a brand that still lags market leaders Nike (>> Nike Inc) and Adidas (>> adidas AG).

"Retailers ordered more because they needed more which has not been the case for a long time at Puma," Gulden told a conference call with journalists.

Gulden said Puma had been out of stock on many lines, prompting it to pull forward orders booked for the second quarter, with its suppliers working hard to meet demand.

"We need to make sure we don't oversell certain lines. We need to control growth in partnership with retailers," he said, highlighting demand for retro basketball shoes worn by Delevingne and "Limitless" sneakers launched by The Weeknd in February.

Gulden's comments come after Puma reported that first-quarter sales jumped a currency-adjusted 15.4 percent to 1 billion euros (£848.86 million), while net profit almost doubled to 49.6 million.

Puma shares, which jumped earlier this month when the firm lifted its profit and sales guidance for 2017, were up 2.4 percent by 0824 GMT at a new record high, making them one of the main gainers on the German small-cap index <.SDAXI>.

The Puma share price has been supported by speculation that Kering might consider a sale. Gulden said on Tuesday he has not heard anything about a possible sale.

Like German rival Adidas, which reports results on May 4, Puma has been enjoying a revival in the U.S. market, helped by a shift towards retro styles and away from basketball shoes which has hurt Under Armour (>> Under Armour Inc) and dented Nike's (>> Nike Inc) success.

Puma said sales rose a currency-adjusted 17 percent in the Americas and 15.9 percent in Europe, Middle East and Africa, with footwear sales up almost a quarter, outpacing its apparel and accessories business.

(Reporting by Emma Thomasson; Editing by Christoph Steitz and Louise Heavens)

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Financials ($)
Sales 2017 34 304 M
EBIT 2017 4 626 M
Net income 2017 4 030 M
Finance 2017 3 166 M
Yield 2017 1,29%
P/E ratio 2017 23,17
P/E ratio 2018 21,65
EV / Sales 2017 2,58x
EV / Sales 2018 2,44x
Capitalization 91 774 M
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Number of Analysts 36
Average target price 62,4 $
Spread / Average Target 12%
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Mark G. Parker Chairman, President & Chief Executive Officer
Eric D. Sprunk Chief Operating Officer
Andrew Campion Chief Financial Officer & Executive Vice President
Philip Hampson Knight Chairman-Emeritus
Alan B. Graf Independent Director
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