Puma on Tuesday said it expects a soft first half of 2024 as negative currency effects continue to put pressure on the German sportswear company, but stuck to the annual targets it gave in January.
"Going into 2024, we see that the market environment remains challenging," CEO Arne Freundt said in a statement.
In the fourth quarter of 2023, Puma's currency-adjusted sales in the Americas fell by 6.4% to 846 million euros ($918.5 million), hit by a slump in the value of the Argentine peso, the sportswear maker said.
Revenue in the Asia-Pacific rose 2.8% on a currency-adjusted basis to 468.3 million euros in the quarter, helped by strong growth in the Greater China region and India, Puma said.
However, it flagged sales in the rest of Asia were softer, impacted by consumer sentiment and warm weather conditions.
The group reiterated its 2024 projection for mid-single-digit percentage growth in currency-adjusted sales, and earnings before interest and tax of 620 million to 700 million euros.
