UPDATE 3-Puma cuts profit forecast as strong dollar takes toll

miércoles 6 de mayo de 2015 06:18 GYT
 

* Operating income seen falling to 80-100 mln euros in 2015

* Currency takes toll in first quarter, shares fall

* Price rises slower than expected

* Bid to source more goods in Latin America (Adds details from conference call)

By Emma Thomasson

BERLIN, May 6 (Reuters) - Puma said its profit would be lower than expected in 2015 after the strong U.S. dollar hit its first-quarter earnings, adding plans to compensate through higher prices and more local sourcing were taking longer than expected.

The German sportswear company, which brought forward its quarterly results from Friday ahead of its annual meeting later on Wednesday, said first-quarter net profit fell 30 percent to 24.8 million euros ($27.9 million) on sales up 13 percent to 821 million.

Puma shares traded 3.4 percent lower at 0955 GMT, compared with a flat German small-cap index, while the stock of majority-owner French luxury goods group Kering was down 0.8 percent.

Many companies have been hit by big shifts in global currency markets, with fashion players seeking to increase prices and produce more goods in the markets where they sell them to mitigate the impact.   Continuación...