German sports brand Puma has further raised its expectations for the entire year, making it more optimistic than rival Adidas. The company says it is taking advantage of the growing popularity of running and sports such as golf and basketball.
Puma benefits from this because there is more demand for, for example, running shoes and sportswear.
The company expects revenue growth of around 15 percent at constant exchange rates this year. Previously, the forecast was at least 10 percent more turnover. On Tuesday, Adidas adjusted its expectations for the full year downwards. Where previously 11 to 13 percent growth in turnover was thought possible, the company now assumes less than 10 percent growth.
Adidas said the Chinese market recovery is much weaker than expected due to the corona lockdowns in the country. Adidas also believes that the demand for its sports shoes, clothing, and other products in other markets may come under pressure due to high inflation, giving consumers more control over their budget. However, there are no clear signs of that, Adidas added.
The history of Puma is closely intertwined with that of Adidas. The brothers Adolf and Rudolf Dassler founded a shoe factory in Herzogenaurach in Bavaria in 1924. During the Second World War, they supplied shoes to the German army. However, the brothers often disagreed about the strategy to follow, and Rudolf finally decided to start his own business.
In 1948 he founded Puma Schuhfabrik, with the predatory jumping cat as the company logo. Adolf’s company continued as Adidas, which also refers to his name.
