German sportswear retailer Puma has announced ambitious plans to boost sales by 10 per cent a year until 2022, driving its share prices after a drop in January.
Puma added that it aimed to lift operating profit margin to around 10 per cent of sales by 2022, nearly doubling from the 5.6 per cent it reported in 2017.
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This would propel the sportwear brand into a similar league as larger rivals Nike and Adidas, which reported operating profit margins of 13.8 and 9.8 per cent respectively in the same year.
Earlier this year Puma’s parent company Kering, which represents one of the world’s largest luxury fashion portfolios, announced that it would offload 70 per cent of Puma’s shares to its various shareholders.
Its share prices subsequently dropped, but its recent announcement has revived investors’ confidence in the company, leading to a 2.9 per cent boost in values.
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