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PUMA swings to loss in Q2

PUMA SE said its second-quarter normalized net income was a loss of 41 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €6.1 million, compared with income of €3.8 million in the year-earlier period.

The normalized profit margin dropped to negative 0.8% from 0.6% in the year-earlier period.

Total revenue increased 18.5% year over year to €772.7 million from €652.2 million, and total operating expenses increased 19.7% on an annual basis to €765.9 million from €639.6 million.

Reported net income came to a loss of €3.3 million, or a loss of 22 cents per share, compared to income of €4.2 million, or 28 cents per share, in the year-earlier period.