Puma earnings beat estimates on soccer, women's shoes

Frankfurt - Puma reported second-quarter profit that topped analysts’ estimates as the German sneaker maker got a lift from Europe’s soccer championships and a focus on the women’s market.

Earnings before interest and tax rose to €12m, Puma said in a statement on Wednesday. Analysts expected 10.6 million. Sales rose 7% to €827m, compared with the €820m consensus.

Chief executive officer Bjoern Gulden, three years into a turnaround effort, is balancing sports and style, pushing brash multi-coloured soccer cleats and a partnership with sprinter Usain Bolt at the same time he’s promoting women’s designs marketed with singer Rihanna and celebrity Kylie Jenner.

Sales of Puma sports shoes at US retailers rose 40% in May and 17% in June helped by sales of women’s sneakers, according to Matt Powell, an analyst at NPD Group.