April 30 (Reuters) – German sportswear maker Puma on Thursday reported a first-quarter operating profit that beat expectations, supported by inventory clearance and lower operating expenses.
Its earnings before interest and taxes (EBIT) rose 19.6% to 51.9 million euros ($60.53 million), compared with analysts’ estimates of 43 million euros in a company-provided poll.
Inventories declined by 8.6% in reported terms to 1.9 billion, compared to 2.1 billion in the same period last year, the company said, due to reduced purchasing volumes, reflecting an expected lower sales base for the current year.
“We have managed to reduce our inventory levels faster than planned, streamlined our product portfolio and addressed operational inefficiencies,” CEO Arthur Hoeld said in a statement.
Puma also announced it appointed Mark Langer as its chief financial officer, effective Friday, after the company and CFO Markus Neubrand mutually agreed that Neubrand will step down from his role on Thursday.
($1 = 0.8574 euros)
(Reporting by Linda Pasquini, editing by Thomas Seythal)
