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Puma cuts profit targets in face of strong dollar

Puma, the German maker of sportswear and equipment, downgraded on Wednesday its profit targets for the full year in face of the strong dollar.

In the period from January to March, net profit fell by 30 percent to EUR24.8 million (USD28.2m). Underlying or operating profit tumbled 36 percent to EUR37.5 million, but sales grew by 13.2 percent to EUR821.4 million.

Looking ahead, Puma said it was still pencilling in an increase in full-year sales of around 5 percent.