Puma raised its forecast for the rest of the year on Wednesday following its third-quarter earnings report.
The German sportswear and shoe manufacturer increased sales by 20%, bringing quarterly revenue to $2.2 billion. Net income reached $167 million in the quarter, up from $132 million a year prior.
The company expects full-year sales to jump by 25% in 2021, compared to a previous target of 20%.
Puma has increasingly leaned on athlete partnerships in search of global visibility.
- In 2020, the company signed Brazilian soccer superstar Neymar Jr. to a long-term contract worth around $30 million annually after he parted ways with Nike following allegations of sexual assault.
- The same year, the company signed NBA guard LaMelo Ball to a deal reportedly worth $100 million.
- In August, USMNT captain and Chelsea winger Christian Pulisic left Nike for Puma.
Puma’s strong results come despite some logistical setbacks.
The company saw production factories in Vietnam shut down due to COVID-19 outbreaks and faced a difficult market in China because of consumer backlash against Western brands.
Still, Puma has generated $5.8 billion in revenue for the first nine months of 2021 — a 39% increase year-over-year.
