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(Sharecast News) - Germany's Puma confirmed it had replaced its finance chief on Thursday, part of the under-pressure sportswear brand's ongoing turnaround, as it posted above-forecast quarterly earnings.
Mark Langer will succeed Markus Neubrand, who has agreed to step down with immediate effect before leaving the company in September. Langer, 57, was most recently chief financial officer at perfume and cosmetics firm Douglas but spent over 17 years at Hugo Boss, including four as its chief executive. He will formally take up the role at Puma on Friday.
The appointment is the latest in a series of changes to leadership positions, as management seeks to turn the business around. Puma, based in the same town of Herzogenaurach as arch rival Adidas, has been hit hard by sluggish demand, excess inventory and US tariffs.
The CFO update came as it posted sales of 1.86bn in the first three months of the year, a fall of 6.3% or 1% on a constant currency basis, supported by an 8.6% decrease in inventories. Puma said the inventory clean-up was "slightly ahead of plan".
Earnings before interest and tax rose 19.6% to 51.9m, comfortably ahead of expectations for 43m.
The firm also reiterated guidance for the full year, including a currency-adjusted decline in sales in the low to mid-single digit percentage range, and operating losses of between 50m and 150m.
As at 1230 BST, the Frankfurt-listed stock had sprinted 7% ahead.
Chief executive Arthur Hoeld, a former Adidas veteran who took on the role last year, tasked with turning the business around, said: "We were off to a solid start to our transition year in 2026. We have managed to reduce our inventory levels faster than planned, streamlined our product portfolio and addressed operational inefficiencies.
"For the remainder of the year, we will continue to focus on improving the quality of our distribution, cost base and cash management. In doing so, we are laying the foundations for future growth."