Puma sports brand lowered its net profit expectations this year, due to a strong dollar that had a big impact on first-quarter earnings.
“The negative currency movements in the last few months, in particular the strong dollar, have affected gross margins and net income in the first quarter,” the brand, part of the French group Kering, said in a statement.
From January to March, operating profit fell by 36% to 37,5 million euros, net profit fell by 30% to 24,8 million euros.
In the 2015 year, Puma predicts that operating profit will range from 80 to 100 million euros, compared to 128 million euros last year. Net profit will also decrease. Trade is still expected to grow slightly, by approximately 5%.