Argentina's shock peso devaluation weighs on sportswear brand Puma
Publishing timestamp: 2024-01-24 11:49:59
Summary
Puma shares closed more than 10% lower after the company reported financial results that were impacted by Argentina's currency devaluation. Sales growth and profits were significantly affected, leading to lower-than-expected outlook for the future. Puma expects geopolitical and macroeconomic challenges to persist in 2024, weighing on consumer sentiment and demand. Despite the disappointing results, RBC Europe still rates the stock as "outperform" and expects sectoral tailwinds in the sporting goods industry.
Sentiment: NEGATIVE
Tickers: .STOXX, PUMA-FF, PUM-DE, ARS=,
Keywords: emerging markets, breaking news: markets, business, business news, sports, puma se, markets, stoxx 600,