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Recent reports show that PUMA had posted a record quarter in sales and earnings, driven in big part due to healthy demand in the Americas and the fact that the sportswear giant was able to avoid supply chain issues that plagued rival adidas.

PUMA’s first-quarter sales rose a currency-adjusted 15.3 percent to €1.32 billion (approximately $1.47 billion). This exceeded an analyst consensus for €1.3 billion ($1.45 billion). Operating profit also exceeded expectations, coming in at €143 million ($160 million) versus a consensus forecast of €139 million ($155 million).

This has PUMA growing faster than its rivals adidas and Nike in North America. In comparison, Nike recently reported that quarterly revenue failed to beat Wall Street estimates for the first time in over a year, sending Nike stock tumbling 5 percent.

While the growth is encouraging for PUMA, it is worth noting that quarterly growth as a percentage can be misleading as it doesn’t properly take into account the total value of sales. As PUMA starts with a smaller share of the market, there is more room for PUMA to grow in comparison to its rivals.

“The first quarter of 2019 was the best quarter Puma has ever seen,” PUMA CEO Bjorn Gulden said in a statement. Still, Gulden held off raising the company’s 2019 guidance, something analysts regard as conservative. “Even if we have nine more months to go and despite a lot of uncertainty in the market, we feel comfortable that we will achieve our guidance for the full year,” Gulden said.

In the past months, PUMA has ramped up its pop culture offerings, partnering with names like MTV, Hot Wheels and Motorola, while also keeping up momentum with fashion collaborations alongside Sankuanz, ADER Error, Rhude and others.

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