German sportswear retailer Puma on Wednesday said second-quarter sales grew by 11%, slightly ahead of market expectations thanks to stronger revenues from Asia and Europe.
The sportswear sector is struggling to bring down inventory levels in the face of weakening demand in North America and a slower than expected recovery in China, a market the industry was betting on to boost sales.
Puma stuck to its financial targets for 2023 but sounded a cautious note on market conditions, including an "uncertain" recovery in China.
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