Puma launches 100 million euro share buyback programme
Reuters
Published Feb 29, 2024 03:51AM ET
Updated Feb 29, 2024 04:10AM ET
(Reuters) -German sports apparel company Puma plans to return up to 50% of its net income to shareholders, it said on Thursday
The company will now return between 25-40% of the Group's net income in dividends, up from 25-35%, the statement said.
The first tranche of a share buyback programme will begin in March 2024 and end on May 6 2025, the statement added, with Puma expecting to buy back and then cancel 100 million euros' ($108.43 million) worth of shares.
Puma warned of challenging market conditions in results on Tuesday, with sportswear companies having to convince cash-strapped consumers to buy trainers and tracksuits.
The firm's shares have lagged peers Adidas (OTC:ADDYY) and Nike (NYSE:NKE) in the past fourteen months, weighed down by weaker sales than its competitors.
($1 = 0.9223 euros)
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Written By: Reuters
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