A handbag with the logo of German sports goods firm Puma is pictured in a shop in Herzogenaurach February 20, 2014. REUTERS/Michaela Rehle
BERLIN (Reuters) - Puma said its profit would be lower than expected in 2015 after the strong U.S. dollar hit its first-quarter earnings, adding plans to compensate through higher prices and more local sourcing were taking longer than expected.
The German sportswear company, which brought forward its quarterly results from Friday ahead of its annual meeting later on Wednesday, said first-quarter net profit fell 30 percent to 24.8 million euros (£18.3 million) on sales up 13 percent to 821 million.
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