Puma Starts to Erode Adidas’s Rare Year of Outperformance
- Shares advance 13% after results, erasing year-to-date drop
- Puma is lagging behind Adidas for a first year in eight
The Puma flagship store in Berlin.
Photographer: Krisztian Bocsi/BloombergFor the first time in eight years, Puma SE shares are trailing crosstown rival Adidas AG. Wednesday’s first-quarter results started to redress the balance.
The estimate-beating earnings sent Puma shares soaring as much as 13%, erasing their drop for the year. That’s still far behind the 21% gain of Adidas, which is experiencing an upturn in fortunes under the leadership of former Puma boss Bjorn Gulden. Prior to this year, Puma had outperformed its rival each year since 2016.